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Students 'should shop around' to avoid bank charges

Students have been advised to avoid incurring unnecessary bank charges by ensuring they choose the right financial institution for their needs.

MoneySupermarket has pointed out it can be "inevitable" that many students will require an overdraft at university.

It pointed out that Halifax and HSBC offer interest-free overdrafts of up to £3,000 for the duration of a person's studies, while many other banks offer up to £2,000.

However, university attendees will have to pay these loan claims off eventually and will start incurring interest on them when they leave university, it pointed out, adding that there are also unauthorised overdraft interest rates that can prove very costly.

Furthermore, while some lenders will offer freebies, such as discounted insurance, travel or shopping, the organisation recommended that people check whether or not these products can be found elsewhere, as well as consider if they will actually use them.

"Although these freebies may be useful, the value of them will be low compared to interest-free overdrafts, which should be the key focus for those considering a student account," head of banking at MoneySupermarket Kevin Mountford said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801427772-ADNFCR



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