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"How Can a Student Bank Account Help You Avoid Debt?"

By admin | May 10th, 2013 | General

Being a student right now isn’t very easy, given the tuition fee rise and the general malaise that comes with economic depression. Having a student bank account is essential for survival at university, as this article aims to show you.

Figuring out which the best student bank account is when you get to university should be one of your top priorities. This article goes over some of the benefits and advantages of having a student bank account and how it can help you avoid debt.

What’s so special about a student account?

The main difference between a student bank account and a normal, current account is that the overdraft is interest-free. This means that, when your funds are running low and you take out an overdraft, there will be no added interest for you when you pay it back.

Things you should consider while shopping around for a bank account include: whether you can extend your overdraft limit, what would happen if you exceeded the limit and the various bank charges that may be involved.

You should also inquire about whether there are any deals involved for graduates.

Advisers and assistance

Another benefit of student bank accounts is that there are usually special advisers who can assist you if you’ve got any concerns about paying back your overdraft, or extending it.

You must always remember that all banks would much prefer to communicate with a concerned bank customer, rather than not hear from you for months, as you let your finances slide out of control.

Bank advisers can help you try and avoid slipping into a lot of debt.

Other points of concern

Before you sign a contract, be sure to ask about things that might not concern you at present, but that might be an issue further down the line.

For instance, you might want to take a gap year at some point and go travelling. If this is the case, you should find out if the bank charges travel commissions and other charges for withdrawing money in a foreign country.

Many banks also try to attract students by offering them incentives and free products, like MP3 players, as a way of getting them to sign up. Try and look past the shiny gadgets and go for a bank that has the most comprehensive deal and the most useful incentives.

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