How to open Student Bank Account in UK
Now-a-days It’s a big struggle for International students. We’re (Academic Education) receiving a lot of queries from the students, they wants to know “How to open a student bank account in UK”. We came up with a solution, and this blog will guide you with every single details how to open a bank account in UK.
A Bank account is like a solution to the modern life specially for students in the United Kingdom. If you are an international student, a UK bank account is going to be your saviour to all of your day to day banking problems. In this article we have tried to classify the types of student accounts in UK with all the available services it can offer you.
The purpose of every bank is to keep you in their list forever. So it’s always wise to choose one considering all the offers and exclusiveness. If you research a little more you will probably find two types of accounts appropriate for you as a student. To understand the types here are some terms you might need to know first.
Requirements to fulfil for a Student Bank Account in UK
As soon as you get the confirmation of enrolment with your University or College , we suggest you to apply for a bank account immediately. The preparation may take up to 2 weeks so its always better to start early. Before moving on to each banks offers and lucrativeness, lets find out the required documents for applying.
To Open a Bank account in UK, everyone must need to provide few documents to the Bank. Please see the below lists. Different Banks may require differently but the most commonly needed papers are:
- A Original copy of your identification (A passport or ID including VISA if necessary)
- Proof of a UK address (a tenancy agreement, utility bill copy or a Full UK Driving License). You must ensure an accommodation before applying for a bank account. Do consult with us to find you the best accommodation available nearest to your campus.
- Proof of studentship (Student Enrolment letter, confirming you’re a regular student with the University or college)
- A “Bank Letter” issued by the University or College (You may request it to your education provider and they will issue it under your name)
- A minimum amount of money to open the account (It may differs from bank to bank)
How to open Student Bank Account in UK
Types of Available Student Bank Account in UK for International Students (CHOOSE YOUR PREFERRABLE ONE)
Once you have chosen your preferable bank, then you have to choose the Account type you want open with them. Most of the Banks are offering different types of account. You have to choose wisely which one suits you most for your needs.
1. Basic Bank Accounts
Basic bank accounts are fee-free, giving anyone access to a no-frills current account without fear of running up debt. Usually this is the best type of account for the new-entrance people in the UK.
Basic bank accounts are designed for people who don’t qualify for other types of current account because they have a poor credit history. They offer basic and fee-free facilities for receiving money and settling bills, without overdraft facilities.
They can be a lifeline for people who have faced financial difficulties in the past but, because they aren’t as profitable as other accounts, banks and building societies haven’t done a good job of advertising them.
2. Student Accounts
These are same as current accounts with added benefits like interest free overdrafts. Student accounts are a great option for students enrolled in higher education. It allows you to deposit and with money anytime. Most students will open a current account while studying in UK. These are same as current accounts with added benefits like interest free overdrafts. Student accounts are a great option for students enrolled in higher education. It allows you to deposit and with money anytime. Most students will open a current account while studying in UK.
3. International Student Accounts
International student accounts can be opened before reaching UK for your studies. It can be a great solution to pay your tuition, rent and other without any charges. If you are an international student, you might not be eligible for regular student accounts or current accounts. They usually don’t offer credits but if you are looking for freebies on your debit card, this might be a great option to open with a minimum available balance.
If you already have an account with a global bank having a branch operating in the UK, you might want to stick with it for greater benefits.
CHOOSE YOUR BANK
You can find so many High street Banks nearby your residence or closer location.
The main Banks in UK are:
In the UK you may also find some Online Banks As well. Few popular Online Banks are:
- Monzo – best for budgeting.
- Monese – best for overseas student/non-UK resident.
- Revolut – best for holidays.
- Starling Bank– best for overdrafts/loans.
Few notes to keep in mind
- You should be having a great credit score to apply for a bank account with overdraft. It shows the bank that you are a desirable customer.
- If you are opening a bank account from outside EU, always keep in mind that “International account” and “International Student Account” are two completely different types.
- You might need a home bank statement for past 3 months.
- Let your student finance body know about your account details.
Top 5 Student Bank Account in UK , 2021
|Name of the Bank and account||0% Overdraft||Freebies||Transfer rates for internationals||Student preference rating|
Santander 123 Student Account
|4yr railcard||£25 to transfer money abroad (free for EU students) Free to receive||87.8%|
|none||£20 to transfer money abroad (free for EU students). Free to receive.||86.8%|
HSBC Student Bank Account
|none||£4 to transfer money abroad, (free for EU students) fee of 2.75 per cent on any transactions abroad||84.2%|
Barclays Student Additions
|12 month Perlego subscription||Free transfers||87.2%|
Natwest Student Account or International Student bank account
|Amazon Student, Coachcard or tastecard||Same bank account but with a £10 monthly fee. Must have been living in the UK for last than three years, free international transfers|
IN ADDITION YOU CAN GET THIS BELLOW BENIFITS FROM A BANK ACCOUNT IN UK
An overdraft is a service offered by many banks to spend or withdraw an extra amount of money other than the available amount in your account. Most of the time the credit amount charges an interest rate but many banks also offer interest free overdraft amount for student accounts. Before opening an account make sure to read the overdraft agreement properly. Some of the banks can entice you with the word “UP TO” in the overdraft agreement. Make sure to know the exact overdraft limit before signing up.
Some banks might not be offering you a credit amount but many of them offers exciting free services on UK life maintenance. For example, Santander offers a 4 year active rail card with amazing discount rates on rail passes. Some of the banks offers amazon gift cards, National express coachcard or tastecards. Some of the banks offer cashbacks on shopping from designated shops as well. But before getting all hyped about freebies, you must consider transfer fees alongside.
Most of the banks charge between 4-6% on the transferred amount from your home country. If its ridiculously high, never settle for easy freebies.
While listing the preferred banks, keep the nearest one on top. In this case you might have to consider the nearest ones to your university campus so that you can always visit in case of emergency. Do keep in mind that banks are closed from 4 pm everyday and Sunday is always a closed day.
Still, Have Any Questions on Mind?