3 Money Tips For Students
Banks are very favourable to students, so make sure you are availing of as many benefits from them as you can. You will be provided with free day-to-day banking with the main 5 banks, and if you require a loan, you usually have access to some more favourable rates and the ability to defer your loan payments. I suggest shopping around to find the best deal before choosing your bank as some offer good incentives to student at the start of the college year.
Also look out as KBC and Ulster Bank also offer Android and Apple Pay. In order to target the younger generations, some banks are placing a big emphasis on being tech focused by making these innovative payment methods available and also providing excellent online banking facilities in order to make your experience with them more convenient.
Stay away! Banks will do their best to tempt with you attractive offers to try and get you to sign up to a credit card, but I’d advise you to stay far away. I know the idea of easy credit is tempting, especially for students but developing bad financial habits at an early age will do you no good for future financial wellbeing. I know first-hand that as a student you won’t regret using a credit card until your drowning in debt you can’t repay with interest rates as high as 35%.
Do your best to avoid going into debt by working through college, but if a student loan is a must, shop around. Get in touch with your local Credit Union to go over you options as they can usually offer much more favourable terms and rates than the big banks. Some banks also offer students some specialised loans that could sometimes offer 1% APR for 12 months, and the option to defer loan repayments.
You will find a student loan comparison tool on the Competition and Consumer Protection Commission’s (CCPC) website. Also, make sure you’ve investigated all grants that might be available to you as you might be missing out on money you didn’t know you could have.
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