Bank accounts for students

17/06/2007

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Congratulations! You've worked hard, you've got the grades you needed, and now you're off to a bright new future at college or university. Financially, however, the next few years are probably going to be pretty tight. You'll need to pay for accommodation, food, books, clothes and journeys home. You'll also need to have enough left over for your social life. All in all, a tall order!

But, to coin a phrase, don't panic! The earlier you start thinking about how you're going to manage your budget, the easier it will be. This guide is intended to help point you in the right direction and to give you some tips on how to make your money work as hard as you do.

Why do I need a bank account?

You'll need an account to pay in any money you receive from other people, your student grant cheque, parental contribution or student loan, for instance. You'll also need a cheque book to pay your rent and a card to draw money from a cash machine (known as an Automated Teller Machine, or 'ATM' for short) to pay for goods and services in shops.

What kind of things do I need to consider when opening a Student Bank Account?

Most major banks provide accounts that offer preferential terms. Some banks also offer incentives for students to take out accounts with them, such as music vouchers. To qualify for a student account you need to be engaged in a recognised course, lasting at least 12 months.

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