Introduction
As you finish school it’s time to swap your piggy bank for a real bank, but which one to go for? Here is a small breakdown of the different banks out there and their student accounts and what it means to you.
Student bank accounts offered in 2008-09 are compared below. This includes HSBC, Barclays, NatWest and Abbey's student bank accounts. But make sure you don't get caught up!
Bank Account Summary
| Provider | Incentives | Overdraft | Credit interest rate | Telephone banking | Internet banking | Credit card limit |
|---|---|---|---|---|---|---|
 |
Zilch! | £1,000 in year 1 rising to £1,800 in year 4 | £1+ 2.5% | Yes | Yes | Not applicable |
 |
|
£1,000 in year 1 rising to £2,000 in year 5 | £1+ 0.10% | Yes | Yes |
|
 |
Zilch! | £1,000 in year 1 rising to £2,000 in year 4 | None | Yes | Yes | Negotiable |
 |
Zilch! | £1,250 in year 1 rising to £2,000 in year 5 | £1+ 2.53% | Yes | Yes | Negotiable |
 |
£50 cash plus discounts on driving lessons &broadband | £1,000 in year 1 rising to £2,000 in year 5 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
 |
Range of discounts on books, food & computers | £1,000 in year 1 rising to £2,000 in year 4 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
 |
5 Year Railcard or £55 cash | £1,250 in year 1 rising to £2,000 in year 5 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
 |
Discounts on phones, travel and leisure | £1,250 in year 1 rising to £2,000 in year 5 | £1+ 2.02% | Yes | Yes | Negotiable |
 |
Zilch! | £1,000 in year 1 rising to £2,000 in year 4 | £1+ 3.04% | Yes | Yes | Not applicable |
Many pre-university students ask each year, can we have more than one student account? The official answer is: maybe. Why maybe? Well, it depends on the student account you take. Most banks will not stipulate that they must be your sole student bank account; however some do. Don't open more than one account until you're read the terms of your account otherwise you could end up with a fine!
Most students do open more than one student account. If you do this, please ensure you have sufficient funds to pay back any overdraft you may incur.
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