Advantages & Disadvantages

There are several typical benefits and drawbacks to student accounts, including:

Advantages:

Easy, fast access to funds
Interest-free overdraft facilities
Electronic payment facilities
Chequebook for cashless payments
Credit card account
Online, electronic management of money available
Access to money abroad - no need to exchange cash
Valuable / useful gifts offered to new customers

Disadvantages:

Usually low interest rates
Possible daily limit on cash withdrawals
May face charges for use of certain services, e.g. overdraft
Security of electronic transfer and of account cards can be compromised
Danger of debt from credit card usage and reliance on overdraft
Some accounts charge for withdrawals abroad