Choosing a Bank

When choosing a bank don’t be swayed by the free gifts and special offers. If you choose wisely and budget well you will be able to afford some of those things anyway.

Before opening an account you should ask questions such as:

• How large an interest free overdraft is being offered?
• How much interest is charged if the free overdraft limit is exceeded?
• Is there a fee for increasing the overdraft
• How much interest will the account earn if it's in credit?
• How much will an unauthorised balance or bounced cheque cost?
• Does the bank/branch have a Student Adviser who knows about students and can offer advice about money management?
• Is there a branch in my home town too?
• How will my overdraft be treated when I graduate?
• Can I get a cash card / cheque book / cheque guarantee card?
• Can I access telephone or internet banking?
• Will I be able to approach the bank in person to request an overdraft or will I need to contact a call centre?

If you are an international student you will need to identify what letters or documents the bank needs you to provide in order to set up an account.