Top Bank Accounts in the UK for Students

Are you planning to study in the United Kingdom? If you’ve been offered a place at a UK college or university, you’ll need to make a few arrangements before you arrive. This includes your visa, travel, lodging, packing, and other expenses.

Organising your finances will be one of the most critical jobs. You should register a UK bank account since it will let you pay your tuition costs and get cash to finance your study.

But, as an international student, how easy is it to register an account, and which international bank account should you choose? Continue reading to learn about student bank accounts in the UK.

Why Do You Need an international bank account?

Opening a student bank account in the UK might be advantageous for a variety of reasons. For starters, it makes it much easier to supply the necessary financial evidence when applying for a UK student visa and can drastically shorten the visa processing time.

As part of your application, you must demonstrate that you have the finances to maintain yourself while in the UK. The whole set of prerequisites can be found here. You can quickly and easily offer this evidence if you have a UK bank account.

Also Read: A COMPREHENSIVE GUIDE TO OPENING INTERNATIONAL STUDENT BANK ACCOUNT IN THE UK

Can Officials Reject Your Student Bank Accounts UK?

Credit checks are performed on all new applicants, including students, by UK banks. This implies that there is always the chance of rejection. As a newcomer to the UK, you are unlikely to have a credit score, and you cannot transfer your credit history from elsewhere. This indicates that the bank may view you as high-risk and refuse your application.

Some banks may refuse applications from those who have not lived in the UK for three years before beginning their education. If you’ve recently arrived, you may need to obtain verification of your UK address.

Best Bank Accounts in the UK for International Students

So, which student bank accounts UK should you open? As an international student, there are a few crucial things to look for. First, consider how simple it is to register an account and whether you can do it online.

Overdrafts, discounts, and cashback are common features of UK student accounts. Consider which would be most beneficial to you during your education.

Most banks will provide a variety of simple account management options, including mobile banking. However, it may be a good idea to select a bank with local branches near your college. If you require in-person assistance, you will be able to walk in and chat with someone.

Finally, look at the expenses, especially for items like foreign transfers. You’ll want to make sure that sending or receiving money between the UK and your native country isn’t unreasonably expensive.

Also Read: HALIFAX CURRENT ACCOUNT FOR STUDENTS IN THE UK: BENEFITS, PROCESS TO OPEN, ELIGIBILITY

HSBC International Student Bank Account 

The HSBC Student Bank Account is intended for students who have relocated to the United Kingdom. To apply, you must be over the age of 18 and have already migrated to the UK. You can apply online, but you may be required to visit a branch with verification of identification.¹¹

The account is a basic current account with mobile and online banking capabilities. You will receive a contactless debit card that is compatible with mobile wallets such as Google Pay, Apple Pay, and Samsung Pay. You will not have credit, but an arranged overdraft may be possible in certain instances.¹¹

Benefits include access to the HSBC International home&Away programme, which provides discounts on fashion, food and drink, and other items.

Barclays Bank Account

The Barclays Student Additions account is specifically for students. To be eligible, you must have previously resided in the UK for at least three years.

So, if you’ve just arrived in the UK to study, you’ll only be able to open a basic Barclays Bank Account. This account is available to UK citizens aged 18 and over, as well as anyone holding a UK biometric residence permit.

This is a basic current account that includes mobile banking on the Barclays app, as well as features like spending insights, customizable security controls, and money management tools. You may even create an account through the app.

The student bank accounts UK also allows you to set up an arranged overdraft if necessary.

Santander Basic Current Account

If you are an international candidate, your sole option for a Santander student account is the Santander Basic Current Account, as all other accounts require permanent UK residency.

However, this ordinary current account provides most of what you’ll require. This features mobile banking as well as a debit card, albeit it is not contactless.

Santander Boosts is a rewards programme that offers money, vouchers, and prizes. Furthermore, you can use Santander cash ATMs for free in some countries throughout the world.

Looking for a Student Accommodation in the UK? Fly Homes have you covered!

Lloyds Bank Classic Account

The Lloyds Classic Account is the sole option offered to international students. This is because the normal Lloyds student account is only available to people who have lived in the UK for three years or more.

This provides free everyday banking, but keep an eye out for surcharges when sending/receiving overseas money.

You can manage your money with the well-rated Lloyds Bank app via mobile banking. In addition, you can collect up to 15% cash back on everyday purchases at certain stores when you use your Visa debit card.

To apply for the Lloyds Classic student bank accounts UK online, you must be 18 or older, a UK resident, and present proof of ID.

Nationwide FlexAccount

The Nationwide student account, like several of the other banks on our list, is only available to applicants who have lived in the UK for three years or more. However, its everyday current account is great for international students, and if you’re 18 or older and already live in the UK, you may apply online.

The Nationwide FlexAccount is a fee-free everyday current account with relatively high costs for international and foreign currency payments. Benefits include 5% cashback on grocery purchases and access to other Nationwide products such as savings accounts.

FAQs

This is everything you need to know about the top bank accounts in the UK for international students. If you’re looking for education loans or searching for an effective method to transfer your money internationally, Fly Finance can help you. Contact our experts at 1800 572 126 for proper guidance.