Choosing Your Student Account

A student account is a bank account designed exclusively for university students. They are still based on standard accounts supplied by banks- no crazy surprises there! However, students are treated to extra benefits such as interest free overdrafts and other freebies!

Tips for choosing your student account

1. Don’t be lured by freebies.

Whilst students are usually encouraged to grab every freebie they can, it’s not always the wisest idea when choosing your student account! £20 worth of freebies is pitiful compared to a large interest-free overdraft available for 3+ years. Select the most financially suitable account for you, considering the various perks each account offers you. For example, NatWest are currently offering £100 and a 4 year Tastecard, giving you access to cheaper meals out!

2. Assess the overdraft.

You may not think you need one initially, but it’s a good buffer to have just in case. Overspend without one and you’ll be hit by hefty fees and interest rates. Remember, while its (likely!) the only time in your life you’ll have access to a 0% interest overdraft – don’t go crazy! You’ll have to pay it back eventually, so have a plan!

3. Be smart. Not loyal.

Don’t fall into the trap of using the same bank account for everything. Your savings account/ISA can be kept in a different account to your student account – so shop around for the best deals. You may even want more than one current account, so you’ve got somewhere to stash your loan in one account, and then trickle money through into the account you use for daily spending, so that you don’t spend it all at once. Revolut and Monzo are great online current accounts for this, with the app helping you to easily track your spending habits and make saving easy!