Money hacks - How to choose a student bank account
The Guardian|August 19, 2023
Choosing the right student bank account won't magic away your money worries but it could help to provide a buffer zone when your balance creeps into the red, and perhaps some helpful perks, too.
Sandra Haurant
Money hacks - How to choose a student bank account

The must-have overdraft

The biggest difference between a student bank account and a standard current account is the overdraft, says Tom Allingham, a spokesperson for Save the Student.

"Usually you're charged interest for using this facility, but with a student bank account, you'll get an interest-free allowance to act as a buffer if your balance drops below zero. Most student accounts will have an interest-free overdraft of at least £1,000 but the maximum allowance may not be available until your second or third year, and you may have to apply for higher amounts to reach the cap."

For anyone who is likely to require credit - most students - it is an extremely useful, perhaps even essential, facility.

"Make sure you look for the biggest possible [interest-free] overdraft amount on offer, as it will help when managing your student finances, allowing you the flexibility to go into the red without a financial penalty and avoid other more expensive forms of debt, such as loans, credit cards or standard overdrafts," says Kara Gammell, a personal finance expert at MoneySuperMarket.

However, it is not only a question of trying to find the largest overdraft, says Sarah Coles, a senior personal finance analyst at the investment platform Hargreaves Lansdown: "They work in different ways, and there are different levels of overdraft on offer, so you need to decide what's most important to you and find the account offering what you need."

Esta historia es de la edición August 19, 2023 de The Guardian.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición August 19, 2023 de The Guardian.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE THE GUARDIANVer todo
Money hacks How to use your Christmas gift vouchers wisely
The Guardian

Money hacks How to use your Christmas gift vouchers wisely

The first thing to do is read the small print (it could be very small if it is squeezed on the back).

time-read
4 minutos  |
January 04, 2025
'It's not job done' More change to come as M&S gets its spark back
The Guardian

'It's not job done' More change to come as M&S gets its spark back

M&S menswear, above, is starting to compete for style with specialist rivals while the company's menswear has successfully caught the attention of younger buyers

time-read
4 minutos  |
January 04, 2025
Taken to court ... as a victim of identity theft
The Guardian

Taken to court ... as a victim of identity theft

A fraudulent phone contract has been taken out in my husband's name and he is now threatened with court action.

time-read
1 min  |
January 04, 2025
New start Is 2025 the right time to become your own boss?
The Guardian

New start Is 2025 the right time to become your own boss?

Going freelance is not without risk but if you want to shed the shackles of your 9-5, then Suzanne Bearne can help you plan it properly

time-read
7 minutos  |
January 04, 2025
Feeling the heat British Gas hit by 400,000 complaints
The Guardian

Feeling the heat British Gas hit by 400,000 complaints

It has been both astonishing and appalling in equal measure,\" says Jonathan Hattersley, 66, from Cambridgeshire.

time-read
3 minutos  |
January 04, 2025
The Guardian

Biden Blocks Japanese Firm's $15bn Bid for US Steel Over Security Fears

Joe Biden blocked a $14.9bn (£12bn) bid by Japan's Nippon Steel for US Steel yesterday, citing concerns the deal could hurt national security and following through on a pledge to keep the company domestically owned as he prepares to depart the White House.

time-read
1 min  |
January 04, 2025
We're like snipers' Lethal and cheap, drones dominate the frontline now
The Guardian

We're like snipers' Lethal and cheap, drones dominate the frontline now

Denys, a soldier with Ukraine's Khyzhak brigade, describes a new kind of war. Standing in a barracks workshop with piles of basic Ukrainian first-person view (FPV) drones behind him, he says: \"There are fewer gunfights because there are more drone fights.\" Frontlines that were once a gunshot apart are now a killing zone several miles deep as Russian and Ukrainian drone squads hidden behind the frontlines target each other's forces with aerial attacks. \"Back in 2022, we were still running around with machine guns from the tree lines,\" Denys says, almost with nostalgia.

time-read
4 minutos  |
January 04, 2025
The Guardian

Profits at GB News owner's hedge fund plunge 64%

Profits at the hedge fund co-founded by the GB News and Spectator owner Sir Paul Marshall plunged by almost two-thirds last year, resulting in significantly reduced payouts for its partners.

time-read
1 min  |
January 04, 2025
Call to stick to tougher green targets amid record EV sales
The Guardian

Call to stick to tougher green targets amid record EV sales

Carmakers sold a record number of electric cars in the UK last year, prompting environmental groups to urge the government to stick to tougher green targets even as the industry argues they are unsustainable.

time-read
2 minutos  |
January 04, 2025
Handbags and watches help take Thailand PM's declared worth to £322m
The Guardian

Handbags and watches help take Thailand PM's declared worth to £322m

Thailand's prime minister, Paetongtarn Shinawatra, has declared £322m in assets, including a collection of 217 designer handbags and 75 luxury watches in submissions on her wealth to a government body.

time-read
1 min  |
January 04, 2025