Getting ready for University: Phase 3 – Student Banking

Following on from our recent blog on budgeting, it would be remiss of us if we didn’t mention Student bank accounts.  All the major banks have Student bank accounts and normally offer interest free overdraft facilities with additional special offers from reduced rail travel cards to MP3 players…though it’s worth having a look around before making a final decision.

It’s recommended that this type of account is set up as soon as possible as it will allow any student loan to be paid directly into the account.  To open an account you will need to provide:

– A copy of  the student loan financial assessment form (if one has been applied for)

– Proof that the student really is going to be a student (usually the AS12 letter from UCAS)

– Proof of the student’s place of residence (term-time or home address). This will need to be an official document e.g. bank statement, utility bill

– Photographic identification, e.g. passport, full driving license

– Overseas students will need to produce their passport and letter of admission or enrolment from the university

There are some really useful websites to help you make the right decision on the right bank account.  Here’s a couple of sites we found:

http://www.which.co.uk/money/bank-accounts/reviews-ns/student-bank-accounts/

http://www.thestudentroom.co.uk/wiki/student_bank_accounts