How to open the right account and more

Whether you're a first-time account opener or need to set up a student-specific account, it can't hurt to know all the basics to get started. Read on for all the essential information you'll need, including what documents you will need and what bank accounts are popular in the UK.

Why should I open a student account?

To smoothly manage your daily expenses and receive your maintenance loan from student finance, it's essential to have an account tailored to your student lifestyle. Student accounts are specifically designed for this purpose, offering you the most relevant advantages. For example, a student account will usually have an interest-free overdraft so you won't have to fear the months you need to dip into your overdraft. Typically, you'll open a student account just before uni, but you can switch to a student account later at any time.

What documentation will I need to open the account?

In the UK, you'll need to have a few key documents to successfully open your new account. While some banks might request additional paperwork, these are the three things you must have:

1. A photo ID verifying that you are 18 years or older (such as a passport, driving licence, or EU ID card).
2. Proof of your current residential address (e.g., a utility bill, bank statement, or tax documentation).
   
3. Evidence of your student status (a letter of acceptance from Bath or a UCAS offer). We have a guide on how to get the necessary evidence from Bath. 
   

Do I have to open the account in person?

No, you will have the flexibility to choose between doing it in person or online. So choose whichever way is most convenient for you. Many banks have streamlined their websites to make it as straightforward as possible to complete the application process.

Some even allow you to verify your identity by recording a short video and uploading a photo of your passport. Others may require a branch visit for verification. Whether you opt for the online or in-person route, ensure that you have the correct documentation (as listed above), and you'll be on the right track.

What are the best student bank accounts?

While most banks offer student accounts, only a select few provide what we'd consider elite benefits. Here are some popular student choices (note: all of the options below have 0% interest rate overdrafts): 

• NatWest - Offers a 4-year Tastecard and an overdraft of up to £3,250 (with £500 available in your first term).
• Santander - Provides a 4-year 16-25 Railcard and an interest-free overdraft of up to £1,500 for years 1-3.
• HSBC - Access to an overdraft of up to £1,000 in your first year, which could rise to £3,000 in year 3. 
  

Compare different UK banks and their benefits on the MoneySavingExpert website. 

Are you an international student?

International students may require specific documents such as a passport or visa and proof of status, and some banks have restricted or smaller overdrafts:

• HSBC International Student Account
• Lloyds Bank International Student
• Santander and Natwest Student Accounts are the same and still work the same for international students.

Things to remember:

When to apply: You can apply as soon as your place is confirmed!

Apps/online banking: Mobile apps make it easier to manage money on the go, so we'd recommend using the app - especially if you don't have a bank branch nearby.

Overdraft: Going over your agreed limit could lead to charges and might affect your credit score in the future. Whilst it might seem nice to have an overdraft, only use it as a last resort!

You know everything now to open the right student account for you. For more useful tips and advice, check out our wellbeing page for more articles on a variety of topics.