Choosing the right student account in the UK
After securing a course in your dream university, the next thing you ought to think about is applying for, and opening one of the various student bank accounts that the banks offer. There are several banks in the United Kingdom that offer a student bank account, but you should always look to compare the various student accounts to find the best one to apply for that will fully meet your needs when you open it.
However, be careful when making your comparison to choose the ideal student current account, because most of us end up regretting our choice in future after choosing the wrong financial institution in which to deposit our money. Maybe because the interest rates and lending terms were unfavourable, or they might not have offered certain freebies, such as a free rail card or interest free overdraft when we applied for, and opened the student account.
Others may face a daunting process when comparing their options regarding the best student current accounts, more so due to lack of information and guidelines, even relating to simple things like debit cards and overdraft facilities.
Do not wait until the last minute when you should be concentrating on your studies and perhaps urgently need the cash – Start your search today and make your first term in Uni as stress free as possible.
How do I compare and choose the best student bank account?
To make the best choice, consider some of these factors.
How much does the bank offer per year?
The best bank should enable you borrow as much as you can, yet at a cheaper cost. Consider doing your market research and look for a bank offering a higher amount interest free overdraft with their student accounts.
For instance, HSBC & Halifax are among the leading banks in the UK and offers the largest interest free overdrafts to students amounting to 2380 pounds every year. However, you need to apply in advance since the cash is not granted automatically until your application is reviewed to determine your credibility.
TSB, Santander and Lloyds will give you a maximum of 1190 pounds per year interest free, while co-op offers 1110 pounds in the first year and a maximum of 1587 pounds in the 3rd year. Since these are not the only banks offering student bank accounts in the UK, compare the amount of interest free overdrafts given by other bank’s student accounts and increase your chances of getting what you deserve.
Location of the branch and available facilities.
Consider a bank that is close to where you plan to live or one with a cash machine in the school compound for easy access when you need to withdraw some cash from your student account. You can also call for urgent discussions concerning your finances with a branch close to you. A good bank will enable you withdraw cash from other bank’s cash machines without necessarily being charged. If you cannot get one with free withdrawals at other bank machines, then consider a student account with favourable charges.
Different banks will have different charges, but most of them will not charge you for their services when you remain on the agreed overdraft limit. Some banks are money oriented while others aim at meeting their client’s needs, more so when dealing with student accounts. Doing a comprehensive market research assures you the best bank in UK.
What do I need to open and apply for a student bank account?
Most banks in the United Kingdom offering student bank accounts will require you to provide a number of documents. You need to produce a copy of your loan financial assessment statement, passport or driving license for identification, proof that you are a student and your permanent home address which should be inform of utility bill or bank statement. Oversee students on the other hand, are supposed to produce their letter of admission to the university and a passport. Make an informed decision and select the best student bank account to meet your campus financial needs conveniently.