Picking the right student bank account is just one of the many important decisions you have to make when starting university. And with so many enticing offers from UK banks, it can be a little bit overwhelming trying to decide which one is best for you.
So to help you, we’ve come up with points you should look out for when choosing a student bank account.
Overdraft facility
When it comes to overdrafts there’s one important rule- assess how much you would realistically need. Overdrafts aren’t free money as you have to pay everything you borrow back, but as a student it’s the next best thing. Opt for a bank that promises the highest interest-free overdraft over the duration of your time at university.
Freebies
Good freebies are a great way to entice students. But it’s important to be smart and not fall for any gimmicks. The best way to compare freebies offered by student bank accounts is to convert any free offer into a monetary value. From free railcards to discounts on clothes and entertainment, student bank accounts offer a lot of goodies, but a £50 iTunes voucher seems insignificant when compared with the value of an interest-free overdraft.
Location, Location, Location
We all get a little bit lazy sometimes, especially when we have amazing technological advancements like online and mobile banking. But sometimes we do have to go into a bank, and if your bank is miles away from where you live or study, you probably won’t want to go in. Many university campuses have one or two banks on campus while others are dotted around in close proximity. Location shouldn’t be a major factor in deciding who you bank with, but you don’t want to have to get a train to your ‘local’ branch.
Digital facilities
Today’s banks are getting more and more digital by the day, making things easier for busy students who don’t have time to head into a bank or spend time queuing to talk to a cashier. A bank that has great digital facilities online and in branch, will make things easier for you. Check reviews for their mobile banking Apps and any other digital facilities they offer.
Check the small print
No one enjoys reading the small print, especially when you’ve got all those books to read and essays to write, it’s just time-consuming. But when choosing a student bank account, the small print is one of the most important things you will have to consider. How much will the bank charge you if you accidentally go overdrawn? What happens if you’re late with payments? Look out for the words ‘Up To’ and ‘Guaranteed’ when it comes to student bank account overdrafts, ‘Up to £3000’ doesn’t necessarily mean you will ever get that amount.
Now you’re well advised, you can go off into the big bad world and choose the right student account for you.
At Enterprise, you’ll have to make important decisions every day, and if you ever need help you can ask one of your colleagues who like you, started as a Graduate Management Trainee. Find out about the opportunities we have at Enterprise and apply for one of our programmes.
