Student finance and interest on savings

sapphireeye

I'm going to uni in September 2010 and am applying for an NHS bursary as an independent student as I've been working full-time for almost four years now. I've completed my form however my dad has recently opened a savings account in my name and has now told me that he's expecting £100 of interest over the course of the year, which obviously I've not written on the form.

Do they really look at all the accounts you have? Surely £100 isn't going to have any effect on my entitlement as that's barely £8 a month, it's hardly going to make a substantial difference to how I can support myself at university and it's not my money. I imagine that other people have savings accounts in their name where family members have given them money but they can't access it?

I personally don't think it's an issue but he seems to be having a panic about it and keeps bringing it up! I'll be earning nothing next year, I imagine that savings interest is only an issue if you're going to be earning over the minimum income threshold of £25,000 which means that you'd be entitled to less money, but £100 is nowhere near that!

stephyt23

I wouldn't have thought it would be an issue. I had about £200 savings when I started uni last year which i've never declared on any forms as that's hardly enough to live on. I doubt they check anyway as you think how many thousands of applications they deal with that would take up far too much time

Lokolo

Put the money in ISAs and the interest doesn't have to be declared.

Win win.

dll

I wouldn't worry about it. The main thing they're looking for is general income, if it is means-tested. An extra £200 is nothing in the grand scheme of things. Just make sure you put it on the form next year (even though it probably won't affect how much you get)