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Student bank account

Is it worth getting one?

I’m due to start uni in September and none of my family have ever been to university so I literally have no clue about things like this

Reply 1

University of Salford Student Rep

Official Rep

Original post by skent6

Is it worth getting one?

I’m due to start uni in September and none of my family have ever been to university so I literally have no clue about things like this

Hi @skent6

I opted for the Santander 123 Student Account. As a commuting student opening the account gave me a free 4-year Santander 16-25 Railcard to save 1/3 on rail travel in Great Britain - which lowered my outgoings for travel to and from campus. :train2:

Clare
Student Ambassador

Reply 2

Hellllpppp

The incentives seem pretty good, hsbc gives you £80 + £20 vouchers and Santander has a railcard. Most, if not all, have an interest free overdraft which is the best part, it means you don’t have to worry about money running out between SFE payments. Personally my parents gave my brother money upfront and are happy to pay for him over the summer so the larger 3rd loan payment can cover him for the shorter summer term and clear the overdraft he ended up with in March.

Reply 3

Hellllpppp

Original post by University of Salford Student Rep

Clare
Student Ambassador

A little off topic but how do you use your railcard, I have one but have only ever used it on return tickets. Can you use it for season tickets? I’m starting a new job next week and I’m wondering how to travel there for as little money as possible.

Reply 4

martin7

Original post by Hellllpppp

See https://www.nationalrail.co.uk/times_fares/season-tickets.aspx :

"Most Railcard discounts are not available on Season Tickets as these tickets are already heavily discounted. There are exceptions, such as the Jobcentre Plus Travel Discount Card. See 'Concessionary Travel on National Rail' page for details."

Reply 5

skent6

Original post by University of Salford Student Rep

Clare
Student Ambassador

But is it worth opening a new bank account when the railcard is £30 a year?

Reply 6

Hellllpppp

Original post by skent6

But is it worth opening a new bank account when the railcard is £30 a year?

It’s a 4 year one which is probably worth around £100 as you can get a 3 year one for £70. No point going for it if you won’t be using trains much tho as it only saves you a 1/3 and there’s minimum fare at peak times during term time. I’m going for the HSBC account as I already have a railcard but you could use the £80 you get to buy a 1 or 3 year one if you really want one.

Reply 7

cactussalad

its definitely worth it because of the overdraft

other accounts charge a lot of interest and may not give you one because if you are 18 you have a very limited credit history. even if you don't think you will need it, having an overdraft that you manage well will build up your credit score, making life after uni easier. also student finance really isn't much once you start living on it so having a safety net is really important.

the freebies don't make the account - they are there because banks know not many people switch and they want to attract young people who are likely to be with them for a long time.

Reply 8

University of Derby

Original post by skent6

Is it worth getting one?

I’m due to start uni in September and none of my family have ever been to university so I literally have no clue about things like this

Hi there,

Good question. It's great that you're thinking proactively about things like this.

There are some rewards and benefits that go with opening ones depending on which you go for, as many have discussed below. There are also some benefits in terms of keeping yourself organised. Some people like to have a separate bank account which their student loan gets paid into and they pay bills from. It all depends on how you like to organise yourself.

It is worth noting, however, that it is not usually essential to have one. It's all down to personal preference.

Hope this helps,
James - Student rep
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