First, some bank accounts are only open to first-year students, or you may need a minimum length of study remaining to qualify, so your options may be limited if you’re in your later years of your course. You will also be credit checked when you apply, and this can sometimes cause problems due to there being very little data about younger students.
So, what sort of perks can you expect? As an example, Santander currently offers a free 16-25 Railcard when you sign up, and this is worth £100 and will get you a third off train tickets for four years, which is handy for those trips to home and back. Other incentives can include discount cards, cashback and interest on positive balances.
You’ll probably want to consider the interest-free overdraft as well, because having this gives you the flexibility to pay important bills like the rent on your student accommodation in Chester, even if your student loan is delayed for whatever reason. You’ll probably want the longest and biggest 0% overdraft possible, but always remember that this is the bank’s money, so you will have to pay it back at some point.
As deals can change, it’s best to look at the current recommendations on the MoneySavingExpert website.
Written by Kate
