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student account
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What are the advantages and disadvantages of student account?
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An interest free overdraft is a great advantage however if not used sensibly can become a burden as you could become reliant on it and never pay it off. This is not good when you are no longer a student and they can then charge you interest on it as many former students will testify!
When you open up a student account they normally give you free stuff or a cash bonus. This is always good especially if you open up more than one account and reap the numerous benefits!
At the increasingly infamous Bank of Stevie you do get an interest free overdraft, the limit of which increases each year. After graduating you continue to get an interest free overdraft but the amount that's interest free decreases each year.
Also, you only get any free goodies once a sizeable payment has gone in (e.g. student loan/grant) so that you are demonstrating that it's your main account and you're not trying to get up to any studenty shenanigans like opening 6 student accounts with various banks.
As well as getting an OD, you generally also get a chequebook & Visa Delta card rather than the reportedly tawdry Visa Electron. Often, others in similar financial circumstances wouldn't ever qualify for any of these unless they qualified for student accounts.
Goodies range from cash, a cheapo personal CD player, free travel insurance to others that I can't currently think of.
Also, you only get any free goodies once a sizeable payment has gone in (e.g. student loan/grant) so that you are demonstrating that it's your main account and you're not trying to get up to any studenty shenanigans like opening 6 student accounts with various banks.
As well as getting an OD, you generally also get a chequebook & Visa Delta card rather than the reportedly tawdry Visa Electron. Often, others in similar financial circumstances wouldn't ever qualify for any of these unless they qualified for student accounts.
Goodies range from cash, a cheapo personal CD player, free travel insurance to others that I can't currently think of.
my advise is definately get one now if you are in your first year, you may not need to use the overdraft now but you soon will and opening a student account in your second year can prove tricky. trust me you will kick yourself if you miss the opportunity and come to really need it. if it turns out you dont just close the account. x
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