Student banking What are the best perks and freebies?

As results days loom, we examine what the big lenders' accounts offer those heading to university. Rupert Jones reports

- Rupert Jones reports

This month, hundreds of thousands of students across the UK will receive news that will determine where they spend the next few years of their lives.

But amid all the celebrations, as sixth-formers find out if they have got into their first-choice university, and the (hopefully temporary) sorrows, as those whose exams didn't go to plan scramble for a place through clearing, there are some important financial matters to think about.

One of these is sorting out a student bank account.

If you are heading to university, this account will be your constant companion over the next three years or so, so it is vital to pick one that works well for you.

Many people select a student bank account after A-levels or Scottish highers results day, when they know where they are going.

In England, Wales and Northern Ireland, results day is 14 August, while in Scotland it is this coming Tuesday (5 August).

At this time of year, high street banks and building societies dangle various tempting goodies in front of young people, knowing full well that some will stay on as customers for years - or even decades - after they have finished their studies and entered the world of work.

However, for many, the key feature will be the size of the interest-free overdraft on offer.

You are not required to have a student bank account - you could opt for a standard current account. However, those aimed at university-goers typically offer features you cannot get elsewhere.

"Students may be enticed by the free perks, but it is essential they compare the whole bundle alongside the 0% overdraft in the first instance," says Rachel Springall, a finance expert at the website Moneyfactscompare.co.uk.