Students urged to choose a flexible bank account

20 August 2012 17:09:59

Many students now do their banking via their phone.

If you're heading off to university this September, it's definitely time to start researching bank accounts now, if you haven't already done so. Most banks offer current accounts that are specifically designed to cater for university students and the services and perks vary from account to account. It's worth taking the time to compare bank accounts and ensure the one you choose will help you to manage your finances throughout your university life.

Majority of students struggle with money
With 40% of full-time students struggling to manage their finances and a further 16% not having enough money in their bank account to get them through the month, the right product could clearly make all the difference. Research by Lloyds TSB suggests that the number of university students who struggle on a monthly basis has not improved since last year, with the average student living on an annual income of just £7,000.

Careful budgeting is essential
Just 16% of students believe they will leave university with no debts, while three-fifths anticipate owing more than £10,000 by the time they graduate. The key to keeping this figure down is undoubtedly careful financial management, with students advised to keep a close eye on their outgoings and to always be aware of how much money they have in their student bank account.

Find an account with phone or mobile banking
The easiest way to keep a close eye on your finances is to ensure your bank account lets you access your data in a way that suits your lifestyle, be this via the internet, telephone or mobile phone. According to Lloyds TSB's research, 81% of students now do their banking using one of these methods, compared with just 39% who rely on their monthly bank statements.

Jatin Patel, director of current accounts at Lloyds TSB, advised: "With the introduction of higher tuition fees from next month it is perhaps more important than ever for students to stay in control of their finances. With such busy schedules, an account which allows students to bank whilst on the go will likely be high on their list of priorities heading into the new academic year."

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