Everything You Need to Know About Student Banks Accounts

Before we get to all the flashing lights and drinking at freshers there are a couple of important things we need to sort out first. One being your student bank account and this blog will be the most student-friendly guide to student bank accounts and I’ll even show you how to get the best freebies and other benefits that really matter to us students.

How do I Sign up for my Student Bank Account?

Banks really want us students to sign up for their accounts and that’s why they have made it easier than ever to  create one and most banks will let you apply online as long as you have all the documents they need and are able to send it to a local branch. The documents they normally ask for are:

  • Photo ID: This would be a Passport or Driving license and some banks may ask for two separate forms of ID
  • Proof of Address: This can be a bank statement with your home address on it and some banks will accept a driver’s license
  • Proof of Student Status: This is where you can show off your University Offer or Apprenticeship Agreement. Make sure the agreement is signed by your employer or you can bring you AS12 letter which shows you have been accepted into University

Great! So now. You know what you’re going to need to make your bank account and now we can get to work on finding the best one for you

What is a Student Bank Account, how do they work?

Well, If you have applied for a maintenance loan along with your tuition loan then this will be the account you may be paid into in 3 instalments throughout the year. These payments will not be equal but will be roughly the same. If you’re running a little low on money then you don’t need to worry. Student bank accounts normally come with a free overdraft – YES I SAID FREE. The limit varies from bank to bank but the concept is the same, it is an allowance on top of bank balance where you won’t be charged any interest for.

Do Student Bank Accounts Give Freebies?

You have heard right. Banks usually give benefits when signing up to their bank accounts as a way to get you to interested but don’t just go for the first one you see. Banks offer incentives that range from railcards to Amazon Prime Memberships and even gift cards so look out for the benefits that mean the most to you when selecting your bank account.

Now you all have a bit more information about Student banks and how they work. I have also found some of the options and have included the information that matter just to make your decision that little bit easier. Congratulations on your offers and I wish you all the best at University – Spend wisely.

Bank Account Overdraft Limit Incentive
Santander Up to £2000 4 Year Railcard + 3% In-credit Interest
Nationwide Up to £3000 1% In-Credit Interest up to £1000
HSBC Up to £3000 £100 Cash
Barclays Up to £2000 None
NatWest Up to £2000 4 Year National Express Coach Card
RBS Up to £2000 4 Year National Express Coach Card
Halifax Up to £1500 0.1% In-Credit Interest
Lloyds Bank Up to £1500 None
TSB Up to £1510 5% In-Credit Interest up to £500