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!
| 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 opem 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.
Have fun and explore the area a bit more at http://www.student-finance.co.uk
