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Student Finance

After getting a place in Uni, one of the hardest aspects to figure out is how you are going to fund yourself through your course. This year, Graduates face an average debt of £26,000 so getting a grip of your finances is one of the most important both things to consider during and after your degree.

For help when planning how to fund your degree, the best website we can recommend is www.direct.gov.uk which gives you a comprehensive list of what bursaries and loans you are entitled to and when you have to start paying them back.

Remember to fill in any loan applications as early as possible, they take a while to clear and you don’t want to be living off beans for your first month of Uni because your loan hasn’t come in.

Also make sure you shop around before you commit to getting a student account because there are a lot of perks on offer from free rail cards to extended interest free overdrafts.

We’ve compiled a list of what you need to apply for a student account and the benefits that some banks are offering so make sure you take a look!

 

Student Accounts

Graduating with a serious amount of debt may be a terrifying thought, especially with the rise in tuition fees. But you can put your mind at ease knowing the student bank accounts have improved their offers and you should be able to find a good account to help you deal with managing your finances.

Make sure you take the following with you when you go to apply for a student account.

  • UCAS Letter – Take in the UCAS confirmation letter as soon as you receive it through the post.
  • ID – You need to take in a proof of identity: such as your passport, driving licence or birth certificate.
  • Proof of Address – Such as a statement or letter from the bank, a UCAS letter or a utility bill. A driving licence card would also do.

 

Overdrafts

The most beneficial aspect of a student account is the fact that you are set to a 0% interest which has no charge on borrowing. It simply means an interest free loan, as long as you stay within the limit set by your bank.

The charge for exceeding your overdraft limit depends on how much you go over by and how long you stay over, this charge will be different at different banks.

For the majority of students there would have a bank branch local to their university, if not on campus. Finding out if this is the case prior to setting up would be advised so you are not travelling great distances to keep on top of your finances. However many if not all banks now offer an online feature enabling you to keep on top of your finances from the comfort of your own home.

 

Comparing Student Accounts

Different banks have different offers to entice students to join them; some offer freebies while others offer a larger overdraft limit. Below is a breakdown of the top five banks and their offers (May 2013) to make it easier to make your choice.

 

 

Bank Overdraft       Freebies
Halifax Interest-free up to £3,000 Commission-free foreign currency and traveller’s cheques / 25% discount on AA breakdown cover
HSBC Interest-free up to £3,000 Free TalkMobile SIM card with £5 preloaded credit / two years worldwide travel insurance
Natwest Interest-free up to £1,750 Top up Pay As You Go mobile at Natwest cash points / Get emergency cash (up to £300) via a unique pin if your card has been lost or stolen / Free 3 year railcard if you’re an existing customer
Lloyds Interest-free up to £2,000 Free YHA membership for three years / 40 free music downloads / Free LAVA mini-speaker (subject to availability)
Santander Interest-free up to £2,000 Mobile insurance / Gadget insurance / Laptop insurance

 

Take a look on the Banks website to find out the most up-to-date Student account offers.