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Study student accounts to get the best deal

Study student accounts to get the best deal

Category: Students

Updated: 26/06/2017
First Published: 25/07/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Millions of young people will be moving onto higher education over the next few weeks.

Amid the excitement and nerves of leaving home for the first time, planning finances can easily be overlooked. Some quick and easy research, however, can ensure you get the most out of your money during your studies.

Sylvia Waycot, spokesperson for
Moneyfacts.co.uk
, commented: "As most students spend their university life living in their overdraft, it is worth finding an account that offers a good interest free overdraft.

"Inevitably, many will need to exceed this limit, so it's important to check the charges additional authorised borrowing can incur.

"Other accounts offer a tiered system, with the level of interest free borrowing increasing each year and the high level only available in years four or five.

"Many banks offer incentives to students to try and tempt them into choosing their account, but these should be a perk and not the reason for selecting the account. While discount offers and cinema tickets may have short term appeal, you could end up paying for them twice over with a higher overdraft rate."

Download our free Student Money Guide

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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