Student Bank Account for University

Hi,

so hopefully I'll be attending university this year and can someone explain to me what a student account is. I've got a few questions regarding it so can someone please help me understand it.
• Is the Student Bank account used to pay for accommodation?
• How much money can you take out from your student account and when does it have to be repaid back (Such as do you repay once you've finished uni and got a job like Student Finance/)
• Once you make a Student Bank Account how soon can you withdraw money?
•Whats the difference between a Student Account and Student Finance apart from the fact that Student finance pays your university fee

Thanks

Reply 1

Klix88

17

A student bank account is a bank account specifically for students. It operates in pretty much the same way.

Original post by CosmicAero

• Is the Student Bank account used to pay for accommodation?

A student bank account doesn't give you money. You put your money into it - including your Student Finance - and then use your money to pay your bills, including your rent. Your student bank account might come with a free overdraft, which is effectively a small loan (a very small loan, compared to Student Finance).
*

• How much money can you take out from your student account and when does it have to be repaid back (Such as do you repay once you've finished uni and got a job like Student Finance/)

You can take out as much as you put in. If you use your overdraft, you will usually be expected to start repaying it as soon as your course ends and you are no longer a student. It is not like a Student Finance loan and you will be expected to make repayments whether you can afford them or not.*

• Once you make a Student Bank Account how soon can you withdraw money?

As soon as you put money into it, or as soon as your bank confirms that your overdraft is available.*

•Whats the difference between a Student Account and Student Finance apart from the fact that Student finance pays your university fee

They are two completely different things. Student Finance loan you money. A student bank account is somewhere for you to keep that money and it may come with an overdraft facility.

Reply 2

PugDevil

14

Original post by CosmicAero

Hi,

so hopefully I'll be attending university this year and can someone explain to me what a student account is. I've got a few questions regarding it so can someone please help me understand it.
• Is the Student Bank account used to pay for accommodation?
• How much money can you take out from your student account and when does it have to be repaid back (Such as do you repay once you've finished uni and got a job like Student Finance/)
• Once you make a Student Bank Account how soon can you withdraw money?
•Whats the difference between a Student Account and Student Finance apart from the fact that Student finance pays your university fee

Thanks

I'm not sure if it will answer all of your questions, but we have an article on here with this years offers for student bank accounts if you wanted to look through it? You can access it through here. Apologies if it wasn't exactly what you were looking for!

Reply 3

Lauren7Darwin

This is a really good website that offers comparisons on student accounts that should help when deciding what you want - different banks offer different incentives for students :smile:

I'm using it atm to decide. Its all pretty simple as well so makes it easier to understand.

http://www.savethestudent.org/money/student-banking/student-bank-accounts.html

Student Bank Account for University

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