Student banking - highest overdraft rates
So what makes a student account different from a normal current account?
Put simply, youâll get better rates on overdrafts. There are only a few banks that offer 0% on overdrafts, so if you are likely to be in the red then you better take these student bank accounts.
It is best to open a student account as soon as possible when you know you are going to be a student. Apply online then get down to your local bank with a UCAS letter.
The FREE stuff they give with an account it not worth it!
You know that banking advert where the three guys go down the river discussing what free stuff to give to students? Yes? Well forget it!
Freebies are to lure in unsuspecting students to the bank in order to keep them for LIFE. They will then earn masses of cash off you by selling you higher rate mortgages and not so good savings accounts.
The student overdraft is where itâs at.
A student overdraft means you can borrow more money that you actually have. So the question is which student bank account offers the most money for 0%?
Find out here.
Two warnings for you!
⢠Never borrow more money that you have to. You still have to pay back this money in the end! You donât want to go spending this money for the hell of it. The best thing to do is put it in the best savings account.
⢠Donât go beyond the agreed student overdraft limit without permission. So that means if they bank will only give you a £1000 limit, donât go over it without asking for more! Theyâll charge you and itâs not worth the hassle. Go into the bank and ask for the student overdraft if you are stuck.
And another oneâ¦
Itâs not really worth trying to open more than one bank account. First of all you are going to get in more debt and second, if one of the banks find out they could stop your account.
So what are the top student accounts?
Well for a further guide you are going to have to check here.
Weâll tell you that you can get up to £2,750 interest free every year with the top account which is extremely good if you want to earn some money by putting it into a savings account.
Here are the high interest savings account. You could earn over £130.00 just by putting your overdraft in the savings account for the year. Easy money.
If you already have a student bank account you can still switch!
The best student bank account on the market is worth getting. The only one condition is that you have got to pay your student loan into the account so bear that in mind.
This article was written by Steve Burford of WealthyStudentBanking.co.ukk - The best student bank account with the biggest student overdraft article.
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