1. Introduction
Going to study abroad is a significant decision in one’s life. The majority of the students planning to study abroad require a considerable amount of money to pay their tuition, living expenses, and other costs. Often, international students are required to demonstrate that they have sufficient financial resources to support themselves while they study in foreign countries. The UK is no exception to that rule. International students applying for Tier 4 visas to study in the UK are required to provide evidence of maintenance funds to cover their living costs during their studies. However, the question that often arises is about the type of bank account that international students should choose — a saving account or a current account?
2. Savings Account
Savings accounts are deposit accounts that pay interest on the account balance. The interest rate differs between banks, but they usually offer a higher interest rate than current accounts. However, the downside to savings accounts is that they typically have withdrawal restrictions. Money is usually required to stay in the account for a minimum period of time before withdrawal, usually anywhere from 30 to 90 days.
3. Current Account
Current accounts are standard bank accounts used for everyday transactions such as paying bills and making purchases. Unlike savings accounts, current accounts do not offer high-interest rates on deposits. The funds in the account can usually be withdrawn whenever necessary, with no penalty for early withdrawal. However, the downside to current accounts is that they are susceptible to higher fees and charges than savings accounts.
4. Which Account Should You Choose?
Choosing between a savings account or a current account to hold your UK student visa maintenance funds comes down to personal preference and financial circumstances. Both types of accounts have their advantages and disadvantages. If you can afford to lock away your funds for a specific period, then a savings account is an excellent option as it offers higher interest rates. However, if you require easy access to your funds, a current account is the better option. It is worth noting that banks in the UK typically offer student bank account options that come with additional benefits such as no monthly fees or overdrafts.
Ultimately, the type of account you should choose comes down to your personal financial circumstances and comfort levels. Therefore, it is essential to shop around and research different bank account options to find the right fit and make an informed decision.
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