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Student Bank Account - or not?
TheGardener
Posts: 3,303 Forumite
Having saved hard (all of us) youngest is off to Uni in the autumn. Youngest is not keen on having the temptation or responsibility of the large overdrafts available with Student accounts and with careful budgeting of maintenance loan and savings plus continuing with weekend job, we think we can avoid using OD facilities for 3 years.
Is there a logical reason why youngest should get a student account that we are missing? (granny bought a railcard as a Christmas present so has no need of the Santander freebie)
Is there a logical reason why youngest should get a student account that we are missing? (granny bought a railcard as a Christmas present so has no need of the Santander freebie)
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Comments
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According to their website Lloyds only offers £500 for the first year.
There is no need to use the facility if granted but could be a lifesaver in an emergency.0 -
The OD is interest & fee free for x amount - having it but not using it could be vital if an emergency crops up over the 3yrs.
Why not use the student account as a holding account for any student finance - funding your son's regular account weekly/monthly with a standing order like a wage. It helps to teach them to budget but keeps the lump sums away from day to day funds.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
You don't have to be the best -
Just be better than you were yesterday.0 -
If your youngest's financial position doesn't mean they will need the overdraft another option would be to stooze off it by putting it into one of the top savings accounts and earning some interest on it0
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The OD is interest & fee free for x amount - having it but not using it could be vital if an emergency crops up over the 3yrs.
Why not use the student account as a holding account for any student finance - funding your son's regular account weekly/monthly with a standing order like a wage. It helps to teach them to budget but keeps the lump sums away from day to day funds.
Yes - they thought they might do this - make a weekly DD into their basic (no OD facility) account and take some baby steps to budgeting weekly with a view to moving to monthly payments next year. Although youngest isn't silly with money and isn't bad at budgeting - the temptations of heading to the hole in the wall halfway though a student night on the town is one they are not completely sure they might resist :rotfl:0
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