Study student accounts to get the best deal - Students - News - Moneyfacts


Study student accounts to get the best deal

Study student accounts to get the best deal

Category: Students

Updated: 25/07/2012
First Published: 25/07/2012

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 It is now over 6 months old so the content may be out of date.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
, 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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The bank of Mum and Dad foots the student bill

If anyone thought that the bank of Mum and Dad would close once the children had left for university, a new study shows otherwise. Indeed, the bank remains very much open for business, with some students being particularly bold with their requests.

Heading to university? Don’t forget insurance!

In all the excitement of university and the rush to get things sorted, it can be easy to overlook some of the practicalities such as insurance. However, this can be a costly mistake, as the Association of British Insurers (ABI) warns.

Top student money saving tips

Going to university can be an exciting time, but it can also be an expensive one. Knowing how to make your money go further can be one of the biggest challenges of student life, so here are a few top money saving tips to help you do just that.