If you are a student, then you must be shopping around for a bank account which has the best student overdraft facilities. You might be thinking how a student bank account is different from a normal current account? Put it in simple words, you will get better rates on overdrafts. There are only a few bank accounts that offer 0% on overdrafts. Just in case, if your bank account gets overdrawn due to any reasons, then these student bank accounts will be a better option.
If you are a student, then it will be a good idea to open a student bank account as soon as possible. First you can apply online, then you can go to your local bank with a UCAS letter. Don’t get tempted with that FREE stuff given along with that account. It’s not worth it. Freebies are to lure in unsuspecting students to the bank so that they get attached with the bank for the rest of their life. By offering freebies, many banks want to make an opportunity to earn lots of cash by selling higher mortgage rates and not offering a good students bank account
An account having overdraft facilities is the best student bank account to shop for. Whats the meaning of a student overdraft? It means that you can actually borrow more money then you actually have in your account. So where do you find one that offers the most money at 0%? Search on the internet and you will find a reputed one that will fulfill your requirements.
When you get a students bank account with overdrafts facilities, it is always recommended that you should never borrow more money than you actually need. At the end, you are liable to pay back the money that you borrowed from the bank. So, just don’t waste your money because of having this facility. The best thing will be to put this money in a good savings bank account.
Another useful tip when you get a student bank account is not to go beyond the agreed student overdraft limit without permission. If your bank is giving you a specific limit, don’t go over it without asking for more. Most often, the bank will charge you for going over the limit and its not worth the hassle.
One more important tip to keep in mind is not to open more than one bank account. If you open multiple accounts with different banks, and all of them having overdraft facilities, you will get deeper into debt. And if any bank comes to know this, they can actually stop your account.