Student banks which you should know
For all those students who are about to go to universities it is worth noting here that there are myriad of challenges apart from the parties and entertainment. And those students who are disciplined and ready to take on those challenges will come out as victorious nothing with certainty can be said about students who are lethargic and undisciplined. In the perspective of student life and university education, every student should have some sort of idea about student banks. The fact of the matter is that an average person regardless of being a student deals with these financial intermediaries on daily basis and one must be aware of all options especially when one is a student and the resources are constrained. The purpose of this article is to discuss student banks and to highlight important aspects of them.
To start with, The Co-operative bank is one of the great banks especially for students because of their favorable features for students. For instance, the overdraft limit of this bank is quite great. Over and above that, their ethical values are also worth mentioning. Moreover, student account offers many unique features which others do not even come close to it. However, one must note that there is no graduate account.
In addition to The Co-operative, Halifax is also one of the worth considering options and currently ranks at second position in our rankings. One of the first noticing aspects is overdraft which is up to three thousand pounds. Furthermore, the applications of overdraft are scrutinized case by case and your credit rating is one of the important determinant factors. So far as the payback of this is concerned, the interest will start piling after the first year of graduation. In other words, it would be better if you pay back the entire amount before that time. Another word of caution for students who are interested in using this bank account is that exceeding your overdraft limit will definitely not be a good idea as it entails significant costs.
NatWest occupies third position in our rankings as it also has a favorable and student friendly account. The overdraft limit of this bank is also different from the previously mentioned two banks and students are highly advised to check this out. RBS bank used to offer Rail card but quite unfortunately they no longer now. Furthermore, the eligibility criteria are also determined on a case to case basis. If you are interested in knowing about your eligibility criteria then you might want to contact their office or customer services to find this out. If you need advice on staying on top of your financial situation I suggest you take a look at the information provided by debt free direct.
HSBC comes at the fourth position in our ranking and worth noticing aspect about it is that there is a lot of similarity in their student account with that of Halifax. The applications are once again scrutinized on the case by case basis.
Lloyds TSB occupies the last position in our ranking and it is mostly favorable to students who are in a five year program. In conclusion, consider all your options and then go for a bank account.