Student Living

Opening a student bank account can help you to manage your finances. You’ll be able to set up Direct Debits for your bills and keep an eye on your spending using mobile banking, you can check your balance on the go and receive notifications if your balance dips below a certain amount.  Student bank accounts are aimed at students in higher education.  Many offer freebies and usually they come with an interest free overdraft.  An interest-free overdraft can be a sensible way of borrowing money if used correctly. Make sure that you stay within your limit so that you don’t incur charges and try to pay it off by working part-time or during the holidays. 

Shopping around

With most major high street banks offering student bank accounts, it is a good idea to shop around for incentives. Many banks offer authorised interest-free overdrafts and free gifts. The UCAS website has some useful advice on how to choose a bank account.

After Graduation

It may seem like a long way off, however, after university you can switch your student account to a graduate account to help clear your overdraft.  Your current bank will usually switch your student account to a graduate account but you can shop around to obtain the best graduate account. 

Credit

Using credit can be helpful in emergencies, but it’s important to understand the costs and borrow responsibly to avoid long-term debt. Tread carefully if you are considering using any source of credit and remember that credit is debt and will always have to be paid back. Wherever possible, stick to the minimum amount you need to borrow and check that you can afford the re-payments. Always read the small print before signing anything as all credit agreements are legally binding.  

Try to avoid short-term or "pay-day" loans at all costs as the the interest rates can be very high. Klarna, a leader of buy now pay later has become a popular app for Students. Be informed - find out more.  

If you are having difficulty keeping up re-payments on credit cards, store cards, or any other source of credit, please contact a Money Adviser for advice. 

Keep up your re-payments, as late or missed payments will incur charges and they may affect your credit rating.

Credit Rating

A credit rating (or credit score) is a number that shows how reliable you are at borrowing and repaying money. Lenders use it to decide whether to give you credit, like a loan or credit card, and what interest rate to charge. A good score can save you money. Banks will also carry out a credit check before they open your account. 

Further Support

Save the Student best student banking guide  

Money Saving Expert Student bank accounts  

Compare the Market Student Bank Accounts  

Budgeting is a simple way to take control of your money, helping you plan for essentials, avoid debt, and make the most of your student life. See our list of useful online resources to support you with budgeting. 

Budgeting apps

Budgeting apps are apps that can help you to manage your money, save and invest in the most efficient way. These apps are easily downloadable onto your phone or another mobile device, making them even easier to use. Different budgeting apps work in different ways. Some are good at tracking how much you spend, some are good at splitting bills and some apps are great at helping you shop in the supermarket! Regardless of their main features, budgeting apps are useful tools to have on your phone because they prevent you from over-spending. Being a student is hard enough with all of the assignments and exams you must complete.

You can download these handy apps on your phone to keep track of your spending on the go.

Wally

Being a student means you can take advantage of generous student discounts both online and in store. Many of these offers are also available to students studying on an apprenticeship programme. The links below take you to some of the most popular discounts and deals and it’s always good to ask if student discounts are available, whether you’re eating out, shopping, or getting a haircut.

TOTUM

TOTUM (powered by NUS Extra) gives you access to a huge range of student discounts. You can buy the card online or by contacting the Student's Union .

UNIDAYS

By registering on their website you can gain access to lots of discounts and offers for both online and high-street retailers. There is no charge for the service and they also have an app available which you can use to prove your student status. 

STUDENT BEANS

Student Beans is a free student discount platform that gives you access to thousands of offers from top brands. Whether you're shopping online or in-store, your Student Beans iD unlocks instant savings, helping you stretch your student budget further.

Signing up is quick and easy. Just head to the Student Beans website, register with your university email, and verify your student status. Once you're in, you can browse and redeem discounts directly through the app or website. You can even use your Student Beans iD in-store at participating retailers.

16 - 25 RAILCARD

If you're aged 16–25 or a full-time student, you could save a third on most rail fares across the UK with a 16–25 Railcard. It’s a great way to make your money go further, whether you’re travelling to University, heading home for the weekend, or planning a trip with friends. The Railcard costs just £35 for one year or £80 for three years, and it can quickly pay for itself in just a few journeys. You can even link it to your Oyster card to save on travel around London.

You can apply online at the 16–25 Railcard website. You’ll need to upload a digital photo and proof of age or student status. If you need to get your application form stamped by the University of Cumbria, the staff in the Programme Administration office can do this for you. Contact them via ICON.

Once approved, you can choose a digital Railcard to use straight from your phone, or request a physical card.

If you're a full-time student over 25, you can still apply—just make sure you have a valid student ID and a completed 'Mature Student' form.

For more information or to apply, visit the 16–25 Railcard website.

NATIONAL EXPRESS

National Express offers students up to 25% off coach travel across the UK, making it one of the most affordable ways to get around. To get your discount, simply verify your student status through Student Beans or UNiDAYS. Once verified, you’ll receive a unique discount code to use when booking your journey on the National Express website.

SAVE THE STUDENT

Save the Student is a free, student-focused website packed with practical advice on how to manage your money while at university. From budgeting tips and student bank account comparisons to the latest discounts, deals, and ways to make extra cash, it’s a go-to resource for students across the UK. Visit Save the Student and explore their guides, tools, and weekly deals. You don’t need to sign up to access the content, but you can subscribe to their newsletter for regular money-saving tips straight to your inbox.

Council Tax Exemptions 

Studying on a full-time programme can allow a student to be exempt from paying council tax. 

