The Student Room Group

Student loan banking

I’m living from home and I want to know where I should store my student loan money. As it’s payed termly but I would be dividing it for monthly instalments so I can budget. But I don’t want it in my normal bank account as I will loose track of how much I have and I don’t want to put in my savings as I don’t want it confused with my actual saving money. Should I open another savings account or current account to store the remaining money?
Reply 1
Original post by Kiki_3
I’m living from home and I want to know where I should store my student loan money. As it’s payed termly but I would be dividing it for monthly instalments so I can budget. But I don’t want it in my normal bank account as I will loose track of how much I have and I don’t want to put in my savings as I don’t want it confused with my actual saving money. Should I open another savings account or current account to store the remaining money?

You could try one of the challenger banks like Monzo, they have a feature that lets you organise your money into pots for budgeting.
Reply 2
Original post by Namthorn
You could try one of the challenger banks like Monzo, they have a feature that lets you organise your money into pots for budgeting.


I don’t trust monzo 😭
Reply 3
Original post by Kiki_3
I don’t trust monzo 😭

Other banks are available, Starling I think has a similar feature. Alternatively to keep it all under the one roof, open a flexible saver with your current bank. You'll have easy access to the funds in case of a shortfall at the end of month or an emergency, and will get a small bit of interest on the side.
Original post by Kiki_3
I don’t trust monzo 😭

`Any reason? It's what I used during uni to budget and track spending and still with them now and never had a single issue with them 🙂
Reply 5
Original post by CCCU Official
`Any reason? It's what I used during uni to budget and track spending and still with them now and never had a single issue with them 🙂


Idk I just feel like there not a proper bank 😭
Original post by Kiki_3
Idk I just feel like there not a proper bank 😭

Fair enough! 🙂 They have the same protections as whatever a 'proper' bank is but everyone has a preference. Just find an account with pots/spending tracking and your be good to go. Or put what you don't need for that term in a savings account which you have to give a few days notice for (usually these give a higher %) to stop you just dipping into it 🙂
Reply 7
Original post by Kiki_3
I’m living from home and I want to know where I should store my student loan money. As it’s payed termly but I would be dividing it for monthly instalments so I can budget. But I don’t want it in my normal bank account as I will loose track of how much I have and I don’t want to put in my savings as I don’t want it confused with my actual saving money. Should I open another savings account or current account to store the remaining money?

I put mine into an easy saver linked with my current account and once a month "pay myself" otherwise id spend it all in 1 month
Reply 8
Original post by PonchoKid
I put mine into an easy saver linked with my current account and once a month "pay myself" otherwise id spend it all in 1 month


I alreayd have a savings account with my came bank that I have the current account, I just don’t wanna put the student loan in the savings cause it will get mixed together
Reply 9
Original post by Kiki_3
I alreayd have a savings account with my came bank that I have the current account, I just don’t wanna put the student loan in the savings cause it will get mixed together

You can set up lots of accounts. Think i have 4 in my name all linked together all for different things. Also look into student accounts with different banks as they often offer good deals.
Original post by Kiki_3
I alreayd have a savings account with my came bank that I have the current account, I just don’t wanna put the student loan in the savings cause it will get mixed together


Open another easy access savings account online with another institution and specify your exisiting current account as the 'linked' account. You will then be able to easily transfer funds between the two. For the best interest rates, check the following article:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Reply 11
Original post by normaw
Open another easy access savings account online with another institution and specify your exisiting current account as the 'linked' account. You will then be able to easily transfer funds between the two.

It's worth noting that in some cases transferring money from a savings account at one bank to a current account at a different bank won't happen instantly -- it could be later the same day, or even the next working day.

This is something to watch out for if you think you'll need to move money around at short notice.

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