Hope you are all doing well and enjoying summer.
In the past I’ve written a few blogs about budgeting and student finance, today I wanted to focus on money again and give a few tips about Student Bank Accounts.
Some of you may have already set up a Student Account (I know my mum advised me to get it done fairly quickly so I wouldn’t have to worry about it later.)
If not, don’t worry! It’s a really easy process, and definitely worth it in the long run.
I set up my Student Account the summer before I started uni, and the great thing about some Student Bank Accounts is the incentives they offer.
My Student Account offered a free 16-25 rail card, which saves me 1/3 on train fares. That has served me very well over the last two years of uni.
As I travel home on the train every reading week and at the end of the semester, I’ve saved an unbelievable amount on travel without having to buy a rail card myself.
A lot of other accounts offer different incentives. From the research I did before I started uni, some banks will throw in an Amazon Gift Card when you open your account (which may be useful for buying some things from your reading list!)
Of course it’s not compulsory to open a specific Student Account, but I would recommend looking into whether it would help you.
The free perks can actually be super handy throughout your time at uni and even beyond. Now it’s summer I’ve used my rail card a couple of times, for days out and to visit uni friends. It’s always nice to be saving money, especially as a student!
Student Bank Accounts also tend to come with interest free Overdrafts, with no charge for using it.
Although overdrafts can be quite useful, I would definitely say be careful with them! Just because you have a £1500 overdraft doesn’t mean you shouldn’t be careful about how much money you spend.
I treat my overdraft as a back up. It’s there in case there are any problems, a safety net if I’m coming towards the end of my Student Loan. It’s definitely put my mind at ease to know I have my overdraft in case of an emergency.
I hope you found this useful, and if you have any questions don’t hesitate to leave me a comment!
Next week I’ll focus on something a bit more fun, the famous Freshers Week.
Quote for the day: ‘Money, money, money.’ – Mr Krabs
Until next time!