We’re here to help you look after the pennies during your student years…
Discover the three top benefits of having a student bank account!
- INTEREST-FREE OVERDRAFT FACILITIES
Your overdraft will become your best friend during your university years. It can help you stretch your student loan and make your money work for you. Money Saving Expert have lots of helpful advice about choosing the right student bank account for you – here are three of their top tips:
“Aim for the biggest and longest 0% overdraft deal possible. Most students need an overdraft – where the bank lets you spend more than you’ve got (at no extra cost) up to a set amount – and the priority is to get the biggest and longest 0% overdraft you can.”
“Never go over your overdraft limit. This is a lifelong rule. Go beyond your limit and charges shoot up, leaving you in a vicious cycle that’s tough to escape.”
“Don’t base your choice on the closest branch or ATM. You can withdraw cash free of charge from any bank’s ATM and almost every bank offers online access. So which branch is nearest has little relevance for most able-bodied students. To compare, just examine what’s on offer and go for the best deal.”
- FREEBIES AND PERKS
Banks love to tempt in students by dangling a few freebies. Try to keep a level-head when you weigh up your options before making a decision. MSE’s top tip is to:
“Calculate the value of the freebie, and then compare that account’s overdraft with the best on offer. Would the interest charged on the difference be more than the cost of the freebie? It’s not as relevant this year as it is in other years, as the freebies aren’t worth shouting about as much, but both Santander and HSBC offer decent perks. Santander is our top pick, as its overdraft is guaranteed, whereas HSBC’s is an ‘up to’.”
- FREE FINANCIAL ADVICE
Many bank accounts offer free financial advice and this can be a lifesaver if you ever find yourself in a tricky spot or need some financial guidance to make your money work for you.
For a more impartial guide to managing your money and creating an efficient budget, check out MSE’s budget planner here.
Thanks to www.moneysavingexpert.com for sharing these tips and advice with us. Visit their website to find more ways to make the most of your money!