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    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
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    (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

    You can use any bank account to receive student finance and pay for your accommodation so long as it accepts BACS payments, which pretty much all accounts do.That depends on how much money YOU have in the account and how much your overdraft is. And overdraft is an amount of money you are allowed to go over in debt of your account. Student overdrafts are fee and interest free and you don't have to pay them back until after you graduate (how soon varies on bank) so long as you don't go over the set amount.

    For example say you have £1000 and an overdraft of £500, this means you can take up to £1500 out of the account. Once £1500 is taken out your balance will read as -£500. If you then put £500 back in your balance will read as £0 but with an available balance of £500 (as you can go back into your overdraft). How soon you can withdraw money varies per bank and if you already had an account with them. But generally you can take money out immediately after setting it up so long as there is some money in there or your overdraft is activated. Though note some banks require you to deposit money into the account before the overdraft will be activated.

    A student account is just a bank account aimed towards students, lots of different banks have them (HSBC, Lloyds, Halifax etc). They all have slightly different perks and regulations. So find out which one is best for you.

    Student finance is a company that loans you money, they are completely separate from the banks.
 
 
 
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