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Check the details on student bank accounts

Thursday, 15 September 2011

Posted by Mozo

Aussies preparing to go back to university may be thinking of opening student bank accounts to help them manage their finances more efficiently.

When selecting the right financial product, it is important to look at all the details of the account, from the interest rates to the overdraft facilities.

The importance of checking the fine print was recently highlighted by general manager member services for SGE Credit Union Paul Willis, who told News.com.au that it may be worthwhile making "the fine print larger and the headline print smaller to get an idea of what it's really going to cost you".

When selecting a student finance product, it is important to check how much interest will be paid on money borrowed through an overdraft.

Prospective university attendees may also want to check on whether headline rates and deals will last for the duration of their time studying or if they are available for a honeymoon period only.

One effective way to find out what is on offer may be to go online to compare student banking products.

Have a question about student banking? Ask the money gurus at Mozo Answers. ADNFCR-1761-ID-800730312-ADNFCR

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