Bank on great deals for new students

A money experts offers SARA KEENAN some key advice on how to find the best bank accounts for students and the benefits of features such as interest-free overdrafts.

- SARA KEENAN

WITH results day fast approaching, some students may be getting ready to open their very first bank account.

Although an exciting time, it may also be the first time many young people have had to focus on their own finances.

This may seem daunting for some with an overwhelming amount of information, data and numbers now readily available.

Here, student money expert at Save The Student, Tom Allingham shares his top tips about student bank accounts and the main do's and don'ts.

What are the best accounts for new students?

"It's difficult at this stage to say definitively what the best bank accounts are this year, as not every single bank has published their details yet," Tom says. "However NatWest, RBS, Santander and Nationwide have published their details for the coming year and all of them are very strong.

"NatWest and RBS are looking particularly strong because they are both offering interest-free overdrafts of up to £3,250. On top of that, they are giving away £85 cash and a four year tastecard.

"What I will say, though is, no matter what the other offers are that come in, there might be some that end up offering more or offering less."

Tom also mentions the importance of looking out for a zero percent overdraft - this allows you to borrow up to a specified limit without paying interest on the amount used.