Student finance: Expect a sweetener to open an account
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Your support makes all the difference.There is fierce competition between banks as they try to entice students starting university into opening an account with them. Though you don't have to limit yourself to opening just one account, remember that the more you open, the more debt you can get yourself into. Debts shouldn't be allowed to spiral out of control: a strict budget - and a strict bank manager - will keep you on the financial straight and narrow.
All banks offer some sort of sweetener to get you to open an account. The Royal Bank of Scotland will give you a 20 per cent discount on books, CDs, videos, computer software and concert tickets while you hold a student account, as well as discounts on travel and insurance plus national and international phone calls. Interest-free overdrafts increase annually from pounds 1,000 in the first year to pounds 1,600 in the third year.
Lloyds TSB will give you pounds 30 in cash and pounds 10 Virgin vouchers. They also offer an increasing overdraft level throughout your time in further education. The same is true of Barclays, but you only get the cash (pounds 20) once pounds 500 is in your account.
The incentive offered by HSBC includes the gradual overdraft limit increase plus pounds 50 cash or a free four-year railcard that entitles you to a 34 per cent discount on rail travel - which can add up to a great saving.
NatWest's student package includes a pounds 35 or more cash gift, or a portable compact disc player. NatWest also offers interest-free overdrafts.
The Royal Bank of Scotland, Lloyds TSB, Barclays and NatWest all currently have on-line banking services accessible via the Internet. This service enables you to access most options available in the branch, such as creating or halting a direct debit; paying bills; and checking your account balance.
Whichever account you choose, remember to budget and live within your means, because at the end of the day it all has to be paid back.
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