Moving away, making friends, managing your money: there’s so much to think about as a new student.
Whilst taking control of your cash is a bonus, it can be daunting, especially if you’re planning to fit part-time work in with full-time studying. We’ve got all the info you need on student bank accounts and we’ll show you how to take advantage of your financial freedom – one step at a time.
Finding ‘the one’
Around a fifth* of students meet the love of their life at university, meaning you may find yourself graduating with both a degree and a special someone.
And a romantic connection is not the only meaningful relationship you might make as a fresher: stats suggest that most people stick with one main bank throughout their life. This is why banks want to woo you as a student, knowing you are likely to become a long-term customer with substantial saving power (graduates typically earn a higher average salary than non-graduates). Choosing the right account matters, so taking your time to consider all the options now will save you money and peace of mind later.
*One Day University Love League Survey
Opening an account
There’s a lot to sort out before heading to university, so it’s a good idea to prioritise your finances. After all, you don’t want to spend Freshers Week worrying about what’s in your wallet.
Although you won’t be able to open your account until you have confirmation of your place, it pays to do your research in advance. Start shopping around for your student bank account as soon as you accept an offer, taking your time to weigh up the pros and cons of each. Consider all the options available – the fees and charges, the overdraft, the opening incentive(s) – and make an informed decision based on what’s right for you. Then, when you have your exam results, get straight on to setting it up. You can usually begin the application process online, but you’ll probably need to take your documentation (original copies, not photocopies) into a branch in person.