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Bank accounts

(See also 'Banks, Building Societies and Plastic Cards'.)

Opening a bank account

You'll need a bank account for your student loan cheque, and other money you get. There are two types of account, Current accounts for handling day-to-day transactions, and Savings accounts for saving spare money.

Student bank accounts often offer interest-free overdrafts which means you can spend more than you have in your account without being charged interest. They also often offer free gifts such as rail cards or cinema tickets.

In choosing a bank, you should consider:

  • whether it has cash points conveniently situated for you,
  • the amount of interest-free overdraft you are entitled to,
  • what services it offers and what its charges are,
  • What special offers it has for students; but don't be persuaded by an offer of a free gift if the other services and charges are unattractive compared with other banks.

For more information about bank accounts see 'How bank accounts work'.

This page was updated on 15 July, 2008

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