Learn to be a Financial Hunter - Not the Hunted
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You Are Here: Home > Personal Finance > Banking & Saving > FAQ > Question and answer
Student Bank Accounts

What's the most important feature to look for

The overdraft facility, or rather the free-overdraft facility.

Students are known for not having much money and rely heavily on their overdrafts. So when choosing a bank account the only point to concentrate on is the overdraft level, how flexible it is and whether there are any associated charges.

Be on the lookout therefore for potential marketing tricks such as a free iPod or discounted Cinema tickets. Often these are used as advertising bait to gloss over what will probably be unattractive deals.

Also, look to see how much grace you've got to repay any debts after graduation. For example, some banks will require you to repay an overdraft within 1 year of graduation, but other banks offer a period of up to 3 years.

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