How do you choose the bank that will be right for you? When moving to university, it’s extremely important to consider what student account you will go for. Banks will offer all sorts of goodies and offers to try and pursued you to join, some of these include railcards, travel cards, discounts and gift vouchers.
You can only apply for a student bank account as soon as it’s confirmed you are definitely going to university. You will have to take proof into your bank, such as your confirmation letter.
Getting a student bank account for university is important, they will be more understanding with your finances, if you go into overdraft it’s unlikely you will be charged. However with a normal current account, it’s possible you will be charged.
These are Universal Education‘s 5 top tips in choosing a student bank:
- 0% Overdraft – Majority of students in their time at university, will enter their overdraft. Ensure you have an interest free overdraft, that way you won’t be charged if you get into any financial trouble. Most banks have a limit of how much overdraft you can have, try to go for a sensible amount. Starting at £500 for your first year, you will soon begin to get to grips of your finances and you can see if you need to apply for a bigger amount.
2. Goodies – Banks offer several different offers for joining. Here are some examples of banks in the UK and what they are offering students for 2017.
Santander – 4 year rail card
Natwest – 3 year coach card
HSBC – Up to £3000 overdraft limit and £60 Amazon voucher.
All these offers seem tempting, however make sure you read around what each bank offers before signing up.
3. You will most likely be credit scored – When applying for an overdraft, the bank will look at your credit history to see if you are a suitable candidate to be offered that money. Often there is very little information on students, so banks often reject students.
4. Make sure your student loan enters that account – Banks want your student loan entering your main student account, so beware as you cannot set up several bank accounts.
5. Always open a savings account – Saving throughout university is essential. Having some savings will help out over the summer months, if you get in any trouble financially and if you just want to treat yourself!
Tweet us or comment below if you have any questions @universaledum