Choosing the Right Student Bank Account

9 out of 10 people I speak to just stick with their existing bank when they make the transition to University life. They see researching and switching to another student bank account as an unnecessary hassle, well I cannot stress enough how important it is to choose the right bank account. Think of this post as a mini guide for you to get out there and choose the account which is right for you and think of me as your saviour (only joking).

Forget the Gimmicks

Many banks will try to tempt your custom by offering some naff freebies, the sad thing is that a lot of people fall for it hook line and sinker without actually looking what benefits the student account will offer them. Examples of these gimmicks include a free mp3 player (worth around £20) or some shopping vouchers to entice these younger student bankers. The only useful freebie I have seen given away by a bank is a 5 year student rail card, although these are only £20 each year from large train stations. So remember to look past the freebies and more into what the bank can offer you financially.

0% Overdraft

Almost all of the banks these days offer students an interest free overdraft, make sure this is one of the first questions you ask and the first think you look for when researching student accounts. The bigger the overdraft limit the better, I will write another post very soon explaining what you can do with a 0% overdraft limit. In my opinion, it's one of the most important factors in a student bank account.

Local Branch

It's always nice to have a local branch so if you have any problems, its very easy to pop down and see someone regarding the issue, also a local branch is very useful for cashing checks and transferring funds into another account. This seems to be becoming less of an issue however, mostly because of the increasing popularity of online banking, most things you are able to do in a branch can now be carried out instantly online. So don't make this a deciding factor.

As I mentioned earlier, the 0% overdraft facility should be one of the largest deciding factors when choosing a bank. Don't worry too much about the banking crisis at the moment because your money will be safe (I doubt many students have over the guarantee limit in their savings).

For more money saving tips, advice on student banking, budgeting, discounts, general student life and even making money, visit http://www.studentcashflow.co.uk