Getting A Student Bank Account – Mini-Guide

What is a Student Account?

Student accounts are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft.

To be accepted you’ll need a UCAS confirmation letter with an unconditional offer or, if your offer’s conditional, A-Level results that meet that condition, or a letter from the university you’ll be attending confirming your place. As soon as you’ve got these, you can open an account, allowing you extra time to make full use of its benefits before the start of term.

What ID do I need to open an account?

As with all bank accounts, you’ll need proof of address and identity. This can include: passport, birth certificate or current UK driving licence.

Best student accounts 2021

HSBC: Free £80 + up to £3,000 0% overdraft

Nationwide: £3,000 0% overdraft

Santander: Free 4yr railcard + £1,500 0% overdraft

Existing students can usually switch their account to get the same terms as others in the same year of study— though certain accounts restrict opening to first year students. If you’re in your second or third year, or beyond, be sure to check the new account at least matches what you’re already being offered (or have) in terms of a 0% overdraft.

 


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