subject: An Idiot's Guide To Finding The Best Student Bank Accounts [print this page] An Idiot's Guide To Finding The Best Student Bank Accounts
It's important to open up a student banking account whilst at college or university. It's also advisable to get this done prior to commencing with your studies, more so when you're applying for a student loan because the funds will be transferred straight into your banking account.
Here is a checklist with 5 important steps to assist you in selecting the best student bank account:
1. Requirements to open a student bank account:
* Copy of your LEA award letter (Student Loan finance evaluation form)
* Confirmation regarding your student status
* Identity documentation, e.g. passport, driver's license, national insurance card.
* Confirmation of home address during the term, Banking Statement, Utility Bill, etc.
2. Ask the following questions before opening up a student bank account:
* Is the branch offices close enough to phone in to talk about my finances?
* Do I have access to an ATM on campus near to my home?
* May I use my Cash Point card at other ATM's without any charges?
* Is a student adviser available?
3. Overdraft account facilities:
* Does the bank offer interest free overdrafts and how can I apply?
* Am I required to attend interviews with a student advisor before the overdraft is approved?
* Am I allowed to increase my overdraft limit?
* What are the consequences when exceeding my overdraft limit?
4. Banking charges:
* Does your bank bill for services? (Many banks don't charge for services when you stay within the arranged overdraft account limit)
* Am I going to benefit from interest gained on credit balances?
5. Graduate packages:
* Does my bank provide favourable terms to graduates? (Includes affordable over-drafts as well as loan consolidation to pay of over-drafts and various other debts)
* Is my bank able to assist if my initial loan instalment is late?
* What kind of student credit cards is available?
* Do they charge a commission fee for travel money? (Many banks don't charge)
* Are there any incentives and savings facilities on offer?
* Is phone banking and/or internet banking available?
