subject: Bank account tips for sending the kids off to university [print this page] Bank account tips for sending the kids off to university
When you are sending your teenage son or daughter to university, there are likely to be plenty of things you will worry about. However, by making sure they have a suitable bank account in place, you may just allay some of the fears you have about how they will cope financially on their own.
A student bank account should be able to provide them with a place to better manage their money and help them to keep cash aside for important expenses like rent, fees and books. But of course, there are a large number of options available that vary between providers - and you may need to take some time with them deciding which is right for their needs. One thing you are likely to notice is that most accounts will come with a selection of tempting freebies and special offers. One of these that could prove particularly handy is the NUS Extra card, which provides the holder with discounts and deals lots of different things.
In addition to all of this, you might want to make sure your son or daughter has access to an online bank account, particularly if they are moving away from home. It is highly likely that your teenager is more than familiar with the internet, so giving them access to their finances over the web might encourage them to keep a closer eye on their incomings and outgoings. In fact, for some parents, internet banking may provide an extra level of peace of mind if they are worried bills might go unpaid or funds won't be managed properly.
Another key feature of most student bank accounts will likely be the inclusion of an overdraft. This will usually be clearly detailed and you should be able to see which will best suit your child's requirements when you compare bank accounts. However, this does not necessarily mean going for the one that has the highest limit, as this could just encourage your child to be more careless with their money. Instead, think about an overdraft that comes with an incremental limit, which will provide financial help over the course of a number of years rather than all at once.
For those who have already reached their final year of graduate study, it may be time to think about the future and how their bank account should change to reflect their circumstances. As they head out into the world to carve a career out for themselves, they may need different things than when they were a student, but very often there are graduate accounts that are designed to cater for this. There may also be a range of different overdraft, credit card and loan options available to them that can be applied for alongside the actual account.
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