Before heading to university for the first time, one of the key things to organise after confirming your place and your student accommodation (with Host of course) is a student bank account. To aid you, we’ve done some snooping online to find the best student bank accounts – so you don’t have to!
Put simply it’s a regular bank account made for those in higher education. You can pay money in and out, while benefitting from an interest-free overdraft.
Typically, the condition of receiving the perks of a student account is that you arrange for your student loan to be paid into that account.
To set up a student bank account you will need your normal essentials, such as proof of address and identity. These can be in the form of a current UK driving license, passport or birth certificate. Your UCAS code or confirmation letter from the university will also be required. If you were given a conditional offer from the university, then you may need to show your A-level results. As soon as you’ve got these you can open an account, allowing you extra time to benefit before the term starts.
Similarly to opening any form of bank account, it is really important to check the terms and conditions especially of any overdrafts. Check if the overdraft is ‘guaranteed’ or ‘up to’ – up to means you’ll probably only get the maximum overdraft if you have a good credit record.
Banks may allow you to increase your overdraft limit over the course of your studies, but remember that having a large overdraft that is interest-free doesn’t mean you should use it. Your top aim should be to budget and live within your means and use your overdraft for a rainy day or for worst case scenarios. You will have to pay it back once you are finish with your studies, or pay interest until it is fully paid off.
You can have more than one current account or saving account, although with student accounts, it is unlikely you’ll be granted more than one. The terms of student accounts are typically that your student loan will be paid in to them. As you will only be receiving one loan, you can’t open multiple accounts. Banks regularly check to see that this is happening, so be careful before trying.
Well according to those helpful people at MoneySavingExpert.com, these are the top student accounts:
The highest 0% overdraft after the first term.
A guaranteed 0% overdraft each year.
A 0% overdraft plus £100 cash.
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Want to compare bank accounts or gain a second opinion from MonseySavingExpert? Then check out Compare the Market’s guide to student bank accounts.
All-inclusive student accommodation is a popular choice for students regardless of their year of study. You will get peace of mind knowing there wont be any nasty shocks or bills posted through your door. Simply ensure you pay your rent on time and make the most of your time as a student. PBSA accommodation can also offer great social spaces for residents free of charge, such as gyms, cinemas, study spaces and laundry facilities.
Student accommodation providers vary and what they offer can differ. Read our tips on finding the right student accommodation for you.
Host offer hassle-free, all-inclusive living and provide students with a welcoming, reassuring and stress-free experience at university or college.
We provide award-winning services our students have become accustomed to. And our management and staff always strive to exceed the exceptional quality accommodation and service we offer; building on the good reputation we’ve earned over the past 25+ years.
Look inside any of our properties and you’ll discover a comfortable, stylish and safe place to live. Somewhere welcoming and supportive. Happy and relaxed. A place to make the most of being a student. A home.
To become more ‘environmentally friendly’, Host is launching the #HostEnvironmentalPledge campaign to encourage responsible behaviour and drive sustainability across our sites throughout the UK and Ireland.
It’s a simple campaign! For every percent we reduce our overall utilities (electric, water and gas) consumption by we donate to one of our nominated charities.
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Graduate schemes are a fantastic way to boost your career prospects and personal development after university. Discover how to apply to a graduate scheme here.
Being a student can be a little expensive, especially when some find that their maintenance loans don't cover the basics and due to the cost of living crisis. So, be sure to make the most of your student discount while you can. We have been busy finding the best student discounts this Freshers for you. Take a look at some of the best discounts we believe you need to know about right now.
