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# How To Find The Best Student Bank Account - Avoid The Gimmicks

August 2006 Dog bites man is a similar phrase to student with overdraft, ie both are never going to make the front page of the news. So with all/most students running overdrafts that is the single most important factor in determining which bank account to open and not the gimmicks or bribes a bank offers such as a free iPod etc.

### Student Overdraft Rates - 2 Important Points

Most student bank accounts offer some sort of free overdraft rate and here are the two most important points to look out for –

> 1 - Initial overdraft level

- Many banks offered a tiered overdraft level increasing in year 2 over year 1 etc
- For example, a £1,500 overdraft in year 1, £1,750 in year 2 and £2,000 in year 3

> 2 - The interest rate charged after the agreed level has been breached

> - This is where the banks try and make their money because they know full well that students have tendency to go beyond the agreed level
> - In our view the level of interest charged after the initial agreed level is as important as the initial interest free amount, if not more so
> - And don’t necessarily believe the banks when they say that they might offer you a cheaper interest rate of say 7% if you do go over the agreed level - most won’t unless for a very good reason

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