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Simple student banking
As a student, the manner at which you bank can make it effortless to budget and even end up earning you extra cash. Here’s a look at the best way to work with what you have:
Don’t stick to your existing bank – Given how all leading street banks provide dedicated student accounts, it is worth looking around for other options. Choosing prudently can assist you in saving money with discounts and freebies, in case you overspend or pay less when borrowing for emergency purposes. Compare offers regularly, and change banks if need be, to take full advantage of deals on offer. Read more about how to get a payday loan with bad credit.
An overdraft beats freebies any day – Having an overdraft at play typically means that if you happen to overspend, the bank won’t impose any fees on you. Compared to some standard accounts, you will not pay to receive an overdraft if you have got a student account, nor will the money accumulate any interest. If you’re unlucky enough not family backing or savings, then a student overdraft means that you’ll have some money to fall back on. What’s more, compared to using freebies such as gift vouchers and railcards, you may end up saving more on interest and fees. If you stick to the terms, you stand a better chance of benefiting from an overdraft – always pay your overdraft on time and borrow your limit.
Have more than a single bank account – These accounts come with a decent number of extras such that you can have a single account at a time. However, this doesn’t imply you cannot have more than one bank account. You can have one account holding your student wages and loan, then opt to transfer that cash to a different account used to pay bills and direct debits. Another bank can hold your savings if it provides better cash bonuses or interest rates. So long as you’ve met account conditions, you are free to mix-and-match.
Stockpile cash with lazy savings – This is a pretty easy method for saving for emergencies, holidays or anything else you may or may not need money for in the foreseeable future since your savings or bank app will automatically do everything. Featuring save-the-change, round-up or auto-saving function, when you pay using your debit card, the sum will be rounded up to the nearest pound and the extra pennies deposited into a side or savings account. Quite a number of independent apps and digital banks now provide auto-savings functionalities that work with existing accounts securely.
Utilize credit cards wisely – If you’re considering about taking credit to spend over what you already have should only be triggered when that’s the cheapest way to borrow. Just like student overdrafts, with 0% credit cards, you won’t pay any interest on the total amount of cash borrowed. If you want to benefit from credit cards, stick to the established conditions. The credit will cost more if you begin paying penalty charges, fees or interest.
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