Choosing the

Right Bank Account

There’s no doubt that at some point, before or during your studies, you will have to get your finances checked out due to its poor health. X-Cel is here to help.

Student Question: I’m starting my degree in September and am not sure which bank account to choose. I like all the free gifts that are on offer so I may just go with the one that I like the best? When I look at the accounts they all seem pretty much the same to me. What sort of thing do you think I should be looking at? Abid Khan, Leeds

THRIVE Answers: Bank accounts do differ so it’s important that you do your research. Do NOT to choose a student bank account on the basis of the freebies on offer. The banks use freebies as a shameless, marketing bribe to catch a share of students heading to university or college. Banks know that in the UK people are more likely to get divorced than switch bank account, so they think once they have you will not go, however bad their service is. Prove them wrong and do not hesitate to switch banks to get a better deal.

Instead you should be looking at how much interest-free overdraft you can get if you envisage needing to borrow money as a student, you are far more likely to need an account which offers a decent interest-free overdraft facility and low interest rates on overdrafts above any interest-free limit.