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1ST DEC 2008
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Every student should have a bank account, many High Street Banks have a specialist Student Account offering an overdraft facility and package of other benefits that the bank feel would benefit students.
 In brief:
* Student packages vary widely from bank to bank so shop around
Introduction
It is essential that all students have a bank account of some sort. Loan instalments are paid directly into your bank accounts after the first instalment, which is in the form of a cheque which, naturally, has to be paid into an account. If you do not already have a bank account then open one well before the start of your first year.
The best bank accounts for students are Student Accounts.
All the major High Street banks provide Student Accounts and they will all have a package of incentives available to students. These will include free overdraft allowances, Student credit cards, discounts and cheap loans. It is up to you to visit as many of the big banks as you can, find out what they offer to students and decide which one suits you best.
Eligibility
There are no legally binding rules regarding who can apply for a Student Account. But if you are a current or prospective student you will be entitled to a Student Account. Once you have graduated you will normally be entitled to a preferential bank account for graduates although this may depend on you staying with the bank that you held a Student Account with.
The Bottom Line. How much?
An interest-free overdraft of up to £1,500 often increasing in the second and third years. These overdrafts are normally repayable gradually over the 3 years immediately after you graduate.
Cash-back, cash gifts or vouchers to the value of anything up to £500 if you shop around.
Related Articles
Read on for Online Banking Advice
Provided by The Student Zone (United Kingdom) |
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