Shock, horror!  The Buy My Face blog post actually contains some useful information today.  Students, listen up:

“Choosing a Student Bank Account for 2012/13

If you’re setting off to university for September 2012, here are some top tips you should keep in mind when choosing a student bank account!

• Find a bank that’s offering the best 0% overdraft – make sure the figure you’re offered is a guaranteed amount, and not an “up to” amount. Those banks that offer up to a certain amount tend to scour your credit history – if you have no history or you have a poor one, you probably won’t be approved for the top amount.
• Look at the other perks – it’s not a good idea to pick a bank account on the basis of the perks on offer, but if two banks are offering the same deal on overdrafts then it could be the perks that separate one bank from the other as the best.
• Find out where your local branch is. There’s no need to bank with a company on your door step – but you should try and make sure there’s a branch within easy reach should you need to pop in.
• Check to see if internet banking is available – in this day and age most banks offer online banking but it certainly doesn’t hurt to ask before you open your account!

It’s important that you spend the time looking around for a student account because they have many merits. If you have a standard bank account you’ll have to pay for the privilege of having an overdraft – and you may miss out on other cool perks, too.

If you’re confident your account will be in the green throughout your time at university you can probably just make a decision based on interest rates offered. Whilst it’s always a good idea to put any money you’ve got hanging around into a high interest savings account, this can sometimes restrict your access to your cash in emergencies.

Some banks will offer students a credit card. It’s up to you whether or not you take up the offer of a credit card, but in general it’s a good idea for students to give them a miss. That said, if you take a credit card they are handy to have when making online purchases thanks to the chargeback feature. Credit cards are also handy as a very last resort if you’re totally out of cash and you’ve got no money to buy dinner with.

Being thrifty

Finding a student bank account is all part of an effort to be thrifty, helping you save money when possible. What’s the point in paying for the privilege of an overdraft if you can have one for free? There’s a lot more to being thrifty than just having a bank account though – you need to make sure you budget effectively so your funds last until your next loan or grant comes in.

For a lot more information about student finance, jobs and other interest topics make sure you check out StudentMoney.co.uk.  This website has been set up to provide free money advice for students, which includes money saving tips, offers, comparing student bills and job-hunting tips.”

 

Pinch those pennies,