Bank accounts for students



Here are our tips for students when looking to open a student bank account:

 

Don’t be fooled by ‘freebies’

Offers that are short-term such as free products or insurance may sound appealing but think smart. A student bank account offering free travel insurance for a year is nowhere near as good as those offering a large interest free overdraft for 3 years.

 

Never go over your overdraft limit

If you go over your agreed interest free overdraft limit the charges will be high. Once you do this you will find yourself in a vicious circle that’s tough to get out of.

 

Don’t just pick a bank that’s closest

You can withdraw cash free of charge from any bank’s ATM, and almost all banks give online access so unless you are paying money in branch location has little relevance.

 

You will be credit scored

When applying for a bank account with an overdraft the bank will credit score you to decide if you are credit-worthy. Unfortunately, for most students there will be very little data on you, which makes credit scoring very difficult and can leave some students being declined. Click here for Martin Lewis’s tips to build your credit history.

 

Compare Which’s best student bank accounts here.