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Studying to Find the Best Student Current Account

When it comes to finding the best student current account, a lot can depend on what kind of user you will be and what kind of options are important to you. Not all current accounts offer the same services.

Determine What is Most Important to You

Things such as interest free overdraft, online access, telephone access, automated teller machines, and bank fees are all considerations that can play a role in what the best account will be for you. Some accounts offer interest on your balance, while some provide a cheque book, Visa debit card, and mobile banking. Most banks currently offer the ability to handle your banking like online bank accounts, over the phone, at a branch and provide an ATM card.

Some banks offer an excellent overdraft program, but they require that you automatically have funds deposited to your account each month. Other banks have various fees and charges. Check all the fine print and know what you’ll be charged for.

Interest Free Overdraft

Having an account with free overdraft is equivalent to an interest free student loan. Each bank has different offerings, but there are several, such as Bank of Scotland and Halifax that offer up to £3,000 for the first year with no interest. Most banks charge for going over your pre-set overdraft amount, but the amount can vary greatly, with some as high as £28 a month, plus any interest. Some banks also have a descending overdraft scheme as well, where your first year amount is the highest with each subsequent year being less, as they assume you should be learning how to handle your money better.

Additional Information

While interest free overdraft is great, don’t forget that it is a loan if you venture over your pre-determined amount, and the interest can be very steep, as much as 24%. Do some homework online and find the student account that will work best for you. Check these websites, money.co.uk or moneysupermarket.com, for help with comparisons to find the best student current account for your needs.

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