by Global Game Jam

Article by Julian Mark N

It’s important to open up a student banking account whilst at college or university. It’s also advisable to get this done prior to commencing with your studies, more so when you’re applying for a student loan because the funds will be transferred straight into your banking account.

Here is a checklist with 5 important steps to assist you in selecting the best student bank account:1. Requirements to open a student bank account:

* Copy of your LEA award letter (Student Loan finance evaluation form) * Confirmation regarding your student status * Identity documentation, e.g. passport, driver’s license, national insurance card. * Confirmation of home address during the term, Banking Statement, Utility Bill, etc.

2. Ask the following questions before opening up a student bank account:

* Is the branch offices close enough to phone in to talk about my finances? * Do I have access to an ATM on campus near to my home? * May I use my Cash Point card at other ATM’s without any charges? * Is a student adviser available?

3. Overdraft account facilities:

* Does the bank offer interest free overdrafts and how can I apply? * Am I required to attend interviews with a student advisor before the overdraft is approved? * Am I allowed to increase my overdraft limit? * What are the consequences when exceeding my overdraft limit?

4. Banking charges:

* Does your bank bill for services? (Many banks don’t charge for services when you stay within the arranged overdraft account limit) * Am I going to benefit from interest gained on credit balances?

5. Graduate packages:

* Does my bank provide favourable terms to graduates? (Includes affordable over-drafts as well as loan consolidation to pay of over-drafts and various other debts) * Is my bank able to assist if my initial loan instalment is late? * What kind of student credit cards is available? * Do they charge a commission fee for travel money? (Many banks don’t charge) * Are there any incentives and savings facilities on offer? * Is phone banking and/or internet banking available?

About the Author

If you’re a student requiring instant cash for emergencies, then you need to contact your bank for a Fast Student Loan. To learn more about this kind of loan visit us at http://realstudentloan.com.

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