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Student accounts

Becoming a student is possibly when you'll be thinking about opening your first bank account. You might be tempted to go for free gifts and perks such as cinema tickets, but look at the long-term facilities a student bank account can offer before you decide which one to go for. Banks see you as tomorrow's high earner so will be vying for your custom.

Check that the bank has a cash machine close at hand near or in your campus, so your money is always easy to get at.
Look at various websites and seen what they offer. If the deals are available both online and in the branch, make an appointment to see an adviser and ask questions about what you're interested in. Remember to check if they offer internet banking and telephone banking if this is important to you.

It is also crucial to remember to ask about the overdraft. Unless you've got someone supporting you financially all the way through college or university, you are likely to run up a bit of debt at some stage or another. Look for a bank that offers an interest free overdraft. But be aware that if they offer an interest free overdraft of, say a £1,000 limit, you'll probably be heavily penalised if you go over it. Just think how hard paying back up to nearly a third of what you owe could hit your pocket.

It is crucial to do research and to choose a bank account that suits you and your needs.

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