Financial tips for university bound students
As thousands of students collect their A-level results and decide where to continue their studies, HSBC offers the following financial tips for students heading to university this autumn:
Student Account: there are lots of accounts to choose from so make sure it meets your own needs. If you are looking for an interest-free overdraft, the HSBC Student Bank Account offers up to £3,000, subject to status and account conduct. Applicants must be 18 or over. Guaranteed at least £500 overdraft at account opening. No overdraft arrangement fees.
Mobile banking: if you want to check your finances on the go make sure your account has the right technology. The HSBC Fast Balance app allows you to view your balance, last 6 transactions & top up your mobile. You can also choose to receive text alerts if your balance falls below or above a specified limit.
Budget: it's not just accommodation and tuition costs to take care off, you also have to factor in bills, travel fares and leisure activities. To help make sure you don't overspend, HSBC offers online budgeting tools to enable you to manage your finances.
Save money: when you are living off a small budget it's wise to save money wherever you can. Invest in a travel card, use your NUS card to get discounts and look-out for money-saving websites offering deals and vouchers.
Insurance: student bedrooms can be full of valuables, including TVs, laptops and music systems. Contents insurance is a wise investment. The cost will vary depending on the type of property and where you are living. It's also worthwhile checking if you parents home insurance provides cover while you are away from home.
Understand tax rules: if you choose to get a part-time job while studying remember that you can earn an amount of income in each tax year before paying tax. If your income is below your ‘personal allowance' in the tax year you won't have to pay any tax.
Further details of the HSBC Student Bank Account can be found at hsbc.co.uk/1/2/current-accounts/student-bank-account.