Top Tips for Choosing the Best Bank Account for Students

BOOK AN OPEN EVENT REGISTER YOUR INTEREST

How do you choose the best student current account?

As the cost of living increases it is vital to have a bank account suited to your needs as a student. In this article we will look at the different back accounts offered and give you a top tips guide on how to budget and save money as a student living in Newcastle. The best bank account will depend on what features are most important to you as a student.

TIP 1 – Check the overdraft allowance

Most of the time student accounts come with a 0% interest overdraft on balances between £1,000 and £2,000 but it is best to check to ensure you aren’t being charged for being overdrawn. Look beyond what is advertised, to ensure this is the best account for you.

TIP 2 – Look Out for Fringe Benefits

Look for fringe benefits; many bank accounts come with added discount railcards or gadget insurance so make sure you chose the account that helps you save the most money.

TIP 3 – Are There Extra Charges?

Read into extra charges to ensure you will not be charge anything when using your account and read customer ratings as these will indicate other students’ experiences whilst using the account.

TIP 4 - Think Beyond the Freebies

Whilst getting something free up front is great, be smart, you are in this for the long run. Make sure that your account is right for you and research the long-term benefits alongside the initial advantages.

TIP 5 - Be Streetwise, Not Loyal

Only stick with your current bank If it’s the best deal for you, don’t be afraid to swap bank accounts if you need. Feel free to go into your bank and other banks to chat to advisers about their student accounts.

Shop around to find what is best for you.

TIP 6 – Be Careful With Your Credit Score

Pay all bills on time, this saves you from experiencing additional unexpected charges. Try to use your overdraft as little as possible to avoid any extra costs.

Loyalty Cards

Do you like to get that weekly coffee treat? Do you pop to the express supermarkets when you don’t have time for a big shop?

All these things can add up to extra expenses, our advice is to look into the benefits offered by loyalty cards for anything you do regularly. Coffee shops have points you can collect to get free drinks; book shops have stamps for discounts. Supermarkets have cards which you can sign up to get lower costs or coupons with.

If you do some research, there will be lists of the best ones online and remember to always ask what discounts are available wherever you go.

Memberships & Subscriptions

On the topic of saving, one big annual cost tends to be your gym membership or streaming service subscriptions. Going to the gym can help de-stress, fitness classes are a great way to meet new people, and music can help you study, however, it costs money!

When signing up for any contractual payments, it is important to consider the best deal.

Of course, make use of student deals, but don’t forget the likes of free-trials, reduced fees for new accounts, or even family plans shared with your housemates.

Watch out for subscription services which auto-renew by putting a reminder in your calendar and be cautious that some fixed-term subscriptions charge a penalty if you try to leave early.

Discounts & Deals

Saving money is all about being savvy with your spending.

Many students don’t realise all the options available to save money so always check where in your annual costs or weekly spends you can save. Unidays always has student discount on thousands of companies, coupons can reduce grocery costs and gym memberships will have deals for students.

Want to learn more finance management skills?

We’ve partnered with Blackbullion, a wellbeing platform for all students to help improve their money confidence, as well as providing financial knowledge and skills that should last a lifetime.

Once you are enrolled with us, you will have free access to information on over 80 personal ﬁnance topics and have opportunity to use key tools, including a budget calculator and a student loan repayment estimator.