How do I Open a Student Bank Account?

Whether you’re juggling student loans, part-time job earnings, or everyday expenses, a student bank account can help you keep everything organised in one place. 

Why open a student bank account? 

Student bank accounts are designed specifically for university students, often coming with a range of additional perks.

The main benefit of a student bank account is that you’ll probably have an interest-free overdraft, providing a safety net if you ever fall short during your studies.

This will be arranged as you set up your account, with the bank agreeing to lend you a certain amount of money that you won’t have to pay interest on.

Additional perks often include:

• Money, vouchers or discounts
• Spending rewards
• Low/no fees
• Financial advice and support

These benefits can help you manage your money more effectively while you study.

Am I eligible to open a student bank account?

If you’re over 17 and studying full-time in the UK, you will likely be eligible to open a student bank account. However, there are things you should bear in mind, such as:

• Your year of entry: Certain accounts can only be opened by first-year students.
• Your course: You’ll typically have to be studying full-time to be eligible for a student bank account.

How to open a student bank account

To open a student bank account, you’ll need:

• Your passport and/or;
• Driving licence (provisional or full)
• Proof of address
• Proof of university place

Can I open a student bank account as an international student?

It’s unlikely that you will be able to open a student bank account as an international student, as you typically need to have lived in the UK for at least three years.

However, you should be able to open a basic UK bank account, with some banks offering accounts tailored to your needs as an international student.

What you’ll need to provide to open the account may vary, but will likely include:

• Passport
• Visa
• Confirmation of study
• Proof of address in the UK

Tips for choosing a student bank account

With so many options to choose from, it can be difficult to determine which student bank account best suits your needs.

We recommend:

• Doing your research: Don’t just go for the first one you hear about. Weigh up your options and compare the benefits provided by each to determine which would be the most valuable to you.
• Finding out where the nearest branches are in your university town: There might be a branch down the road from your parents’ house, but that’s not great if you’ve got to travel home every time you need some face-to-face assistance!
• Making sure you know the repayment requirements: While most banks offer students 0% interest on overdrafts, that doesn’t mean the money is free. Ensure you understand how you’ll need to repay it.

Need money advice? 

At the University of Chichester, our Student Money Team provides information, advice, and guidance on all aspects of student finance and funding, including help with budgeting and money management.

To find out more about how they can help you, please email studentmoney@chi.ac.uk.