Compare Student Bank Account Charges

Before you choose a student bank account, check all charges e.g. overdraft charges.

Most students decide where to bank while at university based on what incentives are on offer, or based on the size of the fee-free overdraft. While that’s better than basing your decision on who you’ve banked with all your life – because the first rule of personal finance is that loyalty rarely pays – there is one other crucial thing to factor in: what happens if you go over your overdraft?

If you accidentally spend more than the amount arranged with your bank, which is easily done, financial penalties may be incurred. We’ve looked at the fees charged by eight banks offering student accounts, and found that only three of them won’t charge students for this. See the table below or click here if you’re using a tablet or your phone.

 

Source: Information collated from bank websites by HelloGrads.com, correct on 8th August 2019

Many students will have accounts with challenger banks like Monzo and Revolut, supported by mobile apps featuring handy functions for budgeting and splitting bills. However, these don’t offer fee-free overdrafts, even to students, so for those needing arranged overdrafts it’s worth using these alongside dedicated student current accounts.

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