Student accounts - worth bothering with?

username

I'm (hopefully!) going to university this year, and was wondering if it was worth bothering to open a student bank account?

Currently, I have a LTSB savings account and a LTSB current account, with full debit card/chequebook/cheque guarantee facilities, but no overdraft since I've not found the need for one. I'm happy with the service my bank provide me at the moment.

I'm assuming the majority of people set up a student bank account because it's their 'first' proper one because they're either on U19s accounts, have no account or just have savings. Are there really any points/benefits in opening up a student account if I already have a current account?

If I am to be swayed in the direction of opening up a student account, then can anyone on this board please tell me their experiences of their bank and their account ... is it any good etc?

DrFluffy

Interest free overdraft. Unless you are rich!

melancholly

DrFluffy wrote: »

Interest free overdraft. Unless you are rich!

and even if you are richer than the average student, it allows you to have all your money earning higher interest in a savings account while you operate under your overdraft limit (if only i was speaking from experience though, without an overdraft i would have sunk!).

the signing up bonuses can range from £50 to things like a student rail card, so if can be worth it for that in itself. but those won't be announced until the summer.

muddled_midget

Also check out the graduate accounts with the banks as there might be clauses about ahving had a student account with them or extra perks if you have.

emma396

my advice - Get one!!

as melancholly said, u do get perks. it's worth opening on just for that. plus u do get interest free overdraft. you can take out your allowance and put it into a savings accounts and earn interest on it.

kr15snw

I had a barclays account that I was more than happy with but decided to open up a student account with barlcays, so that I had 2 accounts with them. I now have one account that my wages go into from my part time job and then I have my student account where my loan and grant go into.

If I need to buy something for uni then it comes from my student account. If its non uni related then I use my normal account. If I have nothing left in my normal account I cant have it, unless I really need it and then I will dip into my student account.

For me its just a way of keeping note of how much money I have that is mine or is student loan.

hattie_pea

I'd definitely recommend that you get a student account. I banked with natwest who were pretty good and it is good to get the perk of a young persons rail card thrwon in to last you the three years for your course. Ultimately you're never going to be given a interest free overdraft ever again so if you are solvent and can afford to whack the cash in a high interest account then do it.