Why you should compare student bank accounts

A student bank account's primary objective is to aid students through university, so it is important to compare student bank accounts before you choose. This will help you to get the account features that will benefit you most. University is expensive and can lead to a lot of debt, so students need to choose an account with an institution that offers them the right type of support.

A surprising number of people stick with the bank or building society of choice for their whole lifetime, so don't be fooled into thinking that a student account with a certain bank is a short term thing.

There are a large number of banks that offer student accounts and each one is trying to out compete each other. The interest free overdraft that most student accounts advertise is applied in different ways, but it usually involves a tier system. In the first year, you will be offered a small overdraft limit, with the amount increasing as the years go by. Some offer different termly amounts e.g £500 in the first university term, £750 in the second, £1000 in the third. Check out how the overdraft is applied to work out which deal you think would be best for you, and then narrow your search down to those that offer it.

While free gifts may seem great at the time, if you do not need  them, there is no point using them to sway your decision. Compare the student accounts with the gifts and overdraft limits that you think you really need, in order to get the most out of your account.

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