student bank accounts

Information for our international students about opening a UK bank account, including guidance on necessary documents and waiting times. Open a FlexStudent current account, a student bank account with a fee-free overdraft. Best interest-free 0% student bank account overdrafts · Santander 123 Student. More info · Bank of Ireland UK Student Account. More info · Barclays Bank Student.

Student bank accounts -

Student banking: choose an account that works for you

Young people have had a tough time of it financially over the last two years. That means it is all the more important for those heading off to university to make sure they have got the bank account that works well for them.

You are not required to have a student bank account – you could opt for a standard current account – but those aimed at university-goers offer features you usually can’t get elsewhere.

Student bank accounts often come with a freebie or two, and this year is no exception. However, for many, the key feature is the size of the interest-free overdraft they offer.

“There are undoubtedly some decent account perks this year but students must check the overall package before they commit,” says Rachel Springall, a finance expert at the website Moneyfacts.co.uk.

A lot will come down to how much you expect to need to borrow and what features and perks you think you will actually use.

This year, the pick of the bunch – according to Martin Lewis’s MoneySavingExpert.com and the Save the Student website – is Santander’s 123 student current account.

The bank is offering students a £1,500 interest-free overdraft in years one, two and three, £1,800 in year four, and £2,000 if you stay on to year five. When you open this account, you will get an overdraft limit of £250, and to increase this to £1,500 you will need to register for online banking, plus pay in £500 and continue to pay in at least £500 each academic term.

There are other banks out there offering potentially bigger overdrafts – for example, HSBC says some people will be able to get up to £3,000 in their third year of studies. However, the advertised amounts are often the maximum that is offered. Most banks use “up to” in the wording – that is, you may not get the full amount shown as it will depend on your credit rating – but Santander doesn’t.

Save the Student says: “We believe you’re more likely to get £1,500 out of Santander than HSBC (who advertise £3,000) over the course of your degree.”

Santander also offers a pretty decent perk: a free four-year 16-25 Railcard worth about £90, offering students up to a third off most rail fares. In addition, the Spanish-owned bank came top in Save the Student’s banking survey earlier this year, with a student satisfaction score of 4.39 out of five. Barclays came second with a score of 4.36, while Nationwide was third at 4.34.

On the overdraft front, HSBC says you can get an interest-free limit of up to £1,000 in your first year, which it says “could rise” to £3,000 by year three. As an incentive it is offering £80 in cash, plus either a £20 Uber Eats voucher or a year of unlimited next-day delivery with Asos Premier (the latter normally costs £9.95). To take advantage of this offer, you need to make five debit card transactions within a month of opening your account.

Nationwide’s interest-free overdraft deal is similar: in your first year you can get one of up to £1,000, rising to £3,000 in your third year. Its FlexStudent current account doesn’t come with a sign-up incentive, although one benefit is the fact that there are no charges for using your debit card abroad. You need to pay in at least £500 each term.

It’s not only HSBC dishing out cash as a welcome gift: NatWest is offering £50 cash plus a four-year tastecard – worth about £140 – which lets you get two-for-one meals or 50% off food at thousands of restaurants. NatWest offers an interest-free overdraft of up to £2,000 whatever academic year you are in, although it is limited to £500 during the first term. To be eligible for its current offer, you need to register for mobile or online banking and choose to receive paperless statements within 30 days of opening the account.

The Barclays gift this year is a free 12-month subscription to Perlego, an online library of academic and nonfiction titles, which normally costs £96. Its interest-free overdraft limits are up to £500 during the first term, up to £1,000 in year one, and up to £1,500 in year two and beyond.

The digital bank Monzo is popular with many students but it doesn’t offer a student bank account as such. Eligible customers can get an overdraft of up to £1,000 but you will be charged interest for using it. Monzo charges 19%, 29% or 39% EAR,depending on your credit score. For many people, banks such as Monzo work well for a secondary account for day-to-day spending and budgeting.

Источник: https://www.theguardian.com/money/2021/aug/28/student-banking-choose-an-account-that-works-for-you

Student bank accounts

The interest-free overdrafts offered by student bank accounts can help bridge the gap between student funding payments.

Student bank accounts are not mandatory, but they do offer advantages.

International students: Opening a bank account in the UK is different for you.
View our guidance on opening a bank account as an international student.

Advantages of a student account

The main advantage of student bank accounts is that they may offer interest-free overdrafts. This means that you can borrow money (to a pre-agreed limit) without paying interest on it. Generally, this is only if you have your student finance paid into that account. This means that you can only have one student bank account.

