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The student bank account need-to-knows
Student accounts are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft and a debit card.

Most students need an overdraft, where the bank lets you spend more than you've got (at no extra cost) to a set amount. Aim to get the biggest and longest guaranteed 0% overdraft - the only time this doesn't apply is if the freebie on offer is so valuable to you it outweighs this.

Be wary of banks offering bigger overdrafts than our top picks - some give 'guaranteed' amounts, others 'up to' amounts - so make sure you're comparing like for like. However, you must ask for extensions each year, even on guaranteed limits - they're not applied automatically.

Never go over your overdraft limit
This isn't a rule just for students, it's a rule for life. The game totally changes if you go beyond your overdraft limit - charges shoot up and you can be caught in a vicious cycle that's tough to ever escape from. If you stay within your limit there's usually NO COST.

If you're struggling, at least talk to the bank. Try to agree an extension but remember, you are likely to be charged interest, up to a huge 24% EAR. It's always far better to plan and budget to avoid this.

If not, or if you go over without permission, the charges can be enormous - up to £25 per transaction (so a shopping trip spending £30 in five debit card transactions could see you facing £125 of charges) - beware!

Source: Money Saviing Expert

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