New Students

Banking

Information on opening your first student bank account or your first bank account in the UK

Do I need to open a UK bank account? 

A UK bank account is needed to pay any kind of Direct Debit mandate. This is a type of repeated payment used to pay for expenses such as accommodation fees, tuition fees and utility bills. Most jobs in the UK will also require you to have a UK bank account in order to facilitate payment of wages, and a UK bank account will also likely be necessary to receive payment of any UK-based loan, grant or bursary.

There is further information on Direct Debit and Direct Debit mandates onthe University Finance Office website. 

What is Direct Debit? page of the University Finance Office website

 

What kind of UK bank account can I get? 

  • New students who are already resident in the UK are eligible to open student bank accounts, which can come with a number of different perks.

  • New students who are not already resident in the UK will have fewer options as to the range of UK bank accounts they can open, but they should nevertheless open an account as soon as possible to facilitate payment of accommodation fees, tuition fees, and everyday expenses.

  • International visiting and exchange students will have limited bank account options depending on the duration of their stay in the UK.

See the relevant page below for further information about your options. Please note not all bank accounts are suitable for direct debit payments - check with your bank first.

 

General points to remember when opening a new bank account:

  • Although there is generally a set time between starting your bank account and receving your bank card, it is important to plan your finances in case there is a delay in accessing your new bank account. Setting up online banking on your new account can similarly take longer than expected, as you will likely have to wait to receive an activation code through the post. 
  • You will probably receive a lot of paperwork documenting the terms and conditions of your new account - don't be afraid to ask a staff member in the bank to go through these with you, especially if English is not your first language. There may be some small charges on transactions like international bank transfers that could become expensive over time. 
  • If you set up a new bank account and find that you are not happy with it, don't be afraid to switch to a different type of account or a different bank. You will spend a reasonable amount of time over the course of your studies using your bank account (likely almost everyday), so it's important to find one you are happy with. 
  • The bank branches near the University are very used to dealing with students, so these are probably a good place to start looking for where to set up your new account. 
  • Be careful with where you submit your bank account details, particularly online. Check for a padlock icon beside the URL in your browser, or an icon saying 'Secure.' See Banking Safety page below for further information. 

 

Students already resident in the UK

Information for UK-resident students on setting up a student bank account

Students from the EU

Information for EU students about setting up a UK bank account.

Students from outside the EU

Information for international students setting up a UK bank account

Banking safety

Advice for students about keeping your bank account details secure

Banking Terminology

Glossary of banking terminology