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Student banking statistics
What kind of relationships do students have with their banks?
The UK’s favourite student banks
Becoming a student means handling money independently for the first time for a lot of people. And even if you enter your degree feeling comfortable, living independently, often without the time to earn outside of your course, can see you quickly seeking financial support. For this reason, it’s worth thinking about which bank can offer you the most suitable student account.
Popular features offered by student banks
Reasons why students choose their banks
Whether it’s because students are unwilling to put in the effort to switch or they want to stick to something familiar in a period of rapid change, students are most likely to stick with the bank they’re currently with for their student account. Almost half (44%) of students will pick an account with their current bank, a third of students are attracted to bank accounts with 0% overdrafts and freebies, and another third also considered banks that their friends or family were with.
How satisfied are students with their banks?
Students rated how satisfied they were with their banks out of five and the results are presented below. The most popular student banks of 2018 (ie, the ones that are most used by students) are furthest to the left of the graph.
How far are students into their overdrafts?
There is no trend between the amount overdrawn by and the year of study. With an average of 11% of students saying that they were overdrawn by £1,000-£1,999, this was the most common amount to be overdrawn by.
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