A student account will be somewhere on your priority list if you're off to university or college this year. Banks know this only too well, and will happily bombard you with their student account offers – even before the ink has dried on your A-Level certificates, expect to be targeted by the big banks to take out one of their student accounts. Is it any wonder? The future earnings and savings potential that graduates possess mean that you're hot property, and banks will be actively fighting for your custom.
Before you choose a student bank account, however, you should plan ahead rather than waiting until the last minute when you'll have much more on your mind. Comparing student accounts before you sign on the dotted line could help you save a small fortune over the duration of your course.
A whole range of banks and building societies offer student accounts, which are just like normal current accounts, except they come with slightly different terms and conditions. So if you're planning on going to university this year, make the most of being courted by the big banks, and shop around for the best deal. Pay close attention to what's being offered - whether it's an interest-free overdraft, a rail card or a handy incentive - and you could even get an account before your A-Level results day and enjoy a couple of months of perks before starting student life!
If you do find yourself in financial difficulties, you won't be the only one. Don't bury your head in the sand, though, as it will only make things worse – many banks on campus will have a student finance officer that you can speak to, so make the most of this free service as it will help you stop worrying about money and let you concentrate on your studies.
Student Loans - Fund your course without debts
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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