Finance for Students
Students are seen by banks as relatively low risk debtors and potentially high earners in the future. Therefore a good source of future business including personal loans, mortgages, insurance and investments. See which student account is right for you. Maybe you need as higher overdraft facility as possible. Know your own psychology as well - if the higher facility is there will you use it just because you can. If possible know what you need and keep within those limits. All student accounts do offer interest free facilities 'up to' a certain level - if this facility is important ask what your facility will be before opening up an account as these do vary from student to student. Banks are becoming more careful about the size of the overdraft facility and these appear to be reducing.
Beware of 'freebies' - first make sure the account offers the facilities you require. The 'freebies' then become a bonus and that's how they should be viewed. However such things as the free rail pass offered by Nat West can be a real money saver if you use the train a lot.
| Nat West | Nat West has 55 branches open on some of the largest university campuses. It offers a free rail card and an interest free overdraft facility up to £1,000 in your first year. |
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| HSBC | HSBC have an interest free overdraft facility up to £1,000. 2 years free worldwide travel insurance is also provided. |
| Halifax | Halifax offer an interest free overdraft of up to £3,000 throughout your time at university. |
| Lloyds TSB | Lloyds TSB have an interest free overdraft facility of up to £1,500 in the first year. A free NUS extra card, free YHA membership for a year and 40 free music downloads. |
If we have missed any companies who deserve to be included please send details to us. Or if you have comments on any of those included again share that with us.
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