If you don’t already have one, opening an account will probably top your priority list as you prepare to leave home for university. Banks are aware how important the account is for you, after all your student loans cheques will come into it every month. However do check whether you are getting an interest free overdraft facility or not before signing up with that particular bank!

It is always good to prepare for immediate expenditures so ensuring your finances are accessible is essential. It also gives you time to scout for deals regarding your financial situation, including interest free credit cards should you need one. But before you succumb to the gimmicks and the glitzy banks consider a few important facts that can make or mar your banking experience.

Think about the ease of operating your bank account. With internet banking you could keep tabs on your finances on a daily basis which would help curtail unnecessary spending. Some banks even offer mobile banking so that you can be aware of your transactions even when on the move. Also check whether your bank has an ATM close to the campus and if the nearest branch is easily accessible. In times of emergency you will thank yourself for this foresight.

Though most banks offer overdraft facilities on students’ accounts, the amount varies from bank to bank. Check the authorized overdraft amount that is available to you interest free and whether it increases every year. Find out about the charges that you might have to fork out on the excess overdrawn amount. Unauthorized overdraft charges can be particularly high and can create financial crisis later on. Do check whether you need a student advisor’s permission to extend your overdraft facility with the bank.

It helps to have an account in the bank that is open till late hours and on weekends. If you need to deposit a cheque or have to report a discrepancy in your account, you can do it after campus hours. Find out the cash points where you can use your bank’s card without being charged for it. If your bank has offered you a free credit card along with your account, check your limits and pay back rates on the same. Do not use your credit card freely, the interest accrues rapidly and can create a debt situation later on.

If like most graduating students you find yourself cash strapped and in the red, the graduate account helps in sorting out your financial situation by allowing you to keep an interest free overdraft facility for a couple of years and also offer loans and consolidation of debts to help you tide over your financial crisis. Once you have weighed all your options and are satisfied then let the freebies sway you into deciding the final one!