Opening a student bank account
A student bank account is a day-to-day current account with advantageous rates and features, tailored to full-time students in higher education. Almost every bank offers online access and free cash machine withdrawals, but there are a number of other important features that can differ greatly between banks and you should ensure you choose the bank that best suits your needs.
What should I look out for when choosing a student account?
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Documentation required to open a new bank account; you may wish to transfer an existing bank account to an Oxford branch or look into applying for a bank account online before arriving at the University. When opening a new account, banks require documentary evidence proving your identity, your correspondence address before and after admission to your college, and your confirmed status as a University of Oxford student - you can use your Enrolment Certificate once you have registered at your college. |
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Advice for International Students; International students will need their passport and visa (or EU identity card), Oxford Enrolment Certificate and Admissions Offer Letter. You may also be required to provide a copy of a bank statement less than three months old, covering a one month minimum period, and which must be officially translated into English. Documentary evidence of your address will be required; banks will accept your fees (battels) bill if you are living in college but will require a copy of your tenancy agreement if you are living out. Banks will be present at the Orientation programme for you to open an account there. You will need three months of original bank statements if you apply to extend your student visa - banks charge for copies so keep your originals. |
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The level of the interest-free overdraft and any bank charges levied if you go over your agreed overdraft limit; many undergraduate students go overdrawn at some point during the year, so the first thing you should consider is the size of the interest-free overdraft on offer. Students will be assessed on their credit score when being assigned an overdraft limit and may not receive the maximum level available. The penalties for going further than your overdraft limit without authorisation can be very costly at some banks. |
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The rate of interest earned on balances in credit; there are some banks offering options that can make your money work harder if you think you are likely to be in credit throughout the year. |
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The additional services available with your student account; look at what sort of debit card will you get and where can you use it, and whether there is a student credit card available for emergencies. |
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The gifts or incentives available; if a number of different banks are all offering similar overdraft facilities and student accounts, look at the other benefits. Many banks offer vouchers, railcards or even cash when you open a student account. You should consider these carefully and look at what is actually most useful and will save you more money in the long term.
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What happens to your student account when you graduate; once you have looked at the student package, it is important to consider the terms of your account when you graduate. You should look into how soon will you have to start paying off your overdraft, what rate of interest will you pay and whether the bank offers graduates any other services. |
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Whether your bank has a branch in or close to the town centre and has a dedicated student advice team; it may be useful to be able to talk to someone face-to-face who understands students’ financial circumstances if you ever have any problems. |
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