Is it worth it to open a Santander current account just for my student finance?

So my parents are paying for my tuition fees and accomodation (I chip in a little to help as well) and I haven't got my student finance payment yet but I know I'm entitled to minimum cause of my parents income. I want to invest some of the finance I get so I want to put it into a new bank account (currently I have a NatWest student account for tuition fees and accomodation payments and a Monzo account for day to day spending). I'll be spending very little of my maintenance loan money (I'll probably be putting it into a savings account at some point) so I don't really need a student account.

I don't know much about bank accounts but this is fine, right?

Reply 1

martin7

Original post

by Serindepity

So my parents are paying for my tuition fees and accomodation (I chip in a little to help as well) and I haven't got my student finance payment yet but I know I'm entitled to minimum cause of my parents income. I want to invest some of the finance I get so I want to put it into a new bank account (currently I have a NatWest student account for tuition fees and accomodation payments and a Monzo account for day to day spending). I'll be spending very little of my maintenance loan money (I'll probably be putting it into a savings account at some point) so I don't really need a student account.
I don't know much about bank accounts but this is fine, right?

It's fine to have more than one current account; lots of people have more than one.

I would suggest that you not keep significant sums in a current account if you don't need to. (It hasn't really mattered for the last few years while interest rates were really low; but rates are a lot higher now and it's madness to have lots of money in a current account when you could be earning a sensible rate of interest on it.) There are a number of savings accounts available paying 4.5% or more; albeit not from the main high-street banks.

Have a look at the savings tables at MoneySavingExpert, This Is MONEY, Moneyfactscompare.co.uk for examples. If you have money you know you won't need for a year (or more) then look at fixed-term products. These have fixed rates of interest than won't drop during the term.