When you go from school to university, it’s a very weird experience: you suddenly have to cook for yourself every night, pay your own bills and you are your own boss. No one will tell you that you’re up too late or not eating enough: it’s all up to you. But the hardest thing is money management, you can no longer spend all of your money on clothes and fancy meals, now you have to budget and save. With that being said, you need all the guidance and benefits you can get. So here are my personal tips on how to choose a student bank account wisely.
Student benefits and freebies (like discounts) are great, but don’t be blindsided by them! It’s very easy to look at the lure of 25% off your favourite restaurant and think it’s a great deal but bear in mind if every other deal is great. Do you have to pay a subscription for this? Is there a minimum amount to keep in the account? Just really be aware and look through all of the small print.
These are big and clever. Some offer amazing interest rates for 2 months and then rubbish ones for the next few years, while some have a more consistent ‘middling’ amount. This is the easiest way for you to get free money so why would you not be interested in it? In addition, bear in mind that you want your credit score to look nice and healthy, and that applies to all of these points!
This sounds odd, but remember that if you build up a good, long-standing relationship with a bank you can get extra benefits, like travel insurance. If you think you can also see a reason to stay with them when you’re an adult with mortgages and children then you really should consider if that’s a good idea for you personally.
We all love a family discount, so just on the off chance that you get better interest rates if all of your family are there, maybe consider those hidden deals too. But at the same time, make sure you pick a bank account for you because of what you need, not just because of what your mum needed 20 years ago.
If you want that little buffer cushion to tide you over until your next batch of student loan comes in then this is for you. Some banks gradually increase overdraft amounts for the longer you have the account, sometimes going up to as much as £1500. I’m not saying that you should use all of it, but that guarantee of safety can help you sleep that little bit easier at night. Make sure that it’s also interest-free if you don’t want to be stuck with an unexpected bill!
Search for what best suits your needs. If you don’t spend much, make sure you have great interest rates. If you like a level of safety, make sure you have a big, interest-free overdraft to feel secure.
You don’t want to give all of your money to someone who can’t even be bothered to talk to you and answer your questions. Make sure that they help you when you need it and that you can change banks or account types again if you want to.
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