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Student Savings accounts

Discover the best way to stash the cash at uni with a savings account...

For those who have enough money in the bank to survive at uni without a loan, or simply don’t see themselves sitting in the red during their time at uni take your loan money and put it into a student saving account or ISA so that you can earn interest from your cash. Feels a bit wrong? Wait until that extra cash is in your pocket - it will feel so right.

What to look out for

The first thing you might want to investigate is the rate of interest you could receive on your savings. AER stands for Annual Equivalent Rate and that's what you'll want to look out for. The percentage you'll see under AER is the rate of interest you can receive on your savings, assuming that this is added on a yearly basis. Try and shop around for the biggest AER, if savings are your priority.

ISAs

An ISA (Individual savings account) is the best way to save money, simply because the interest earned on your funds don’t get taxed.

Some ISAs require you to leave your money untouched for a certain period of time (these often offer a higher AER %. These are described as ‘fixed rate’ accounts) but many allow you full access to your funds, whenever you need it, without losing the tax-free benefits.

Santander is the high street bank offering the best-looking ISA at the moment. With an AER of 3.3% during the first year and a minimum deposit of just £1, it has one of the highest rates for an ISA. Earnings on your interest will track the base rate (just 0.5%) after the first year, so you would be best off switching providers at that point, to get the most out of your savings.

Student saving accounts and ISAs

Student saving account and ISAs at Barclays:

ISA Saver * Open with £1 and get instant access to you cash as you need it. * AER: Up to 3.25%

Monthly Savings
Save from £20 a month and earn high fixed interest.
* AER: Up to 3.25%

Everyday Saver * There are no withdrawal restrictions on this one and the more you save, the more you earn.
* AER: From 0.65%

e-savings Reward
* Available exclusively online and rewards you when you DON’T make withdrawals.
* AER: 1.26% when you don’t make withdrawals / 0.85% for months in which a withdrawal is made.

e-savings
* Get instant access to your online savings account. Open from as little as £1.
* AER: From 0.10%

Find out more about a Barclays student saving account

Student saving account and ISAs at The Co-operative

ISA
* Start saving from as little as £1 and access online, by phone or in your branch.
* AER: 0.50%

Britannia Fixed Rate ISA
* The Co-operative have recently merged with Britannia, meaning there’s even more ISA options to choose from. Find out more here.

Smart Saver
*Get instant access to your cash with an ATM card allowing you to withdraw at any time.
* AER: 0.25%

Find out more about a Co-operative bank student saving account

Student saving account and ISAs at Halifax

ISA Direct Reward
* **Instant access, open from £1. * **AER: 2.60%

Guaranteed Reserve
* Open with a lump sum of £500 and your savings will grow with this fixed rate interest.
* AER: 4.00%

Web Saver Reward
* Manage savings online when you open this account with just £1.
* AER: 2.80%

Fixed Rate ISA Saver
* Open with a lump sum of £500 and your savings will grow with this fixed rate interest.
* AER: 4.30%

Find out more about a Halifax student saving account

Student saving account and ISAs at HSBC

Regular Saver
* Start saving from £25.
* AER: Up to 8% AER

Fixed Rate Saver * Choose how long you want your fixed rate interest - from three months to five years. * **AER: Up to 3.65%

Online Bonus Saver
* Open an online account and receive bonus interest if you don’t make a withdrawal.
* AER: 0.75% if you DON’T make a withdrawal, 0.25% if you do.

Flexible Saver * Open with just £1 and pay money in or transfer funds from another account whenever you want. * AER: 0.05%

Cash e-ISA
* Get instant access to your savings with an online account.
* AER: From 1.75%

Variable Rate Cash ISA
* Pay in a lump sum or set up a monthly standing order. Open up in branch or over the phone
* AER: From 1.25%

Fixed Rate Cash ISA
* Fix your interest rate for a whole 12 months.
* AER: 2.40%

Find out more about a HSBC student saving account.

Student saving account and ISAs at Lloyds TSB

e-Savings Account * Open an account online and get a 12 month fixed bonus on your interest rate.
* AER: 1.5%

Easy Saver
* Open online from as little as £1 and receive an optional Cashpoint card.
* AER: 1.60%

Monthly Saver
* Save from £25 to £250 a month with this fixed rate saver.
* AER: 2.00%

Cash ISA Saver
* Open from as little as £1, make withdrawals from the same amount and manage your savings online.
* AER: 2.35%

Two Year Fixed Rate Cash ISA
* Transfer from your Lloyds cash ISA and get a fixed Interest rate for 24 months.
* AER: 3.30%

Find out more about a Lloyds TSB student saving account.

Student saving account and ISAs at Natwest

Savings Direct
* Start saving with just £1. There’s no charge for withdrawing money and you can set up regular transfers from another Natwest account.
* AER: 0.10%

First Reserve
* Start saving with £1 and get quarterly interest paid into your account.
* AER: 0.10%

e-Savings
* Get instant access to your money 24/7with this no minimum balance online savings account.
* AER: 1.00%

e-ISA
* Manage all your ISAs with this transfers allowed, instant access account.
* AER: 2.50%

Cash ISA
* Get instant access to your savings and manage your account online.
* AER: From 0.50%

Fixed Rate ISA
* Save between £1,000 and £5,340 with this fixed rate account
* AER: From 2.60%

Find out more about a Natwest student saving account.

Student saving account and ISAs at RBS

Savings Direct
* Start saving with just £1. There’s no charge for withdrawing money and you can set up regular transfers from another RBS account.
* AER: 0.10%

First Reserve
* Start saving with £1 and get quarterly interest paid into your account. * AER: 0.10%

e-Savings
* Get instant access to your money 24/7with this no minimum balance online savings account.
* AER: 1.00%

e-ISA
* Manage all your ISAs with this transfers allowed, instant access account.
* AER: 2.50%

Cash ISA
* Get instant access to your savings and manage your account online.
* AER: From 0.50%

Fixed Rate ISA
* Save between £1,000 and £5,340 with this fixed rate account
* AER: From 2.60%

Find out more about a RBS student saving account.

Student saving account and ISAs at Santander

Instant Access Account
* Access your money online with this eSaver account. Start saving from £1.
* AER: 2.75%

Fixed Term Savings Bond
* Open with £500 and earn a fixed rate on your interest.
* AER: 3.30%

Cash ISA
* Get a guaranteed minimum interest rate for 12 months and access your money whenever you like.
* AER: 3.30%

Find out more about a Santander student saving account.

Student saving account and ISAs at Smile

ISA
* Star saving from £1 and manage your account online
* AER: 0.50% if you have a Smile current account, 0.31% if you don’t.

No-Notice Savings Aaccount
* Star saving from just £1 and get instant access to your money wherever you are.
* AER: 0.25% if you have a Smile account, 0.12% if you don’t.

Fixed Term Deposit
* Deposit from £2,000 and get a guaranteed fixed interest rate.
* AER: From 3.39%

Find out more about a Smile student saving account.

[Image: Images_of_Money]

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