According to the analysis, students looking for a bank account may be offered less money initially this year.
Defaqto financial reporting experts have found that cash incentives have been a big draw to students over the years and previously amounted to around Â£ 100. any kind of money.
The highest amount among the providers reviewed is Â£ 80 cashback from HSBC UK.
NatWest and RBS are offering Â£ 50 upfront cash this year and several banks are offering cash back rewards to select retailers when students shop there, Defaqto said.
He added that the TSB student account offers 5% on balances up to Â£ 500 while the Halifax student account offers 0.1% interest.
Student accounts also tend to offer interest-free overdrafts. The amount offered is sometimes staggered to increase over the life of the account.
Katie Brain, Banking Expert at Defaqto, said: âBanks know that graduates are likely to be good customers, potentially earning higher salaries after college, and that’s why student banking incentives are so. generous.
âManaging money when you first leave home can be intimidating, and having a bank account that is suitable for the student is important.
âFor anyone about to sign up, think about how you can access your account and weigh the benefits versus the fees you’re likely to be charged. University life can be expensive, and it’s important to get the most out of every book you have. “
While managing money can be intimidating, Thomas Allder, Client Director at Vanquis knows that simple preparation can ensure students feel more in control.
He shares his top six tips to help keep students on track this year.
Take the time to get to know your finances
Often, students haven’t had to think through their finances in detail before heading to college. Recognize that this is no longer the case and try to familiarize yourself with your bank account.
Knowledge really is power when it comes to money management, so make it your job to understand all incoming payments and outgoing direct debits.
Budget for the term – and stick to it
When that first student loan falls into your bank account it can be tempting to spend like there’s no tomorrow, however, it’s crucial that you allow yourself a weekly budget so you don’t find yourself running out of money. ‘a month or two.
Your budget should factor in your loan and any savings or income you have available, minus your tuition, rent, cell phone bills, and any other essential day-to-day expenses.
The remaining amount should be enough to pay for your food, transportation, and entertainment for the remainder of the term. You can do this easily by creating a section in your Notes app on your phone, or even by creating a spreadsheet that you update regularly.
Take advantage of student discounts
One of the main benefits of being a student is that many brands offer generous discounts on things like clothing, food and drink, technology, banking, and more. Search online for âstudent discountsâ and find out what offers are available before paying full price.
The same rules apply for anything off-peak – with offers available at gyms, restaurants, and when traveling by bus or train at quieter times.
Meaning check your subscriptions
Data shows that most Britons pay three or more subscriptions per month. If you fall into this category, ask yourself if they are all really vital or if you can save yourself a few pounds by decreasing the scale.
Big brands like Netflix and Spotify often offer group subscriptions, so it can be interesting to see if you can match up with new friends or roommates.
Adopt whatever is second-hand
An increasingly popular method of saving money without missing out on fashion, technology, and even much-needed textbooks is by shopping for second-hand items. Not only can you feel good on your budget, but you also have the added benefit of reducing your carbon footprint.
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Start building your credit score
Many first-time students have limited credit histories. Now is the time to figure out what you can do to build this. Download an app from one of the approved credit reference agencies (such as ClearScore or Experian) to help you track your financial activity and get suggestions on how to build your credit score.
If you want to review a credit card because you’re running out of money or can’t access money in a bank account, make sure you understand how they work and pay off the balance in full each month for avoid fees.
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