What kind of spender are you?
- Do you spend a small amount of money many times a day?
- Do you manage your budget most of the time until you have a shopping spree?
- Do you keep money under such tight control that you never spend?
- Do you need a pre-installed overdraft?
- How do you want to operate your bank account – face to face or over the internet?
- Does your account link to other student packages? – ie: a student credit card or insurance?
- How do you want to access your cash – at home or abroad? Check that you won’t be charged for using your cash-card, and withdrawing cash at all ATMs.
- How close is the nearest bank branch? And what are its opening hours?
- If you are going to do phone banking, will you have to call abroad for customer service, at your expense?
Most student accounts will try to entice you with a range of freebies ranging from iPods to train passes or hard cash. But don’t let the short term bribes persuade you – consider the account benefits. Students are very valuable to banks, as they want you to remain with them over your lifetime. Statistically you are more likely to get divorced than you are to change your bank.
Don’t simply choose a bank because of its presence at the Fresher’s fairs or because it’s close to your Halls of Residence. The banks which participate in fresher’s fair are likely to be there because they have paid the most for attending the fair – not because the university believe the bank to be the best. Sometimes the banks at the Fair have funded part of the campus – giving them even more of a monopoly over the student accounts.
