One of the first steps toward financial independence is choosing the right bank account, moreover as a student, managing your finances well must be important to you. In the UK, several banks offer student accounts tailored to the unique needs of students. In this post you will know the best student bank accounts to apply in the UK and also ensure you make informed decisions for your financial journey.
Below are the Best Student Bank Accounts in UK
Having the right information to open a student bank account gives you head up on what to do and can find an account that suits your needs perfectly. Here, we present the best student bank accounts in the UK:
1. Barclays Student Account
Barclays offers a well comprehensive student account package, which includes a generous overdraft limit, a mobile banking app, and also exclusive discounts.
2. HSBC Student Account
HSBC provides a competitive student account with a substantial overdraft, online banking services, and a convenient mobile app. HSBC also offers their customers a 10% interest-free loan for the first year.
3. NatWest Student Account
NatWest’s student account offers a helpful overdraft facility, a dedicated mobile app, and a cashback reward scheme. It’s an appealing option for students who are seeking to maximize their benefits.
4. Santander 1|2|3 Student Current Account
Santander offers a unique student account with a 1|2|3 World membership. This kind of account provides you cashback on all bills and also a generous overdraft limit, which will make it an attractive choice for alot of students.
5. Lloyds Bank Student Account
Lloyds Bank offers a straightforward and user-friendly student account with a competitive overdraft facility. They also have an easy-to-use mobile banking app for easy management.
6. TSB Student Account
TSB offers a student account with a flexible overdraft limit, mobile banking, and a handy budgeting tool. Having a student account with TSB helped you with money management.
7. Nationwide FlexStudent Account
Nationwide’s FlexStudent account is mostly known for its high overdraft limit and also a range of additional benefits, like having access to exclusive deals. This account is one of the most popular and people’s choices among students.
8. Co-operative Bank Student Account
Co-operative Bank’s student account is an ethical choice, offering a generous overdraft facility and access to their mobile banking app. Having such an account with them is perfect for students with a social conscience.
9. Al Rayan Personal Current Account
This bank account are for people who want a current account that complies with Sharia law.
So, If you don’t have a UK passport and the country is not where you are primarily based, you will be asked to pay at least £20 monthly so as to keep your account active.
You also need to send at least £100 so as to access international money transactions.
Most times if you are sending amount of money abroad you will be charged £25 in sterling, €40 in euros, $40 in dollars, and also £12 in other foreign currencies for sums under £10,000 each. Receiving money any currency from abroad is totally cost-free.
Benefits of Having Student Bank Accounts
Choosing the best student bank account involves considering the specific benefits they offer. Below are some major benefits you should expect:
Overdraft Facility: Most student accounts offer interest-free overdrafts, helping you manage unexpected expenses without accruing interest.
Mobile Banking: Access your account anytime, anywhere, with user-friendly mobile banking apps.
Exclusive Discounts: Many banks provide student-exclusive discounts on shopping, travel, and entertainment.
Budgeting Tools: Some accounts come with budgeting features to help you manage your finances effectively.
Interest-Free Period: Enjoy an interest-free period on your overdraft for the duration of your studies.
What is an overdraft, and tell me why is it important for a student account?
An overdraft is a financial arrangement that its user to withdraw more money than you have in your account, up to a specified withdrawal limit. So, It’s important for a student account Coz it provides a safety net for your unexpected expenses without any incurring high-interest charges.
Can international students in the UK open student bank accounts?
Yes, many UK banks offer student accounts to international students, but eligibility criteria may vary. Ensure you check the specific requirements of each bank.
How can I apply for student bank account?
You can usually apply online through the bank’s website or visit a branch. The bank will also need a proof of your student status and identity.
Are there any fees that are associated with student bank accounts?
Most student bank accounts have no monthly fees. But, do make sure you read the terms and conditions carefully, coz some fees may apply for certain services.
Can I switch my student bank account after graduation?
Yes, you can typically switch to a graduate account or another type of account suitable for your post-graduation needs.
What should I consider when choosing a student bank account?
Consider factors such as overdraft limits, fees, mobile app functionality, and any additional benefits or discounts offered by the bank.
Selecting the best student bank account is a significant step toward you financial independence and also stability during your academic journey in UK.