Student Accounts – Helping Students Manage Their Own Finances
One of the biggest responsibilities associated with going off to university has to do with finance management – particularly if a student plans to live away from home. And, while many first and second-year university students might live in university housing – which usually means their yearly rent is sorted before their term begins – these students often have to deal with other costs on their own, such as food shopping, books, study supplies and, of course, trips to the pub.
Older university students, however, will often have to manage their own rent, bills, utility costs, and other expenses. So it’s important for students to get a handle on finances and finance management early on in their university careers.
One of the best ways to introduce a student into the world of finance management is to have them open their own bank account. A lot of responsibility comes with a bank account, as does a great deal of financial freedom. For instance, students can gain practice in keeping track of their finances – which is an important skill to have. They’ll also experience the conveniences of banking – for instance, through 24-hour cash machine withdrawals – as well as rewards for saving money – such as through accrued interest on certain types of accounts.
Moreover, if they happen to have an overdraft on an account, they’ll quickly learn the consequences of overspending – such as through deducted interest. Simply put, a bank account is a great way for students to learn about managing their own finances.
Most banks today offer special accounts designed for students. Some might be geared for students already in university, while others are designed for students preparing to go to university. There are even accounts out there dedicated to graduate students, as there are for students under a certain age.
Each type of account caters to a specific type of student, usually offering special discounts, benefits, overdrafts and more. And student accounts usually offer special interest rates, if any at all. So, no matter what year a student is in at university, or how old they are, they can take advantage of a range of benefits that come with student accounts.
Whether you’re a student yourself, or a parent with a student, consider a student account – it’s one of the smarter moves you or your student can make with regard to gaining financial responsibility.