Saving on Student Bank Accounts
If you are swimming in the midst of your university or post university education, you are in a sweet spot for acquiring a bank account with no fees, few strings attached, and plenty of rewards and student oriented perks targeted just to you. Because students often find themselves in one of the stickiest financial situations around due to the bottomless pits of educational loans, debt, tuition costs, and their position of not being able to be in the work force because of being hampered by class schedules and dedicated time with textbooks, a fee free bank account is practically a necessity for the savvy student.
The last thing that a young person at university needs is to be faced with hundreds of pounds in overdraft charges because the tuition came out of the account before the scholarship money went in, or to be responsible for maintaining a minimum balance in their wavering bank account or else risk paying a monthly fee. Instead, it is most important for university age students, and students of all ages, to get into the practice of saving as much as possible, so that they can focus on their studies, and transition easily into the working world once they have graduated. If you find yourself short prior to banking any savings, you may wish to consider help from a payday loan to help in the short term until you are in a position to save.
A stress free and fee free bank account that is both reliable and rewarding is essential for the financially savvy student. Some of the best deals for student checking and savings accounts involve perks and rewards for those who use their associated debit or credit cards to pay for tuition, books, or other college related expenses. Many accounts offer waived monthly and/or daily fees for owners who can prove their student status, and many credit card offers for students that are associated with these accounts will kindly put off any owed interest payments until the student has graduated from his or her schooling program.
Where to Go for Student Checking and Savings
A couple of the best banking institutions that you will find with services geared directly to helping students save and earn rewards are Halifax and HSBC. These banks both offer certain amounts of loan money at no interest to students who are using the funding from educational expenses, which is a fantastic provision for those who normally could not afford the rising costs of tuition and textbooks.
Talk to your local branch of Halifax Bank to query about fee free student savings or checking accounts which actually reward you for both using your account and keeping your money in your account. Additionally, Halifax offers interest free overdraft for the entire term of your school course as well as an extra year after you graduate, for up to five years. This is a great preventative perk for the student who perhaps doesn't watch his finances and transactions as closely as he or she ought to and is prone to over charging on his bank account because of that.
HSBC, on the other hand, offers a whopping £500 in overdraft protection for students, as well as student exclusives like discounts on educational items and school gear. It's tough to overdraft on an account like the HSBC student checking account which has so many walls and provisions set up to prevent that very thing from happening. As an additional plus, it is easy for students who already have a checking or savings account at another institution to switch painlessly and easily to HSBC with their simple switching service. So whether you are just beginning your university career or are in your last year of your course before you graduate, you will be able to save more and worry less when it comes to your money.