Although the best idea is not to borrow anything, an interest-free overdraft can help you manage your cashflow and avoid you resorting to credit cards or any other loans.

Banks often offer incentives to open a student bank account with them, such as shopping vouchers or discount cards. However, make sure you open the best account for you and not just the one with the best incentive. More information on the different accounts available can be found on Save the Student or Money Saving Expert.

Different banks offer different terms and conditions, so make sure to read the fine print and choose an account based on your needs, whether it’s the largest overdraft or a railcard to make traveling home cheaper.

Student bank accounts can provide a useful safety net when walking the financial tightrope of student living, as long as you use them responsibly. Remember that an overdraft is a limit, not a target. It should be viewed as a source of money to help you manage your cash flow between funding payments, so careful budgeting is still essential.

Get help with budgeting.

What to watch out for

Exceeding your arranged overdraft limit can result in charges and affect your credit score. To use your student account responsibly, make sure you know your overdraft limit and check your bank account regularly to avoid going over and incurring charges.

Remember that the money you borrow has to be paid back eventually. To escape any interest charges, make sure you know the terms and conditions of your account, including what happens once you’ve left university.

When you go into a branch to set up an account, a member of staff should be able to tell you all of the details. Some banks will convert your student account to a graduate account at the end of your degree. Often, these also have an interest-free overdraft for a set period, to give you enough time to pay back money that you borrowed using the overdraft facility.

Further advice

If you are struggling financially, or think that you will struggle financially, please contact the Student Funding and Advice Team by emailing [email protected] for help.

If you have any questions about student bank accounts, or how to handle your finances whilst at university, you can contact the Advice and Money Team.

Источник: https://www.cardiff.ac.uk/new-students/before-you-arrive/your-finances/student-bank-accounts

Opening a UK bank account

If you're moving to Leeds from outside the UK you'll need access to your money and the easiest way is to open a UK bank account.

To open a bank account you'll need:

  • Proof of your identity: this could be your passport or EU national identity card.
  • Proof that you are a student: this could be your offer letter or a bank letter from the University.
  • Proof of your address: some banks will require proof of your UK address and/or your overseas address. This could be your contract, a utility bill or a bank letter from the University. If you provide a tenancy agreement for private sector accommodation, it should be signed by the landlord.

Requirements for opening a bank account in the UK

Many banks require you to be in the UK for at least six months and many require you to be over 18. However, there are some accounts you can open if you are here for fewer than six months or if you are under 18. Make sure you check the account requirements before applying to open an account with a specific bank.

How to get a bank letter

The University will send a bank letter to all students and postgraduate researchers arriving in Leeds for the first time who have a permanent home address outside of the UK and a term time address in the UK. This bank letter will be sent to your University email address. You can use the letter to open an account at most banks. 

If your chosen bank requires the letter to be addressed specifically to the bank manager, you can request a bank letter online. Before you can get your bank letter, you need to:

  • complete the first three steps of the online registration process via minerva.leeds.ac.uk (make sure you include your term time and home addresses)
  • decide which bank account you wish to open

If you are going to live in University accommodation, the University will email your bank letter to you after your accommodation contract has started. You should receive your bank letter within 2 working days after your contract start date. 

If you are moving into private accommodation, the University will email your bank letter within 2 working days after you have completed the first three steps of online registration. 

If you make any changes to your address or your name, the University will email you a revised letter within 2 working days.   

If you have not received your letter after 2 working days, please check your address is correct on your online registration, and then email [email protected]

Choosing a bank

We can't recommend any particular bank accounts to students. Some things to consider when choosing your bank are:

  • account fees and charges
  • the kind of card you get (visa debit, maestro debit, cash card)
  • whether the bank will stamp printed internet banking statements for use in visa applications
  • how long it takes to open an account.

Bank account comparison

There are a range of banks and accounts available to you. Look carefully into the details and conditions of each to compare what they offer and decide which one best suits your needs. Here are some examples of accounts that may be suitable.  

Bank of China Student Prime Account 

Barclays International Student Additions Account 

HSBC Basic Bank Account 

Lloyds Classic Account

NatWest International Student Account 

Santander Essentials Current Account (age 18+)

Santander Current Account (age 16+)

Applying for a bank account

Currently most banks have limited opening hours. Many banks are now starting applications for new accounts online and may require you to book an appointment to visit the branch. Check the website of the bank for information about how to open an account before you visit a branch.

Many banks require you to be in the UK to complete the process of opening your account. If you live in China, Bank of China can help you to open a UK account before coming to the UK. Customers who have a relationship with HSBC in their home country can use HSBC’s International Banking Centre (IBC) network to open a UK account before they arrive. This is available to customers in 29 countries, and the average time required to process this before you come to the UK is two weeks.

