Opening a student bank account can give you more benefits than a standard account, including interest-free overdrafts, tailored support, and extra perks. Here’s what you need to know before you choose.
Why Open a Student Bank Account?
The biggest benefit is often an interest-free overdraft up to £3,000.
- You might never need to use it, but it can be a helpful safety net for unexpected expenses.
- Remember: it’s still borrowed money, so you’ll need to repay it after your course ends.
What Happens After Graduation?
Most banks will let you keep your interest-free overdraft for at least a year after you finish studying by switching to a graduate account.
*This gives you extra time to pay off any overdraft balance.
*Graduate accounts may have different limits and interest rates, so always check the terms.
How to Choose the Best Student Bank Account
Banks compete for student customers, so it’s worth comparing deals.
*Comparison websites like Save the Student, Money Saving Expert, and Money Advice Service can help you find the best offers.
*Look beyond freebies — check overdraft terms, fees, and online banking options.
*Consider signing up for online banking so you can manage your money securely and easily.
Bank Accounts for EU and International Students
When you arrive in the UK, opening a local bank account makes it easier to manage your finances and avoid overseas transaction fees.
Most banks offer a current account for international students, which lets you:
*Deposit and withdraw money
*Make card payments and bank transfers
*Access online and mobile banking services
What You’ll Need to Open a UK Bank Account
*Passport or UK driving licence
*Letter from the university confirming your course details
*Proof of your UK address (e.g., tenancy agreement, accommodation contract, or university letter)
*Some banks may also request proof of your address in your home country
Once your account is open, register for online banking to make managing your money easier.
Tip: Open your student bank account as soon as you can after arriving in the UK. Please note some banks have waiting times, especially for international students.