To obtain a Council Tax Exemption you must be a full-time, fully registered student. Once your registration is complete, the university will automatically email you a Council Tax Exemption certificate. This document confirms your student status and should be submitted to your local Council Tax Office, ideally along with any Council Tax bill you may have received. If you misplace your certificate, you can request a replacement through your Programme Administration (PAd) office, which handles student documentation and support.

Note that Apprenticeship students are not eligible for this exemption.

TV license

Find out whether you need a TV license, as well as useful information and advice on the TV License website.

More information:

• A quick checklist for bills when moving into a shared house.

Mobile Phone and Broadband Contracts

Many people on mobile phone contracts may not realise that after 12 to 24 months, they’ve typically paid off their device and are free to explore better deals.

It’s important to understand how your bill is structured. Some providers combine the cost of the phone and airtime, while others list them separately. Once you’re only paying for airtime, it’s a great time to shop around for SIM-only or network-only deals, which can be much cheaper. Use at least three comparison sites and consider negotiating with your current provider. Be cautious of deals that include annual price increases tied to inflation, and always check for any penalties or 30-day notice periods when switching.

If you need a new phone, it might be cheaper to buy it outright and pair it with a SIM-only plan, rather than opting for a bundled contract that could include future price hikes. Also, look into social tariffs if you’re eligible, as well as SIM-only options, which often offer better value.

For more guidance, visit the Money Advice Service, Money Saving Expert, or Ofcom, especially if you’re struggling to pay your bills.

Utility Bills

Energy Price Guarantee (EPG)

The Energy Price Guarantee (EPG) is a government scheme that sets a cap on the cost per unit of energy and the daily standing charge for gas and electricity connections. This cap is reviewed and updated quarterly, on 1 January, 1 April, 1 July, and 1 October, which means your energy charges may increase, decrease, or remain the same depending on market conditions.

It is important to note this rate cap is per household and there is no maximum energy bill so if households use less, bills will be less and if more is used, people will pay more.

As many energy providers seem to charge right up to the rate cap, it can be worth shopping around for fixed rate deals. Always use at least 3 ‘whole of the market’ comparison sites and check for early exit fees. If you see a new deal, talk to your existing provider before you make a decision to switch.

Comparison sites to explore:

• USwitch

• Money Expert

• Money Saving Expert

• The Energy Shop

Water Bills

To look into ways to save on water usage and what to be aware of when considering a water meter take a look at these resources:

• United Utilities

Managing Bills in Shared Houses

If you're living in a shared house, you might consider using a bill-splitting service or agent to manage utilities. These services can simplify payments, but be sure to:

• Read all terms and conditions carefully.

• Watch out for hidden management or exit fees.

• Understand how estimated usage is calculated—quotes are often based on average consumption, not actual usage.

• Check for ‘catch-up bills’ if your household exceeds an annual usage allowance.

If eligible, the NHS Low Income Scheme could help you to pay for prescriptions.  If you are not eligible for this and regularly pay prescription charges, a prescription prepayment certificate (PPC) could save you money.

Student Money Matters is a free digital magazine created by NASMA (National Association of Student Money Advisers), offering practical advice and insights to help students manage their finances with confidence. From budgeting tips and debt advice to updates on student funding and cost-of-living support, each issue is packed with relevant, student-focused content. Whether you're navigating your first student loan or looking for ways to save on everyday expenses, Student Money Matters is your go-to resource. The latest Student Money Matters SS25 student magazine is available now and contains some great advice on managing your finances while at University.

What are Frauds and Scams?

Frauds and Scams are crimes in which deception is used for personal gain. It is usually to make money or obtain information through deception. With technology improving, fraudsters are becoming more sophisticated. Many types of scams and frauds exist.

Read this Student Online Fraud Guide to find out more about potential frauds and prevent the loss of your valuable data to those intent on stealing it.

Suspicious phone calls

The University has recently received reports from other UK universities that students are being targeted by scam callers claiming to be calling from within the university. 

The scammers use names and job titles of senior finance staff members who inform the student that they are a victim of a fraud, they then try to obtain personal information.

Please be aware that the University of Cumbria Finance Team will never ask for your personal details in this way. Fake calls are made by criminals pretending to be from the university to gain money and personal information from you.  If you receive an unsolicited phone call don’t feel pressured in to giving details, stop and think.

If you receive a suspicious call

• Report to the Finance Team accountsreceivableteam@cumbria.ac.uk using your university email account. Please state ‘suspicious call’ in the subject heading.
• Contact the Money Advice Team if you require additional support through the Student Enquiry Point
• Visit Action Fraud for find out about reporting suspicious phone calls.

Find out more about impersonation fraud here.

Cumbria Police’s Fraud Protection Toolkit

This updated resource offers practical advice and actionable steps to help you stay vigilant and secure in an increasingly digital world.

The toolkit covers a wide range of topics, including how to protect your identity, secure your online accounts, and recognize common scams. It emphasizes the importance of measures like enabling Two-Step Verification on your accounts and creating strong, unique passwords using three random words. Additionally, it provides guidance on spotting phishing emails, avoiding social media impersonation, and understanding the tactics used in courier frauds and doorstep scams.

Whether you're concerned about online security, financial fraud, or personal safety, this toolkit offers clear, actionable advice to help you minimize risk and respond effectively to potential threats. By following the recommendations provided, you can take proactive steps to protect yourself and your loved ones from fraud.

Access the full Fraud Protection Toolkit 2.0 here: Fraud Protection Toolkit