Is it worth opening a student account?

Question

I never use my overdraft and I don't need yet another credit card, are there any other 'bonuses'?

Answer 1

As long as there are no fees and as long as you continue your current financial prudence then it is worthwhile to open a student account (and get that extra credit card). Your credit score is built on the ways you demonstrate that you are responsible with credit. The more credit cards you have (that don't have unpaid balances -- that would lower your credit score) the higher the score. The more loans that you pay back with interest (missing payments would do the opposite) the higher your score. The more different institutions that lend to you raise your score. College is a great time to raise your credit score (but it is also a great time to blow it so continue to be wise, my friend). The higher your credit score when you leave, the better terms you'll be able to get on a vehicle, on a house, on a business loan, etc.
The secret to good credit is never spending more than you earn while spending it in places where people are going to notice. Good luck!

Answer 2

You are lucky. However, having the overdraft fascility, even if you don't use it will give you a little piece of mind. Also, having a good history with the bank is not a bad thing, especially when looking at a post grad loan (You will definately need one of these).

I would say set up the account so that you can access the overdraft as an interest free safety net, rather than having to use credit cards that will charge you high APR.

Answer 3

Depending on the account - some banks do freebies, such as FREE Student Rail Card, CD Vouchers, Discounted Driving Lessons, etc.

If you like free or cheap things, it's worth looking around.

Answer 4

A sensible student, I must be reading things. I never had enough money when a student to open an account, so you must be well off - lucky sod.