Student bank accounts

Should I open a student bank account?

While you might have options for managing your money, opening a student bank account is the best way to go. You’ll enjoy a variety of perks, including:

Interest free overdrafts: These are a great buffer when you’re learning to manage funds and allow you to borrow a certain amount of cash without interest creeping up on you.
Transport and grocery benefits:Major banks often set up partnerships with national retailers that are popular among students. Whether it’s student discounts, student rail cards and coach tickets, or grocery discounts, they’ll help you save money.
Financial guidance: Some banks might also help you out with advice on managing your money and financial independence as a student.

Remember, offers might vary by time and location, so don’t just jump into the first student bank you see. Do your research and check out all the perks each bank has to offer. While some might tempt you with freebies, it’s often best to go with one that gives you good interest and a generous overdraft limit.

What do I need to open a student bank account?

Here’s all you need to get started with student banking:

Two ID docs (A valid passport or national ID card)
Proof of student status e.g a UCAS or acceptance letter from university
Proof of address (E.g., utility bill or rental agreement)

Most banks will have an online option for application, but you can also visit your nearest branch. If you’re stuck, it’s best to contact a customer representative at your bank as the process may vary for different banks.

How to open a bank account as an international student

While the process is pretty similar, there’s just a few extra steps you need to know about opening a bank account in the UK as an international student:

When opening a student bank as an international student you’ll require some extra documentation. This includes your biometric residence permit (BRP), passport and visa documentation, CAS letter and proof of address in the UK (if applicable).
To open a local student bank account, you will have to visit the branch in person. We also recommend having a Forex card or some cash on you before your BRP arrives, so you can make transactions before your primary student bank account is set up.

Can I change my student finance bank account?

Is your student finance plan linked to a different account? Once your current student bank account is open, you can shift the payment plan via the online government portal.

National Student Money Week: Your Questions Answered