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Student Bank Accounts

Student bank accounts give you access to various benefits which are not available through ordinary bank accounts. These benefits will vary from bank to bank so it is a good idea to shop around and see which student account is the best one for you. You can compare information about the student accounts that are on offer with the main high street banks on various comparison websites and you can also visit the individual banks’ websites for up to date information.


Overdraft Facility

Most student accounts offer an interest-free overdraft facility but this will vary from bank to bank so research it before you make your decision. An overdraft facility allows you to borrow money from the bank and the amount you can borrow varies from bank to bank. This is either set at the start of the year or could increase in stages during the course of the year. Most banks allow you to extend your overdraft limit with each year of study, but you need to apply to do this and eligibility may depend on how well you have managed your account in the preceding months or years. Managing your account well means staying within your authorised overdraft limit and not exceeding it without permission from the bank. When you graduate your student account can be switched to a graduate account and the repayment of your student overdraft will be considered at this stage.

Bank Charges

You will incur bank charges if you exceed your overdraft facility without first seeking authorisation from your bank. This is called unauthorised spending and the rate you are charged will vary from bank to bank. It is a good idea to compare the different bank charges that are being applied at the time of opening your account.

Incentives and Benefits

One of the ways banks encourage students to open an account with them is by offering various incentives. These might include discounts, gifts, deals or higher overdraft rates. These offers tend to vary from bank to bank and from year to year, so it is best to check what each bank is offering before you make your final choice.


What you need to open a Student Bank Account

To open a student bank account you will generally need to provide the following evidence:

  • personal identification such as your passport or driving licence
  • proof of your current UK address such as your driving licence (if not already used to verify your identity), a utility bill or a bank statement
  • proof of your student status, such as your UCAS log-in details, student ID card, student finance letter or university letter confirming your enrolment.


Terms and conditions

Check these with the banks you are considering before making your final choice.


Graduate Accounts

When you finish your degree and graduate, you can apply to switch from a student to a graduate account and your bank will be able to tell you how to do this. This should give you at least a year to pay off any debt you may have accrued whilst studying, whilst still being eligible for preferential banking terms and at least a reduced rate overdraft facility.


International Students

If you are an international student, you can find out about student bank accounts on the International Office web pages. Alternatively, you can contact them through their contact form.


Banks on Campus

Barclays and Santander have branches on campus which are located in the atrium of the Student’s Union building.

Barclays is open on Mondays, Thursdays and Fridays from 9.30 – 16.30. Information on student accounts can be accessed on their external website www.barclays.co.uk/personalbanking or telephone 0345 734 5345.

Santander is open on Mondays, Tuesdays, Thursdays and Fridays from 10.00 – 18.00 and Wednesdays from 10.00 – 17.00. Information on student accounts can be accessed on their external website: www.santander.co.uk or telephone 0800 030 4321.


Other Banks offering Student Accounts (with their nearest branch if applicable)

Co-op
6 Warwick Row, Coventry, CV1 1EE or telephone 0247 625 1685
www.co-operativebank.co.uk

Halifax
22 High Street, Coventry, CV1 5QX or telephone 0345 600 3934.
www.halifax.co.uk

HSBC
55 Corporation Street, Coventry, CV1 1GX or telephone 0345 740 4404
www.hsbc.co.uk

HSBC
The Square, Kenilworth, CV8 1EA or telephone 0345 740 4404

Lloyds
31 Earlsdon Street, Coventry, CV5 6EN or telephone 0345 300 0000
www.lloydsbank.co.uk

TSB
15 High Street, Coventry, CV1 5RD or telephone 024 7625 7439

NatWest
36 Earlsdon Street, Coventry, CV5 6EJ or telephone 0345 788 8444
www.natwest.com

RBS
15, Little Park Street, Coventry, CV1 2RN or 024 765 53321
www.rbs.co.uk

Smile on-line
On line applications or telephone 0345 721 2212
www.smile.co.uk/currentaccounts
Smile student accounts are now only available to existing Smile student account holders.

Nationwide
37 Warwick Road, Kenilworth, CV8 1HN or telephone 0800 544 0907
28 Broadgate, Coventry, CV1 1NE or telephone 0800 554 0531

Please note that this list may not be exhaustive and we always recommend that you do your own research too.

Internet Banking

This is an easy way of checking your statements and keeping an eye on your spending pattern and bank balance. It can also help you to see exactly what is going on in your account. If you are experiencing financial difficulties, your bank will be happy to discuss these with you and speaking to a Student Adviser might be helpful in these circumstances. Internet banking is also a quick and easy way to make sure you have sufficient funds in your account to cover any direct debits that are due to be paid. If you have insufficient funds in your account to meet a payment, you can avoid high charges by cancelling the direct debit with the bank at least 3 days before the payment date is due.

Comparison Websites

There are several comparison websites that give up to date information on student banking. This may not be an exhaustive list but some of the main comparison websites include:-

Please note: The Student Funding office cannot be held responsible for the content of external websites.