Opening a bank account
STUDENT BANK ACCOUNT
Typically, if you’re over 18 years old and you have an unconditional offer from UCAS (the Universities and Colleges Admissions Service) for a full-time course at a UK university, you’ll be eligible for a student bank account. Banks may ask for your UCAS status code to confirm you have been accepted on a course.
OVERDRAFTS
Unlike other current accounts, many student bank accounts offer the benefit of an agreed interest-free overdraft. Having an interest-free overdraft doesn’t mean you have to use it. You should always aim to budget so that, whenever possible, you keep your balance in the black. Remember that you’re going to have to pay it back with interest, once your studies are complete.
Student BANKING faqS
You can usually apply as soon as you have confirmed your place at university, either with unconditional A-level results or a confirmed offer.
Some banks allow applications up to six months before your course starts if you have an unconditional offer.
Proof of identity (e.g., passport, driving license)
Proof of address (e.g., utility bill, bank statement)
Proof of student status (e.g., UCAS status code, university confirmation letter)
Most banks offer online application processes. Some also allow in-branch applications.
Many banks offer their best deals for students in July and August. However, opening your account early gives you more time to set up student finance and other payments.
A major benefit of a student bank account is an interest-free overdraft
Some banks offer incentives such as free railcards, cash back and vouchers. So shop around for the best deals.
Look for bank accounts specifically designed for international students. Most international students are only eligible to open a basic or current account depending on the bank (and terminology will vary between banks). This provides a visa debit card and is usually combined with an online banking service.
Aim to avoid using your overdraft whenever possible as you’ll need to repay it after graduation. Use budgeting to manage your money effectively.