Student Account
Most major banks offer bank account specifically tailored for students. We compare student accounts to help you to manage your money and student debt. They often offer a range of facilities including preferential rates for overdrafts. Many accounts offer incentives such as free gifts and vouchers when you open an account. however good these may seem, it is wise to compare rates of interest and overdraft limits / charges before choosing an account. You may also want to choose a bank that has a branch on or near campus.
Student accounts are traditionally used for day-to-day banking activities and as such often pay rates of interest a lot poore than savings accounts.
These accounts can often be operated via various means including the internet, branch, telephone, post, WAP phone and digital TV. Newer forms of access such as internet and TV allow you to check your balances, review transactions, transfer money and set up standing orders. Form of access can be particularly important if your bank does not have a branch close to you or if you do not have the time to visit one.
Student accounts offer overdrafts and limits on these will vary between banks. Many banks offer different limits on these overdrafts over the successive years. If you have arranged for an overdraft facility on your account, you will be charged an authorised overdraft rate - the rate of interest that you will pay on your overdrawn balance if you remain within your authorised limit.
If you have not arranged an overdraft facility or exceed your authorised limit, you will be charged interest at the unauthorised overdraft rate. This rate will be much higher than the authorised rate. You may also be charged a fee for being overdrawn. Any fee levied will depend on whether the overdraft is authorised or unauthorised.
