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A handy guide to student current accounts

This is the time of year when many young people leave the nest and set off on their own. It is, of course, university season. Up and down the country thousands of students-in-waiting will soon be heading off to their chosen centre of study to live on their own for the very first time. And for many, it will be the first time many of them will have had to be responsible for their finances.

It is an old cliché that students are terrible with money and squander it all on beer in freshers’ week. While this is not entirely accurate, it is indeed true that they need as much help with possible. And this is where student current accounts can help.

One of the main benefits to be had from student current accounts is that they allow consumers access to an interest-free overdraft –something that comes in very useful for student living!

You can get different rates of account depending on which provider you choose and you can check out some of the best rates at http://www.moneysupermarket.com/current-accounts/student-bank-accounts/. Nearly all of them will offer 0% interest on overdrafts but you should never just assume that they do – always check! It is also worth noting that while overdrafts may be free, there are usually very high penalties for those who go outside this limit, so make sure the limit is very clearly advertised.

Some student current accounts will entice customers by offering them freebies, such as a free student rail card. While these freebies are obviously very welcome to students who need all the help they can get, they should not be the sole basis of your decision as free items could equal a lower interest rate on your money.

To find out even more about student current accounts and what to look out for when choosing one, see http://www.moneysavingexpert.com/banking/Student-bank-account which has a helpful guide. Once sorted, students will have undertaken their first steps towards being financially independent.

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