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Getting Best of Student Bank Accounts in UK Takes Some Homework

Being a student at university can be a very exciting time in a person’s life and exploring student bank accounts in UK isn’t always uppermost in your mind. It is important however, because you need to have a way to pay for purchases that doesn’t include carrying a large roll of money around in your wallet – that’s just not safe. Many banks offer gimmicks such as discounts on mobile phones and laptop computers. It’s best to keep focused on what will matter down the road like bank fees and interest free overdrafts. The free overdraft amounts to an interest free student loan and that’s hard to beat.

Finding the Best Student Banks

Checking on the Internet will provide you with a lot of banks to look at. Sit down with some notepaper and start making comparisons of the services the banks offer. Try to find out if they have a monthly fee for the account, do they pay interest on balances? Are there fees for unplanned overdrafts? Some banks charge as much as £10 a day and £28 for a month. Do they offer mobile banking, how many automated tellers are available?

Student Banking and Overdraft Arrangements

Many banks offer free overdrafts to students to help them financially while attending university. Banks will allow a certain amount of free overdraft, but begin to charge interest when you exceed that amount. These student loans can provide wonderful peace of mind however, in knowing that your purchases are covered when you are short of cash.

Some Banks to Check With

Barclays offers no monthly fees and up to £2,000 interest free overdraft. Their motto for their student accounts is “Student bank account designed by students.”

Halifax offers overdraft accounts up to £3,000 and it continues to one year after graduation.

HSBC has no monthly fees and up to £3,000 interest free overdraft and no overdraft arrangement fees. They pay 2% interest on the first £1000 in your account.

Start practicing your homework skills, compare the student bank accounts in UK, and get yourself set up before the next semester begins.

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