University study is still the main approach to a wide range of careers. Without an undergraduate degree, the post graduate education and training programmes – which open the door to the most professions – are simply out of reach. Now more than ever university study presents at least two main challenges. The primary testing ground of rigorous academic study and examination has always been a part of the university experience, but finding the funding necessary to support life during a university career has become more difficult in recent years, as the cost of both tuition and living has risen, while the wages supplied by accessible part time jobs have not kept pace. As a student in these challenging times, it is essential to find the best UK student accounts as a way of saving money. Here we take a brief look at primary features of the UK student accounts offered by Santander, one of the biggest high street banks in Britain.
The Santander student current account has the immediate attraction of a free £50 incentive for signing up, but while this bonus is welcome, it is by no means the most important feature of this product. Taking a longer term view, the 0% overdraft facility is a much more important feature, as most students need credit at some point during their university career, while many will need to make frequent use of this free borrowing facility. Starting at £250, a £500 deposit each term will increase the overdraft to at least £1000, and possibly more depending on your circumstances. Having the back up of a free overdraft facility is probably the number one way for hard pressed students to save money, by making it easier to avoid more expensive forms of credit such as credit cards.
Online and mobile banking facilities can also save time, and possibly money on transport, by largely removing the need to physically visit a branch. Another handy feature is the free text message and e-mail alert service, which can provide a warning when the overdraft limit is approaching, and regular bills are about to come out of the account. This can allow the necessary steps to be taken to avoid going into the territory of the unauthorised overdraft, and the interest and charges that follow.
Post graduate students can also take advantage of a specially designed account with the same features, and an interest free overdraft of up to £1,800 available, depending on your circumstances.
As an international student, an overdraft facility is not offered, which makes it impossible to spend money that you don’t have. The other useful features of online and mobile banking, and text and e-mail alerts are available with the international student account.
For more information on managing money and debt during your university career, try looking here: http://www.direct.gov.uk/en/