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Student Finance Bank Accounts - Choose Wisely

Personal_Finance / Student Finances Aug 13, 2015 - 10:55 AM GMT

By: MoneyFacts

Personal_Finance

Within the next month, many students will be heading to university, and for some this could be the first time they will live away from home and be solely in charge of their money.

As a new chapter in their lives begins, students need to make sure they learn how to manage their finances throughout their further education, and one of the best starting points is picking a good student bank account.


Weighing up the various student accounts on offer right now would be wise, but choosing the best one might not be as simple as it seems.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, comments:

“Student accounts are a necessary evil because those studying will need all the help they can get to manage their money throughout their course, so a sizeable overdraft facility will be a top priority for many. However, while this is a handy cash injection, using it to its fullest will always be an easy temptation.

“There is a danger of racking up a significant overdraft and being unprepared when the time comes to pay it back, which is why students should do everything in their power to use it sparingly and do their best to earn additional income to reduce what they owe.

“These accounts are well renowned for their enticing incentives, such as shopping discount cards, railcards or coach cards that save money on journeys. While these can prove useful to those who would frequently utilise the benefits, choosing an account based solely on the incentive can mean being stuck with a less attractive overdraft in the process.

“The best interest-free overdraft facility on offer is a whopping £3,000 from HSBC and Halifax, while other accounts will tier the amount lent across the years of study, which can be a more sensible option for some. It is also worth keeping in mind that getting a sizeable interest-free overdraft facility is never a guarantee, and as with any bank account, customers will be credit scored.

“Bank branches on campus may sway students to pick them for their day-to-day banking needs out of convenience, but the digital age means it’s so easy to manage finances on the go, that a nearby bank branch shouldn’t be the final deciding factor.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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