Your Complete Student’s Guide To Opening A Bank Account In The UK

As there are different types of bank accounts available, it helps to take a closer look and understand each account type better – so as to make an informed decision before committing.

One of the most common options for most people, the Current Account grants access to a range of different banking services and offers the features needed to manage everyday banking.

However, do note that approval for a Current Account is based on eligibility, a credit check and an assessment of your personal circumstances.

With all the features you need for day-to-day banking, the Basic Bank Account has no monthly fee and is ideal for those who may not qualify for any other kind of Current Account.

It also comes with a debit card and gives access to mobile and online banking.

In exchange for a monthly fee, the Packaged Bank Account usually comes with added benefits on top of all the features available with a standard Current Account.

This includes mobile phone insurance, UK and European breakdown cover and worldwide travel insurance.

As an international student, the Student Account is your best option thanks to the student-centric perks that come with it!

On top of being fee-free, this account type also sometimes comes with a railcard, gift vouchers and other benefits.

In terms of features, it functions the same way as a standard Current Account.

In the UK, there are several different banks. However, the main banks are HSBC, Barclays, Lloyds Banking Group, Nationwide, Royal Bank of Scotland (RBS) and NatWest.

Before making a decision, shop around and explore the various options to check if there are student accounts that come with tailored discounts which best suit your lifestyle.

Once you’ve decided on the bank and account type you’d like to apply for, it’s time to gather the required documents to expedite the process.

These documents include a passport, student ID or acceptance letter from your university, a valid visa, proof of address and a bank statement from your home bank from the past three months.

Opening your bank account in the UK is a fast and simple process, so it is a good idea to get it sorted as soon as possible.

In the event your chosen bank allows you to set up the account online, you can do so before even flying to the UK!

However, if you have to visit the bank to open your account, do make your trip within the first week of arriving.

When the account is open, the next step would be to make your first deposit.

Once you secure your funds, you can then start using your account to make transactions and shop around!

In the event you’re making the transfer online ahead of time, take some time to monitor the exchange rate and make the deposit during a time when the exchange rate is working in your favour so as to get maximum value for your currency.

Turn your dream of studying in the UK into reality by taking the next step!

If you don’t know where to begin, we’ve got a team of education counsellors that are more than happy to help you out.

At IDP, our education counsellors will navigate the application process with you as well as offer advice when it comes to your study essentials such as setting up your bank account and your career aspirations abroad.

Book your free counselling session today to get started!