Access to money and making payments before you open a UK bank account

Most shops and online food deliveries now require payment by credit or debit card and won’t accept cash. Under the current circumstances, we recommend that you only bring a small amount of cash and bring a pre-arranged bank card (e.g. Visa or Mastercard) that you can use in the UK to make card or online payments. This card should include enough funds to cover your first few weeks while you are waiting open a UK bank account.
You can speak to your local bank before you travel to the UK to see if they can offer any services that meet your needs. 
There are also some organisations that provide digital services that enable you to transfer and receive money and make online payments. Some examples are:   

Please note the University is unable to recommend or endorse these companies or their services. You must make your own decision whether to use them. 

Keeping your money safe

  • Do not bring large amounts of cash to the UK
  • Only use a bank account that has your name on it
  • Don't let other people use your account to do their banking
  • Keep your personal details and account details secret to protect yourself from fraud. For more information visit: www.actionfraud.police.uk/ID

 Bills, payments and statements

  • If you pay bills by Direct Debit you must have the money in your account the day before the Direct Debit is due to go out of your account. If not, you will be charged penalty fees by the bank and often also by the organisation that is expecting to receive the Direct Debit payment.
  • Avoid going into debt unless you have a pre-agreed, interest-free overdraft facility.
  • Sign up for online banking when you open your account, so you are able to access bank statements and request documents online.
  • Keep your bank statements. You might need these original statements if you have to extend your visa in the UK. Most banks charge for duplicate statements and it may take them several weeks to produce them.
  • The University is only able to make maintenance payments into UK based accounts.

Banks advertising Sharia-compliant services

It is possible to open bank accounts in the UK which are Sharia-compliant. For further information, please contact the banks directly or visit their website. 

Источник: https://students.leeds.ac.uk/bankaccounts

Set up a bank account

We recommend setting up a student bank account as they can be more beneficial than a standard current account.

Student bank accounts

It’s worth setting up a student bank account for when you start university – they offer a wider range of services than current accounts, so it’s important to consider your options and shop around to see what the different banks offer.

Try not to be tempted by instant cash or gift incentives – £100 of vouchers is much less than what you will save over time with a better interest rate.

A main benefit of student bank accounts is that they usually offer quite substantial, interest-free overdrafts, which can be very handy during your studies. Make sure you don’t go over the agreed interest-free overdraft limit though – you'll be charged for this, so remember to check your balance if you think you’re getting close to your limit.

International students

If you want to pay your tuition fees or University accommodation fees in instalments by Direct Debit, you will need to set up a UK bank account.

It’s also more convenient and you can make sure you avoid any transactional charges or currency conversion charges that you may incur using your foreign bank card in the UK.

When can I do it?

Some banks may allow you to open a bank account before you arrive in the UK, but others will want you to wait until you arrive in Manchester, and your registration is complete so it's important to check with them as to what their policy is.

What do I need?

  • your passport;
  • Biometric Residence Permit card (if you have one);
  • bank letter from the University showing home and Manchester addresses.

How do I do it?

  • Bank letters will be issued in pdf format to all EU and international students from early to mid September and once steps 1-9 of registration have been completed via My Manchester.

Setting up a UK bank account while studying remotely

If you’re an overseas student who will be studying remotely, we appreciate that the majority of high street banks in the UK require students to provide proof of residency in order to open an account, something which isn't possible if you're studying remotely.

However, there are a number of online banks that do offer the facility to open a UK bank account from overseas, without proof of residency, and we would encourage prospective students to take a moment to read the Monito article  and consider their options.

Источник: https://www.welcome.manchester.ac.uk/get-ready/finance-and-funding/set-up-bank-account/

First Nations Bank of Canada

The Importance of Credit

If you're like most students, you're probably concerned with developing a solid credit rating. The best way to show future lenders that you deserve credit is by being responsible with credit from the start. A credit card offers a secure and convenient way to make your purchases, and is your door to the online marketplace. Used responsibly, it not only helps build your credit rating, but can also provide emergency capital during tough times.

First Nations Bank of Canada recognizes that sometimes students have to make major purchases too. Whether you need a new computer, a car, extra funds for tuition and textbooks, or any combination of expenses, a line of credit can get you the money you need, when you need it.

The bottom line is that at First Nations Bank of Canada, we want you concentrating on textbooks, not on cheque books.

