You want to get a student bank account, but the choice seems endless. What are you even supposed to be looking out for? They don’t teach you these kind of things in schools now do they?
Well don’t worry, we’ve got you covered. Here are seven things you need to think about to get the bank account that’s right for you.
You’ve all heard about them, and now you can finally get your hands on the holy grail of student finance. It’s wise to be careful though and not blow all your (the bank’s) money at once. Open an account that staggers the amount you can go overdrawn by over the course of your degree. Some, like Natwest, do the same for repayments after you graduate.
This goes without saying, but the lower the interest the bank will charge on your overdraft once you graduate, the less you’ll pay back. Simples.
It makes sense to choose a bank that has a branch on or near your campus. You don’t want to spend half an hour on the phone to a Belfast call centre minutes before your rent’s due. Nobody likes fines.
4. How will they treat you?
It pays to read up on the bank’s customer service reviews before picking your chosen company. Being treated in a polite and helpful manner when you’re stressed out about your financial situation will make a world of difference to your happiness.
Banks are all trying to compete for your cash, so they all offer sign-up goodies that seem alluring, but are often not worth missing a great deal. Sure, a free railcard or complimentary theatre ticket is great, but the money you save from having a bigger overdraft or lower payback interest rate is often worth a lot more.
6. Other services
Make sure you look at all aspects of the account. For example, an account that offers a student credit card as well as a debit card can be hugely beneficial down the line with your credit rating.
7. Online or telephone banking
Most banks offer online and mobile banking now, but some still don’t. So check carefully because it is super-useful when you’re in the middle of a lecture and you’re rent is due in 10 minutes…