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List of Best Student Bank Accounts For 2020
Date published October 09 2020 by Stella Carter
Student life comes with a lot of expected and unexpected expenses, ranging from universities tuition fees to any unexpected travelling, or any unprecedented circumstance. It is therefore highly necessary nowadays for every student, whether studying in a local or an international school/college, to consider having a student bank account.
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Why student banking account has become more important in 2020?
With the fear of the Covid-19 gradually decreasing, many educational institutes are considering reopening the campuses for the new post Covid-19 curriculum. However, this has created the need for each and every student to have some extra buck on their back in case of any kind of unthinkable emergency. Hence the Coronavirus has played a major part in creating a need for student bank accounts and is the latest dissertation topics in universities.
Things to consider while selecting a student bank account
Before you select a student bank account for yourself, make sure to look out for the following aspects.
· It is beneficial to select the bank offering the most overdraft in an account.
In order to gain maximum benefit of cash.
· Select an account with the lowest interest rate although some banks already offer 0% of it.
Many banks DO offer an interest rate to students, so its best to look out for it.
· It is never wise to exceed the limit of the overdraft.
Otherwise students can be penalized with fines and hefty interests.
· Repayment conditions should be checked.
Even though students are likely to pay once they have graduated, any unexpected demand should be expected and watched out for.
· Students should not consider to borrow more than the required money.
In order to avoid unnecessary cash burden. Even though the interest is the least or zero, students must know how and when to spend.
· Always maintain the credit score
This will open opportunities to open more accounts in different banks for as good reputation will be maintained.
Categories of Student Bank Accounts
The following are the 2 major accounts.
1) Current Account
This account can be widely used for depositing and withdrawing money as often as preferred by the individual student. A Cheque book and a Debit card is offered with.
2) Savings Accounts
This account enables to save money for a longer period of time in case of unforeseen expenses
The 5 Best Bank Accounts for students in 2020
The following are the 5 best bank accounts for students in 2020
1. Barclay’s Student Account 2020
. Barclay banks offers fantastic student banking service with an initial overdraft of £500 which can be extended to £3000 after two years. They also offer cashbacks on various stores.
2. HSBC Student Account
HSBC is one of the perfect accounts for students in the initial under-graduate study years. An additional £100 is offered to the first-year university students along with multiple freebies when signing up.
3. Lloyd’s Student Account
With a £1500 overdraft for up to 3 years and exceeding to £2000 after 4 to 6 years, the Lloyd bank offers students a convenient banking option, especially if they keep staying on credit.
4. Santander Current Account for Students
With 0% overdraft fee (Although £500 are to be paid before registration) and a special discount card for rail travels, Santander student bank account is already preferred by a majority of students.
5. NatWest Banking Account for Students
The national Westminster bank of UK offers an interest-free overdraft of up to £2000 along with other special offerings such as Amazon Prime membership, Tastecards and also National Express Coach cards for account holder students.
In a Nutshell
How much student accounts have become popular is indeed one of the trending PhD dissertation topics in business management as well as banking studies in MBA. Multiple Banks are offering various student bank accounts for both local as well as international students with different offers and schemes.