Do you have the best student account?

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Switching bank account is easy & profitable

Choosing the right student bank account really can save a small fortune over the duration of your course.

As you have probably found, getting to grips with funding university life can be a tricky. According to statistics many of today’s students will have to find nearly £10,500 per academic year, and that is on top of high top-up fees, introduced in 2006.  This year’s students face graduating with an average of total debt of over £20,000.

A few years ago, banks started automatically transferring standing orders and direct debits for you making switching accounts much easier. It means your only task once you've switched accounts is to notify the people who pay into your account. Even so, always keep the old account open for a good few months after the switch just in case something’s been missed.

Switch in 3 steps:

• Compare account with Debtburn
• Click on the switch button to fill in your details
• The bank you’ve chosen will call you to book an appointment to your nearest branch

Student accounts, what to watch out for?

As amazing as it is to get your hands on up to nearly £3,000 there are things that you MUST be aware of before you commit yourself to what is sometimes a decade of debt.

These interest-free overdrafts are not guaranteed and they are subject to status. In fact, lots of banks try it on: they entice you in with a good rate like those above and then write a letter saying 'Congratulations, you have a 0% overdraft!... But we're just giving you a £500 limit.'

If you ever go beyond your overdraft limit, don't bury your head in the sand. Talk to your bank. Ask them to increase the limit. It's much better than being charged fees and paying the extremely high unauthorised interest rates.

Below, Jo Metcalf a graduate of Leeds University, now practising law, explains how easy it is to all of a sudden end up in a situation you didn't expect.

"I felt like I'd just got money. Yet I was always asking, ‘How come I'm broke?" the 24 year old Leeds University graduate said with a laugh. "My biggest mistakes were spending all my money on material things, like new purses and new shoes."

Transferring your account is a great way of increasing your balance.

What is balance transfer?

It’s when one credit card repays debts on other credit or store cards; so you now owe them the money instead, hopefully at a special cheap rate.
For example:

• Current debts: Louiscard £3,000 at 18%, Sharoncard £1,000 at 16%.
• New credit: the Danniicard's 0% for 12 months on balance transfers.
• What happens: Ask the Danniicard to balance transfer the debts, it then pays £3,000 to the Louiscard and £1,000 to the Sharoncard.
• New situation: The Louis and Sharoncards are debt-free, as the debt has been transferred to the Danniicard; which you now owe £4,000 at 0%.