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Help with finance. Do I need student bank account?

Hi so basically I’ve deferred my year at Uni to start this year 2022. And I’m about to start my student finance application. I’m wondering whether I should create a student bank account and send my student loans to there. Or if I should send it to my current bank account. At the moment I’m with nationwide. So am I able to change my current account to a student account? Or do I have a student account as well as a current account? And am I able to have a student account with another bank?
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Avatar for Schotel
Schotel
21
Only be bothered with a student bank if you think you’ll go into debt at some point, there’s no other real bonuses.
Original post by YellowTomatoes
Hi so basically I’ve deferred my year at Uni to start this year 2022. And I’m about to start my student finance application. I’m wondering whether I should create a student bank account and send my student loans to there. Or if I should send it to my current bank account. At the moment I’m with nationwide. So am I able to change my current account to a student account? Or do I have a student account as well as a current account? And am I able to have a student account with another bank?


Do you need one? No - however, there are benefits to having one beyond the usual 0% overdraft such as a free railcard if you go with Santander

You can have bank accounts with other banks too and if you want to change your current Nationwide one just contact customer service and they'll sort it out.
Reply 3
Avatar for martin7
martin7
20
Original post by YellowTomatoes
Hi so basically I’ve deferred my year at Uni to start this year 2022. And I’m about to start my student finance application. I’m wondering whether I should create a student bank account and send my student loans to there. Or if I should send it to my current bank account. At the moment I’m with nationwide. So am I able to change my current account to a student account? Or do I have a student account as well as a current account? And am I able to have a student account with another bank?

First, you may find that you can't open a student current account until much closer to your starting date -- so it's probably best leaving this until late August/early September.

For your student finance application, give the sort code and account number of your existing account. You can always change this once you've opened a student account (if you choose to do so).

You can either open a student account with your existing bank (in which case they might require you to change your existing account to be a student account, rather than letting you open a second account); or you can keep your existing account and open a student account with a different bank.

The primary advantage of a student account is that they typically come with a significant interest-free overdraft facility. You don't have to use it unless you want (or need) to, but it can be handy to have. Sometimes there are other perks available too.

Be aware that if you do open a student account, the bank will normally expect your income (including your student loan) to be paid into that account.

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