3) Don’t limit yourself to one account!
Only open one student account – but there’s lots of accounts out there that may be beneficial for you to use alongside. Online and app-based banks help you to keep track of your money and train great spending habits. If you’re studying abroad then some accounts allow you to use your card with no fee in certain countries.
It can be very useful to have, and use, more than one account – this allows you to separate your ‘need’ spends (monthly bills, food and toiletries), with your ‘wants’ spends such as socialising and takeaways.
Have your loan go into one bank account. Work out how much your monthly bills will be and at the beginning of the month, transfer this amount into a second account. These could be bills for your internet, phone or accommodation. Place a Standing Order on that account – so these bills are paid off as and when they’re needed. You now have the money you can pay for food, travel and socialising in the original account.
Which account is best for you? Find some great advice here:
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