A jam jar account might be right for you if:
- You want an account that helps you to budget
- You want to avoid charges for refused Direct Debits
- You rent a council or housing association property – in which case your landlord might pay the monthly fee for you
- Most banks will offer a specific student account usually with an interest-free overdraft up to an agreed amount.
- Banks often also offer attractive accounts to graduates to attempt to secure them as long-term customers.
- Fees can vary a lot between banks and between accounts, with one
of the highest fees being charged for going over your agreed overdraft
limit.
- If you regularly spend more than you have in your account, choose
one which will give you an overdraft up to an agreed limit without
charging fees and/ or with a low interest rate.