How to Open a Student Bank Account Online
How to Open a Student Bank Account Online
Preparing for life at college or university can be daunting with lots of changes and new responsibilities as you reach this new stage of your life.
For many students, this will be the first time that they are required to manage their finances and pay bills such as accommodation and utility bills, as well as paying for groceries and other everyday expenses. If you are taking out a student loan, you will also require a bank account for the money to be paid into. Students who take on part-time jobs to help fund their study will also usually require a bank account to pay their wages into.
If you have not had a bank account before, don’t worry, as the process of opening a student bank account is relatively easy and straightforward. You can do the whole application process online and get set up within minutes.
Before you choose your student bank account, it is important that you choose the best one to suit your needs. Some student accounts offer larger interest-free overdrafts than others, while some have incentives that will save you money, such as a railcard or vouchers. Many of the top student bank accounts offer a cash incentive for opening an account to help cover the costs of student life.
Here is a step-by-step guide to opening a student bank account online:
Compare the current available student accounts
Providers offer different student bank account features and incentives, so before you start the application process, you should review all the options to find the best student bank account for your needs. Consider what are the most important account features, such as whether you will require a large interest-free overdraft. Also check what the incentives are, and which ones will provide you with the most savings or best deals.
You might also want to check which bank has the easiest to use app that will help you to monitor and manage your finances. Some student bank account apps have built-in budgeting tools to help you to track your finances. These tools provide insights into your spending habits and can even create a budget for you to stick to, to help ensure that you do not overspend.
The top student bank accounts include:
Santander Edge Student – Includes a 0% overdraft of £1,500 in years 1-3 and a four-year railcard.
NatWest Student - £100 cash, 0% overdraft and a Tastecard.
Nationwide FlexStudent - £100 cash, 0% overdraft of £1,000 in year 1 rising to £3,000 in year 3, £10 Just Eat voucher each month.
Choose your account and get your documents ready
Once you have selected the best student account for your requirements, you should check the eligibility criteria. Many student accounts require the applicant to be on a full-time UCAS registered course of two years or longer. There are some student accounts that are available for students on certain BTEC courses, level 4-7 apprenticeships or nursing courses.
Some student accounts have a minimum age of 18, while others are available for 17 year olds and upwards. Most student accounts will also require you to have been living in the UK for at least three years. You can usually apply for your student bank account up to five months before you are due to start your course.
Which documents are required for opening an online student bank account?
Check the bank’s requirements, as there are different sets of requirements depending on the account but generally, you will require:
UCAS code or confirmation letter
A form of ID such as passport or driving licence
Proof of address such as bank statement or student finance/student loan letter
Students may find it difficult to provide the required evidence for proof of address as they have not had utility bills in their name if they have been living in their parents’ home. Letters from the college or university will usually be accepted as proof of address, or a provisional or full driving licence can be used for proof of address.
Apply for your online student bank account
If you have all the required documents and information, you can start the online student bank account process with your chosen bank. Here’s what you will need to complete:
- You will need to enter your UCAS code if you have it or another acceptable proof of student status.
- Upload the required documents such as photo ID and proof of address.
- Enter your details such as name, date of birth, address, place of study.
- Submit your application.
- Start using your student account
Once your application has been approved you will be ready to start using your student bank account. The bank will provide you with login details for your online banking and provide you with a link to set up your bank app. Your debit card will be sent to your address, along with your PIN number to use at cash machines and for electronic payments.
If your account included a cash payment incentive, you should usually receive this within 10 days of opening your account. Other incentives such as railcards or vouchers will also be sent via email or through the post.
You will be provided with your account number and sort code, which will allow you to set up Direct Debits for bills and you will be able to provide your student loan company with your bank account details so that they can make the loan payments into your student account.
FAQs
How long does it take to open a student bank account online?
If you have all the required information and documents, applying for a student bank account should take no more than 10 minutes and you will usually get an instant response.
I’m an international student, can I open a student bank account with a UK bank?
Yes, some banks provide student accounts specifically for international students, which do not require the applicant to have lived in the UK for three years. You will need to provide a copy of your student visa and proof of address such as a letter from the university’s admissions office. Alternatively, you may be able to use your current bank if it operates in the UK of if your bank has a partnership with a UK bank.
What happens to my student account when I finish my course?
Many banks offer to switch your student bank account to a graduate bank account when you complete your course. This will usually require you to repay or reduce your overdraft, but this will usually be staggered to make it easier to reduce your overdraft once you start earning money.
Can I switch my student bank account to a new bank?
If you open a student bank account and realise that there is another account that would be better for your needs, such as a bigger overdraft or more relevant incentives, you can usually switch your account. You may need to have at least two years of study remaining and you would need to repay any overdraft. You can use the Current Account Switch Service to switch from one account to another and this service will arrange for any Direct Debits and standing orders to be moved over to your new account.
