Moneyfacts.co.uk discusses which is the best student bank account

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Moneyfacts.co.uk discusses which is the best student bank account

Thu 5th Aug 2010

It is important for people heading to university to choose their student bank account carefully, according to a Moneyfacts.co.uk spokesperson.

Michelle Slade explained that it is important that applicants look through the terms of each arrangement and not just the "discount offers and cinema tickets".

She said: "Many banks offer incentives to students to try and tempt them into choosing their account, but these should be a perk and not the reason for selecting the account."

In her view, one of the most important aspects of a student bank account is the overdraft, with Halifax currently offering the highest interest-free amount of £3,000.

Ms Slade noted that some students may need to borrow more than their overdraft allows, so it may be worth checking how much the bank charges for additional cash.

Last month, Moneyfacts.co.uk revealed that savings rates are continuing to fall, with an average one-year fixed-rate bond paying out 2.72 per cent in May, compared to 2.62 per cent in July.

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