Opening a student bank account provides more benefits than a standard bank account. Find out more about the options, whether you're from the UK or overseas.
Why a student bank account?
The main benefit of a student bank account is an interest-free overdraft of up to £3,000. You may not need to use this, but it can be helpful to have it just in case. (Remember, you will still have to pay this back over time.)
What happens when I graduate?
After you graduate, many banks will allow you to continue with your interest free overdraft for at least a year by switching to a graduate account.
Choosing a student bank account
Banks compete for your custom, so it's good to shop around. Save The Student, MoneySavingExpert and the Money Advice Service have useful guides and allow you to compare accounts.
You should also consider registering for online banking to access your account and make payments securely. Most banks offer online banking facilities.
Bank accounts for EU and international students
When you arrive in the UK, you may want to open a bank account with a local bank or building society. This is the easiest and most common way to manage your finances and it can help you avoid overseas transaction charges.
Most UK banks and building societies allow you to open a general bank account or 'current account'. This allows you to access, deposit and withdraw money. To open a UK bank account, you will need to provide the following:
- A passport or UK driving licence.
- A letter from the university confirming details of your course.
- Evidence of your current address in the UK (e.g. a tenancy agreement, student accommodation contract or a letter from the university confirming your address).
- Some banks may ask for proof of your address in your home country.
Once you have been issued with a current account, you should consider registering for online banking to manage your account more easily.