Best Student Bank Accounts In The UK

You need to keep your money secure while studying in the UK, and what is a better way than to create a student bank account in the UK? There are many banks to choose from, but only a handful will provide you with benefits that will surely make you want to create a bank account there! Adding to your glee, our student accommodations in cities like London accept all types of payment once you open your domestic bank account. We have made a list of the best banks for international students in the UK with all the perks and benefits!

Why do you need student bank accounts in the UK?

Having  student bank accounts is one of the most beneficial things to do while being a student overseas. Having student bank accounts in the UK go way beyond just being storage places for money. They also teach students the importance of managing money and how to go about it as well. Additionally, student bank accounts in the UK offer overdraft protection, free mobile and online banking, travel benefits, and flexibility.  There are many more reasons to open student bank accounts in the UK, and we will list a few of them.

1. Part-time job: You will need a bank account to get your pay when you work a part-time job, and you might be charged fees for transferring money to an international bank account.
2. Safety and security: One of the basic reasons to open student bank accounts in the UK is to keep the money you get or receive safe and secure! Keeping cash on you could risk the chance of losing your money!
3. For visa purposes: If you want to apply for a new UK visa or renew your current one, you must present proof of your financial ability to support yourself in the UK. If you have a bank account in the UK, you can complete this more quickly and easily.

What are the eligibility criteria for opening a UK student bank account?

To open an international student bank account in the UK, you must tick off a few boxes to ensure you are eligible to create a bank account in the UK! Have a look at this list of essential documents and criteria that you would need to open a student bank account in the UK:

1. A valid passport.
2. You must be over 18 years of age.
3. You must have a student ID card or university enrollment letter/offer letter. 
4. Address proof
5. A valid visa
6. The past three months' bank statement

How to open a student bank account in the UK?

Opening a bank account in the UK is not complicated. With a few steps and the right documentation, you can easily open a student bank account at some of the best UK banks for students, and start learning the best ways to manage money. You can follow these simple steps to open an account in the best banks for international students in the UK:

Step 1: Choose a bank

Step 2: Gather the required documentation

Step 3: Visit a branch or apply online

Step 4: Complete the application process

Step 5: Fund your account

Step 6: Start using your account

If you want an in-depth guide on opening a student bank in the UK, we have got you covered in that area with our guide on how to open a student bank account in the UK!

Best UK Banks For Students

Finally, getting to the meat of the blog. Let us talk about the best UK banks for students. We have presented a carefully curated list of banks in the UK that offer some of the best services for international students. Keep reading to find out more about the benefits and perks offered by each bank! So, let us not waste time and dive into the best UK banks for students.

1. Barclays Student Addition

To start the list, say hello to one of the best bank in UK for international students. Barclays Student Addition is the perfect bank if you want to send money internationally! To be eligible to open a bank account here, you need to be above the age of 18 and must be enrolled in a two-year undergraduate program or one-year postgraduate program. One benefit of the Barclays Student Addition is that the sending and receiving fees are the lowest among all the ones on this list. One downside you must remember is that sending and receiving money outside of Europe or exceeding the £100 limit incurs a £6 transaction fee.

2. HSBC Basic Account 2021

HSBC is a name known throughout the world! Known for their fabulous service, they provide various services, including a student bank account in the UK. They might not open a bank account for international students, but if you have an EU address, you can easily open an account while sitting at home! The added perks of opening a student bank account in the UK here is that you can send money to HSBC bank account holders for free and non-HSBC holders for free, but in Euros! One disadvantage of HSBC is that they don't allow overdrafts, so try to stay within your spending limit! To be eligible to open a bank account, you need to be over 16 years in Europe and have no other accounts in the UK (a bit weird, but okay) 

3. TSB Cash Account

TSB Cash Account is also one of the best bank in the UK for international students! You get a feature that will save you money by rounding purchases to the closest pound and lets you keep the difference! Plus, sending and receiving money in Euros is free. You need to note one thing down is that when you receive money in a currency other than USD, you will incur charges, a £2 when you get less than £100 and £7 if you get more than £100. 

4. Al Rayan Current Account

If you want to open a Sharia-compliant (a bank account that doesn't allow you to make money from money, a.k.a gambling) student bank account in the UK, then Al Rayan Current Account is the perfect student bank in the UK! The account requires a monetary investment. You must invest £500 or swear an oath to deposit your income into this account. You must send at least £100 to use Al Rayan's international money transfer services. Another plus point is that receiving money internationally in any currency is free! To be eligible, you must be 16 years of age to open an account in this bank! 

5. Lloyds Classic Account

If you are looking for an overdraft student bank account in the UK, then Lloyds Classic Account. Although setting up the overdraft facility is free, using it imposes a daily fee. Like many other well-liked UK bank accounts for international students, sending and receiving money in Euros is free. You must be older than 18 years old, have a UK address, and be legally able to live in the UK for at least one year to qualify for this bank account.

6. Santander Basic Current Account

A student bank account in the UK can be difficult to find, but Santander Basic Current Account is among the best ones out there! If you are already in the EU, you might open this one before you arrive since it is accessible to UK and EU citizens. Sending and receiving money in Euros from abroad is free. However, any other form of currency costs £25 for each payment when sending or receiving it. You must reside in the United Kingdom at least 16 years old to be eligible for a Santander Basic Current Account. 

7. Natwest International Student Account

One of the few student bank accounts in the UK that can only be accessed online is the Natwest International Student Account. The second-best foreign student bank account in the UK is this one. As the name suggests, this account is primarily open to international students studying in the UK. This bank account enables free international money transfers. You get three options:

• An Amazon Prime student account
• A four-year national travel card
• A four-year free tastecard

Not every bank offers these options, which makes opening an account here one of the best student bank accounts in the UK! You must be 17 years old and have lived in the UK for less than three years to qualify for this bank account.

These were the best student bank accounts in the UK. If you are still confused about an international student bank account, let us help you with our guide on international student bank accounts! What are you waiting for? It is time to save money and get rich!