Understanding student bank accounts

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Becoming a university student requires more than reading a textbook and sometimes completing an essay for coursework. It somehow changes your lifestyle, from what you do for leisure, the work you do and even your student bank account. Here are things you need to know about opening a student bank account, according to universitycompare.com.

Switch if it is better for you: Switching or opening a new bank account for a university is not always the best idea for everyone, especially when those involved have a great bank and are able to get the support they need during their studies. However, most young people who go to university may not even have a current account before receiving their results, but looking around can prove helpful.

Weigh up the competition: Banks compete with each other like any other shops you see on the high street of a shopping mall. They compete to have members of the public bank with them, and they want you to do so. Many banks offer perks for students who decide to use them. Look, compare the competition, weigh up the options, and see what the best student bank account is best for you.

Read the small print: Banks have small print, and sometimes it can seem so small that you don’t even know about it. Read every piece of information given to you, even the small print which can be annoying!

Set up a meeting with someone: Some banks allow you to apply online for a student bank account and if it is your own bank that you are currently with, they might just offer it to you – but this does not mean it is a good thing. Set up a meeting with someone in the branch for you to be able to talk to him or her face-to-face. You will be able to see all the information and be in a better environment to make a decision.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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