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Students should 'compare current accounts'

By Sarah Engle, Tue 26 Aug 2008 - Published in Banking

With living costs for students rising, it is important for people heading off to university to compare money saving deals, according to Halifax.

The bank claims the average student is likely to end up paying about £75 a week on accommodation and £40 on food.

Students in the south-west are faced with the highest accommodation bills at an average of more than £90 a week, closely followed by those in the south-east at approximately £87 a week.

Those in the West Midlands have the most reasonable rental costs at a weekly average of around £53.

Mike Regnier, head of banking at Halifax, said: "It's important for students to not only set a budget and stick to it but to also minimise the cost of any borrowing."

He stated it was a good idea for people at university to choose a current account with a zero per cent overdraft offer.

According to the Association of Payment Clearing Services, online banking can help people plan their finances more accurately.