PICKING a suitable student current account can get teenagers’ first experiences of financial independence off to a good start, but what should you watch out for?

Rachel Springall, finance expert at Moneyfacts.co.uk, says: “A sizeable overdraft facility will be a top priority for many. However, while this is a handy cash injection, using it to its fullest will always be an easy temptation.

“There is a danger of racking up a significant overdraft and being unprepared when the time comes to pay it back, which is why students should do everything in their power to use it sparingly and do their best to earn additional income to reduce what they owe.

“These accounts are well-renowned for their enticing incentives, such as shopping discount cards, railcards or coach cards that save money on journeys.

“While these can prove useful to those who would frequently utilise the benefits, choosing an account based solely on the incentive can mean being stuck with a less attractive overdraft in the process.”

It’s also worth keeping in mind that getting a sizeable interest-free overdraft facility is never a guarantee, and as with any bank account, customers will be credit scored.

Springall adds: “Bank branches on campus may sway students to pick them for their day-to-day banking needs out of convenience, but the digital age means it’s so easy to manage finances on the go, that a nearby bank branch shouldn’t be the final deciding factor.”