How to open a bank account?

Do I really need a bank account?

You will need the bank account in order to receive payments from your employer.
You can also pay bills and rent using your bank account via internet.

During the induction week along with other activities, you will be offered to open the bank account. Your University should provide you some guides and the letter proving that you are a student of this particular university. The letter can be obtained from university student office.

How to open bank account?

It is very simple and free of charge. All you need to do is to:

• Decide in which bank you want to have an account
• What type of account
• Collect all the documents

Documents to bring with you

• You will definitely need a proof of address. It can be an electricity bill, bank statement (if you already have one), employment agreement or any other legal document where your address is specified. For newly arrivals it can be confirmation letter from University.


• Passport or ID card

Which bank to choose?

It is totally up to you! Before you go to the bank you can do some research. Ask your friends or flat mates for advice.
It is recommended to choose from national banks with famous names. They have a great variety of branches across the UK and outside the country and will offer you more services in the future.

Card type. There are many types of cards available: maestro,visa, visa electron, solo, and etc... Think what you will be using it for - online shopping, overseas travelling, some other services online. For example, maestro is not as widely accepted as visa. Find out what types of card the bank is providing


Overdraft limit. Some banks offer free overdraft. It means if you are short of money you can go below your balance. For example - 200£. Some banks offer this free of charge, whilst others will charge some percentage on the top, or even fixed rate. Look carefully through the overdraft rules; this may depend on account type.

What type of account to open?

Very important: Avoid any kind of student accounts, as well as cash cards. The reason for that is that you will pay account fee, and never get any benefits. On arrival students mistakenly think that student account is cheap and beneficial. It is wrong! Ask for the Debit cards (with chip on it), and refuse from cash ones as they are only to take cash from cash machines, you will not be able to pay by them anywhere.

There are many types of accounts available. For the new arrivals it would be suggested to open "Current account". It is free of charge and you can use it for all your needs: internet banking, online shopping, travelling.