What are the benefits of having a student bank account?

Is it worth getting a student bank account?

Before you go to uni, it’s a good idea to get a student bank account. These are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft. … Many banks offer students freebies or perks to try to get them to sign up.

What are the benefits of a student bank account?

The main benefits of a student bank account are the interest-free overdraft options that many of them come with. While you study, your overdraft will be interest-free up to an agreed limit, which in some cases increases incrementally for every year of study.

How does a student bank account work?

Student accounts are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft. … As soon as you’ve got these, you can open an account, allowing you extra time to make full use of its benefits before the start of term.

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What happens to my student bank account when I graduate?

After two or three years, dependent on the bank, your graduate account will be converted into a normal current account – with all the interest and fees these entail.

Should I open a student bank account before applying for student finance?

Set up a student bank account before you apply for any student loan. Any maintenance loan, grants, bursaries or scholarships you’re entitled to will be paid directly into the account you’ve listed on your student loan application form, so it’s wise to set up your account beforehand.

What’s the difference between a student bank account and a normal one?

The big difference between a normal account and a student account is many of the banks will give you an interest-free overdraft. … Plus, it all needs to be paid back, and after you graduate it’s likely you’ll begin to get charged interest on any money you still owe.

Can you have 2 student bank accounts?

Although you can have multiple current accounts or savings accounts, usually a condition of receiving the perks of a student account is that you pay your student loan into that account. Banks regularly check to see that this is happening. For that reason, you’re unlikely to be allowed more than one student account.

What would be your priorities when choosing a student account?

The vast majority of students will need to borrow to cover costs while they are studying, so a large interest-free overdraft will often be your top priority when picking a student account. … This can be your student loan, money from family members or any other income.

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Which debit card is best for students?

1) ICICI Bank@Campus

This debit card provides ease of transactions along with security. It brings the Bank@Campus account to students. ICICI Bank also offers a debit card called young stars for children between the age group of 1-18 years.

Does capitec have a student account?

Banks like Capitec and Old Mutual do not specifically have student accounts. You can choose a bank that works well with you and your needs.

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings Account

Bank Name of zero-balance savings account Interest rate
Kotak Mahindra Bank 811 4% to 6%
Standard Chartered Bank Basic Banking Account 0.5% to 4.90%
HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4%
Axis Bank Basic Savings Account 3.50% to 4%
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