Your Finances
Student Banking - Opening An Account
Introduction
Why do you need a bank account?
If you are living away from home, you will have various rent and utility bills to pay. The companies to whom you will pay these bills will require the payments to be made in the form of a cheque, bankers draft or via electronic means such as a or . You can sometimes receive special discounts for payments made via direct debit due to the company facing reduced administration costs.
Regardless of your accommodation status, you will find that cash is not always a suitable form of payment. It is quite likely that you will travel to your University by public transport or by car. Purchasing annual tickets for public transport can be expensive and a cheque or is the safest method to pay for such an item. Cars can become an added expense, whether it be petrol, insurance or even the purchase of the car itself.
The benefits of a bank account
- The safest place to keep your money with 24 hour access to it when required
- Enables the payment of large sums of money without having to carry cash
- enable you to manage your money more effectively
- Enables you to build up a credit history, so that applying for loans, etc. is easier in the future
Additional Information