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Most high-street banks offer specially packaged student accounts. Student bank accounts targeted at people going to study at university or college for the first time, provide the student with a plethora of prizes. Banks usually offer interest free overdrafts with their student bank accounts, with generous limits of around £1,500 or more.
A student current account also offers cashback incentives, DVDs and books, plus anything from credit card deals to travel vouchers.
The nuts and bolts of any current account is interest rates, fees and features (debit card etc) – so do not be fazed by frills. Benefits are often a smokescreen to entice customers in, but can do so at the expense of hefty charges and poor interest rates ie 0% or 0.1% Annual Equivalent Rate (AER).
Graduate current accounts are like student accounts in terms of flexibility and benefits but extended over a period of 2 or 3 years on leaving University. Car loans and mortgage deals are also offered to the graduate account holder as part of an enticing package. Almost all banks offer ‘graduate loans’ which can help until your career gets underway. However, the same rules apply; compare interest rates and fees on all current accounts. And don’t be beguiled by benefits.
Compare UK student bank accounts for preferencial interest rates and a student account with a free overdraft.
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