Источник: https://www.fnbc.ca/Personal/Advice/StagesInYourLife/GoingToSchool/StudentBankAccounts/

AIB Student Plus Account

On your Smartphone

All we need to see is proof that you:

  • Live in the Republic of Ireland

  • Have an EEA Passport

  • Are in a full time third level educational course

Click here to read more details about opening a current account on your mobile.



In your local branch

Speak to a Student Officer in your local AIB branch and apply for a new AIB Student Plus Account or convert your existing Student Account today. Alternatively you can fill out our AIB Student Plus Account Application Form and then call into or send this application form to any AIB branch along with your proof of identity/address (see below).

Gather together your identification documents.

In order to comply with legislation to combat money laundering and terrorist financing, we will need to see suitable documentation to verify both your identity and your current permanent address.

What you need:

Proof of Identity: a valid Passport, Driver’s Licence or EU National, Identity Card

Proof of Current Permanent Address (documents must be no more than 6 months old): utility bill, correspondence from a regulated financial institution (insurance/assurance co., bank, building society, credit card co.), correspondence from a government department/body, letter from the CAO.

Remember, we can’t accept photocopies of documents, so please bring the originals!

Personal Identification Requirements

Источник: https://aib.ie/our-products/current-accounts/student-plus-account
student bank accounts and their features may change at any time.

This is a general description only. Get complete information about fees.

 Offer begins on January 29, student bank accounts at 12:01 am ET. Offer only open to Canadian residents who are not holders or joint holders of a CIBC chequing account. To qualify, open a CIBC Smart™ Account with Smart for Students and provide your email address. Within two (2) months, you must: (i) register for and student bank accounts on to CIBC Online Banking or CIBC Mobile Banking; and (ii) complete at least two (2) eligible Visa Debit purchases from the CIBC Smart Account for students. Offer cannot be combined with any other offer, reward or rebate, unless otherwise indicated. The cash reward will be deposited into your account six (6) months after the account was opened. Other conditions apply. For full offer details, review the terms and conditions (PDF, 140 KB)  Opens in a new window.

◊◊ No purchase necessary. Open January 1, 2021 to December 31, 2021 to legal residents of Canada who are 16 years of age or older and are current students of an accredited Canadian university, college or secondary school. One Grand Prize available to be won consisting of: 

  • 1 cheque for $8,750 made payable to the winner; 
  • 1 1-year Pokemon trading card game online free for $8,750 opened in the winner’s name; 
  • 1 2-year GIC for $8,750 opened in the winner’s name; and 
  • 1 3-year GIC for $8,750 opened in the winner’s name. 

Odds of winning depend on number of eligible entries received. Math skill test required. Refer to the full contest rules (PDF, 145 KB)  Opens in a new window.

Winner will be picked January 10, 2022. Check full rules for other ways to enter.

To be eligible for a free SPC membership, you must hold an eligible CIBC product at the time you register for the membership, which you must do through CIBC online or mobile banking. Eligible CIBC walmart canada customer service include a CIBC Youth or Student bank account, Student credit card or Student line of student bank accounts. A complete list of eligible CIBC products can be found at SPC and CIBC. Joint account holders of eligible CIBC products are not eligible for membership. You must also be a legal resident of Canada who is fourteen (14) years of age or over, but under the age of thirty (30) years if the eligible CIBC product you use to qualify for the membership is a student line of credit. The membership will automatically renew and remain in effect for as long as you hold an eligible CIBC product.

Trade-mark/registered trade-mark of Student Price Card Ltd.

1 Limit of up to 4 ½ years.

2 A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC bank account(s) using the transfer function on CIBC Online Banking, CIBC Mobile Banking, CIBC Telephone Banking and at CIBC Cash app activate new card. For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. "CIBC-branded” means any brand that has CIBC in its name and is offered by CIBC or its Canadian affiliates (and does not include CIBC Bank USA). Other fees (in addition to any transaction fee) include: withdrawals from non-CIBC bank machines (rebated for CIBC Smart Plus Accounts except the 2.5% administration fee on the converted amount of foreign currency ATM withdrawals), wire payments, Interac e-Transfer transactions (the Interac e-Transfer fee is waived for CIBC Smart Accounts, CIBC Smart Plus Accounts and for clients who are enrolled in CIBC Advantage for Youth, CIBC Smart for Students, CIBC Smart for Seniors (on the CIBC Smart Account) and CIBC Advantage for Students (on the CIBC Everyday Chequing Account)) and transactions in foreign currency (including cheques written in currencies other than the account currency).

