Student Savings Account
A student savings account is a savings account designed specifically for students.
It's important to learn how to manage your finances now your at University, and a student savings account should help.
Below is some advice on how and why you should get, manage, and use your student savings account.
The majority of your income when you are at University will be erratic. For example, you might earn money over the holidays or receive student loans quarterly , so a student savings account can help you earn interest when you have the money, and give you access to your cash when times are hard.
Some student savings accounts also come with a range of discounts/special offers. These offers can be anything, such as a free memory stick, laptop bag or a free 5 year railcard (usually costs around £100, and gets you a third off rail fares!)
Many students will use their student savings account to contain larger lump sums such as their student loan. This would be the right way to go, just make sure you budget and don't spend all of your money as soon as it becomes available! Remember that you've got to pay all the money back at the end of your course!
Student savings account interest rates are notoriously poor. Any rewards, discounts or bonuses will be a bit irrelevant if your interest rate is 0.05%. It's important to get the most out of your money at University when you wont have a large regular income.
Many student savings accounts offer instant access to your savings, making it as easy as possible. Try to get a student savings account that you can access through the Internet, as it makes it incredibly easy to view your balance and transaction, and swap money if needed.
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