Student Banking – Choosing Your Bank

Introduction

When choosing a bank account there are many options to consider. All banks provide a similar basic service but it is important that you identify the bank that suits your needs by doing some research. Most bank accounts include facilities such as interest free, student,and,and on campus branches dedicated to student services. Most students will choose one of the big five banks such as Abbey National, Barclays, HSBC, Lloyds TSB and Natwest, however they all provide different options and different facilities. In order to try and attract students, these banks will provide incentives, for e.g. free gifts or cash credit. They do this because they realise that once they have acquired your custom, it is likely they will retain your loyalty for life. These incentives are intended to attract you to a particular bank but it is necessary for you to be aware that options such as good, low charges will benefit you more in the long term. The gifts should be seen only as a nice addition but not as the most important factor in choosing the bank itself.

Therefore, when choosing a bank, it is vital that you consider what features are important to you, and to help you the list provided below identifies some areas that you may want to consider.

What do I need to consider when I choose a Bank Account?

Interest Rates on Positive Bank Balances

Interest is paid by banks on any savings you hold periodically (depending on the account). These interest rates are represented in percentages. When opening an account to increase your savings, you should try to look for an account that offers higher interest rates. Usually these rates are low in, so you should look towards athat has higher interest rates. The only drawback to this is that there are sometimes restrictions on withdrawals and some rules of payments into the account. You can also have both a current and savings account open at the same time.

Overdraft and Loans

An interest free overdraft facility is offered by most student accounts. Simply, this means that no charges are incurred to any money that has been borrowed. The limit on the overdraft will vary from bank to bank, and usually they will offer up to �750 interest free in the first year of studies, increasing to around �1500 in the final year. In addition there is also some flexibility to increase the limit by prior agreement with the bank manager.

As well as the interest free overdraft limits, banks will also give a further amount depending on the bank’s discretion, though it is likely you will be charged a rate of interest for this. It is important to remember that if you do go over the agreed limits, you can be charged at a very high rate. Some banks can even charge this per transaction. The need to plan your finances and remain within the agreed rates is crucial.

Cards

• - This will fulfil most of your needs as a student. Its three main functions are as a cash card, a debit card and a cheque guarantee card. With it, you can take money directly out of cash points and also pay for goods and services via. The money will be generally taken out of your account on the same day or the following one. Anythat you write out will be guaranteed, up to the limit stated on the card.
• - These can be used to purchase products or services and pay for them at a later date (which is usually at the beginning or at the end of each month). You must pay a minimum amount of the balance outstanding within the time frame given (around 2 weeks), and if the full balance is not paid, you will be charged interest on the amount spent. Different credit cards have different maximum amounts and therefore limit how much you can spend each month. With each account, the rates offered and the maximum limit of the card also vary. You will need to research this before you select a credit card.

The Bank Manager

The Bank Manager orwill be your point of contact whenever you require help from the bank in order to manage your finances. You should ensure that you meet him/her before you open your account.

Number of Branches

Generally high street banks, will have a large number of branches and cash machines. Occasionally up to and in excess of 1500 branches and over 3000 cash points. Banks may also have branches on or near university campuses that will obviously make it a lot easier for you to manage your money and is therefore worthwhile considering. The downside of having a branch near you is that there is a temptation to increase the frequency of withdrawals, so be aware.

On-line and Telephone Banking

These additional services will make it much easier for you to manage your finances. Therefore, it will be of benefit to you if the bank offers these services. The advantages ofare that they offer preferential saving accounts compared to local branch accounts. On-line banking offers you the opportunity to pay bills, arrange transfers and check balances on the Internet. Telephone banking permits you to regulate your account with a human contact if you are not comfortable using the, and you can check balances, arrange transfers or get basic advice.

What happens after Graduation

The initial focus while choosing an account will be the services that are provided by the bank during your time in university. However, you must consider what will happen to the account after you graduate. As an example you should think about whether the bank will give you extra time to pay off anyor will they expect it back immediately after graduation. Ask the right questions before you are landed with a debt you cannot repay. A useful enquiry point will be the Graduate account that most banks now provide.

Additional Services and Facilities

The bank will offer additional services and facilities such as interest free foreign conversion,etc. Therefore it will be worthwhile for you to look into what benefits you can receive.

Questions you may want to ask:

Which cash-point /is the nearest to your campus What types of accounts are available and how do they tailor to your needs? Which of these accounts gives you the best deal for your requirements? What are the charges you have to pay if you accidentally go overdrawn without prior authorisation? Do they charge when cash points other than theirs are used? What are the opening hours? Which cash point is the nearest to you? Does the local branch provide a financial advice service? Does the account provide an Overdtraft?

After you have graduated and have started your first job, what services can they offer you?

Additional Information

In order to get detailed information about choosing your bank account and the services that specific banks offer, a trip to your local banks will be needed. Initially you need to read their leaflets and for further information you should arrange to see either the bank manager or the financial advisor.

As an alternative, you can also ask the advise of your family and friends for recommendations, Or click on the link below for HSBC for a further insight into their Student Bank Account package.

Aberystwyth University
Old College
King Street
Aberystwyth
Ceredigion
SY23 2AX
United Kingdom
Tel: 01970 623111

http://www.aber.ac.uk/en/

 Welcome to Aberystwyth University! Whether you are thinking of becoming a student here; seeking to develop business links with my colleagues; revisiting the place where you studied or worked; or simply interested in finding out more about our plans and achievements (and the wonderful town, countryside and coast which surround us), I’m delighted that you want to spend some time with us.

These are challenging times for Higher Education. In many ways, the rule book is being re-written, but there are important principles that are unchanged. The priorities for this University will remain the provision of excellent opportunities for learning and teaching, world leading student support, cutting edge research in a broad range of academic disciplines – and all in an environment which is second to none. My senior team and the wider community at Aberystwyth University will continue to focus relentlessly on the value we can add for our eminently employable graduates, our partner universities and businesses, our friends in the local community, the economy and the quality of life in Wales, the UK and the world.

It is a great pleasure and a privilege to have been invited to lead Aberystwyth University through this next and vitally important phase in its history. If you want to know more, my colleagues and I (including some of the key people listed below, who might be first points of contact for you) will be happy to help – please explore the website, give us a call, or come and see us. I invite you to consider how you can be part of our future, and to find out how we can help expand your horizons.

How to apply to Manchester University

Apply online

To apply for a course you will need to complete and submit our online application form. Follow the link below to begin the application process. You will find instructions and help throughout the form.

You can save and return to your application as many times as you like before submitting, but your application will expire after 28 days of inactivity. We will email you to remind you before this happens.

• Apply online

Before you apply

Make sure you have all your supporting documents scanned and ready to upload. Documents vary by course, so always check the academic department website for which specific documents are needed. Documents required usually include:

• Evidence of qualifications (certificates or transcripts) to show that you meet, or expect to meet the entry requirements;
• Evidence of English language ability, if English is not your first language;
• Two references – download our referee report form (PDF document, 50 KB);
• A research proposal (for research programmes only) – always check the department website for instructions and guidance as requirements vary;
• A copy of your passport (if you will need a visa to study here).

Check the academic department website for any additional documents you need to provide (for example, some courses may ask for a personal statement).

Apply as early as possible as our courses are popular – check the academic department website for any closing dates (or funding deadlines for research applicants).

If you cannot upload supporting documents with your application, you can submit your application online and email or post copies of your documents to the academic department as soon as they are available.

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