index

Banking & Credit

From receiving loan instalments and wages to paying your bills, you’ll benefit from opening a bank account while you’re at University. If you need to borrow money please consider all of your options and make sure you understand the contract you’re entering.

What can I do with my bank account?

You'll need a bank account to receive money from your:

You can also pay money out for goods and services such as:

Bank accounts are safe because you won’t need to carry large sums of money around with you or keep a stash under your mattress.

What are Direct Debits and Standing Orders?

Very often rent, fees and bills are paid by direct debit. This is where you give permission to a company to take money from your bank account at an agreed frequency. You might choose to pay your utility bills by monthly direct debit, but you can also set this up to be paid quarterly depending on how you want to manage your budget.

A standing order is similar to a direct debit, except you are telling your bank to pay a person or organisation instead of the organisation taking money from your account. The biggest difference is that you are the only person who can make a change to a standing order.

Direct debits and standing orders are very handy because you can plan ahead and make sure you have enough money to get you through the term.  They also reduce stress because you’ll know you won’t miss an important payment.

Where can I get further information?

There are whole array of bank accounts available and it will depend upon your personal circumstances which accounts you are eligible to apply for.

Credit

There are lots of different ways to borrow money. Usually if you borrow money you will have to pay it back with interest added to it. Before borrowing money you should make sure you can make repayments on what you borrow. If you’re in doubt about anything please contact the Student Advice Centre.

Glossary of banking terms (PDF:62.2KB)