Undergraduates heading to university for first time being urged to make sure they have good student bank account – and to watch out for spate of scams
Choose carefully: High street banks are offering perks from large overdrafts to free cash to entice freshers
New undergraduates who are heading to university for the first time are being urged to make sure they have a good student bank account – and to watch out for a new spate of scams.
High street banks are offering perks from large overdrafts to free cash to entice freshers into opening a student account.
But picking the right one can make a significant difference to a student’s finances throughout their university years. For most students, a generous, multi-year, interest-free overdraft will be the most useful perk.
This will enable them to avoid hefty overdraft fees if they run out of cash towards the end of term.
Among the most generous is the 123 Student Current Account from Santander, which includes an overdraft facility where you do not have to pay any interest for the first year unless you dip into the red beyond £1,500. The limit rises over the years to £2,000 for a five-year course. But break the limit and you pay 39.94 per cent interest a year.
The…
