Getting a student interest free overdraft
Before you go to University, it is highly recommended to get a student interest free overdraft with your bank.
Don't have a bank that does a student account? Move now!
Having a student interest free overdraft on your account is a lifesaver for many students. When you find yourself completely skint, and not even able to buy food, it's good to know you can cut into your overdraft, and that its interest free!
Many of the major UK banks such as RBS, Natwest, Halifax, Alliance and Leicester and Barclays supply student interest free overdrafts with their student current accounts, usually up to £1000 in your 1st year and then £1500 in 2nd year and £1500 in your 3rd or 4th year.
The main problem students have when they first come to University and get a student interest free overdraft is simple. They think it's free money because it doesn't have to be paid back.. It does! Think of it like an add-on for your student loan.. The less you spend of it, the less you have to pay back!
So don't take a £1000 pound out of your overdraft to buy clothes, or buy expensive food and drink.. When the banks are calling for you to pay it back after you have finished University you will deeply regret it!
Click here to compare accounts with a student interest free overdraft
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