3 CIBC will rebate one non-CIBC ATM withdrawal fee charge; charges from the other financial institution may apply.

Trademarks

Источник: https://www.cibc.com/en/student/bank-accounts.html

Student banking: choose an account that works for you

Young people have had a tough time of it financially over the last two years. That means it is all the more important for those heading off to university to make sure they have got the bank account that works well for them.

You are not required to have a student bank account – you could opt for a standard current account – but those aimed at university-goers offer features you usually can’t get elsewhere.

Student bank accounts often come with a freebie or two, and this year is no exception. However, for many, the key feature is the size of the interest-free overdraft they offer.

“There are undoubtedly some decent account perks this year but students must check the overall package before they commit,” says Rachel Springall, a finance expert at the website Moneyfacts.co.uk.

A lot will come down to how much you expect to need to borrow and what features and perks you think you will actually use.

This year, the pick of the bunch – according to Martin Lewis’s MoneySavingExpert.com and the Save the Student website – is Santander’s 123 student current account.

The bank is offering students what time does walmart hair salon close £1,500 interest-free overdraft in years one, two and three, £1,800 in year four, and £2,000 if you stay on to year five. When you open this account, you will get an overdraft limit of £250, and to increase this to £1,500 you will need to register for online banking, plus pay in £500 and continue to pay in at least £500 each academic term.

There are other banks out there offering potentially bigger overdrafts – for example, HSBC says some people will be able to get up to £3,000 in their third year of studies. However, the advertised amounts are often the maximum that is offered. Most banks use “up to” in the wording – that is, you may not get the full amount shown as it will depend on your credit rating – but Santander doesn’t.

Save the Student says: “We believe you’re more likely to get £1,500 out of Santander than HSBC (who advertise £3,000) over the course of your degree.”

Santander also offers a pretty decent perk: a free four-year 16-25 Railcard worth about £90, offering students up to a third off most rail fares. In addition, the Spanish-owned bank came top in Save the Student’s banking survey earlier this year, with a student satisfaction score of 4.39 out of five. Barclays came second with a score of 4.36, while Nationwide was third at 4.34.

On the overdraft front, HSBC says you can get an interest-free limit of up to £1,000 in your first year, which it says “could rise” to £3,000 by year three. As an incentive it is offering £80 in cash, plus either a £20 Uber Eats voucher or a year of unlimited next-day delivery with Asos Premier (the latter normally costs £9.95). To take advantage of this offer, you need to make five debit card transactions within a month of opening your account.

Nationwide’s interest-free overdraft deal is similar: in your first year you optum behavioral health contact number get one of up to £1,000, rising to £3,000 in your third year. Its FlexStudent current account doesn’t come with a sign-up incentive, student bank accounts one benefit is the fact that there are no charges for using your debit card abroad. You need to pay in at least £500 each term.

It’s not only HSBC dishing out cash as a welcome gift: NatWest is offering £50 cash plus a four-year tastecard – worth about £140 – which lets you get two-for-one meals or 50% off food at thousands of restaurants. NatWest offers an interest-free overdraft of up to £2,000 whatever academic year you are in, although it is limited to £500 during the first term. To be eligible for its current offer, you need to register for mobile or online banking and choose to receive paperless statements within 30 days of opening the account.

The Barclays gift this year is a free 12-month subscription to Perlego, an online library of academic and nonfiction titles, which normally costs £96. Its interest-free overdraft limits are up to £500 during the first term, up to £1,000 homes for sale in mount pleasant utah year one, and up to £1,500 in year two and beyond.

The digital bank Monzo is popular with many students but it doesn’t offer a student bank account as such. Eligible customers can get an overdraft of up to £1,000 but you will be charged interest for using it. Monzo charges 19%, 29% or 39% EAR,depending on your credit score. For many people, banks such as Monzo work well for a secondary account for day-to-day spending and budgeting.

Источник: https://www.theguardian.com/money/2021/aug/28/student-banking-choose-an-account-that-works-for-you

A good student savings account should deliver a strong interest rate — but the best ones also offer budgeting and goal-setting features designed to help you start building strong financial habits.

To make your search for this important account easier, we identified the best savings options for students and then reviewed them based on their usefulness and rate of return. To make the cut, accounts had to meet the following requirements:

Compare Savings Accounts Rates

Compare Savings Accounts Rates

By comparing savings rates, you can student bank accounts for the best accounts that yield many times the national average.

Check out our top picks for the best student savings accounts below. We offer a range of options, whether you prioritize earning an APY or having built-in budgeting tools.

Best student savings account rate: DCU Primary Savings

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Consider this if you've only just started saving and want the highest possible rate.

  • APY: 6.17% on balances up to $1,000; 0.25% on balances over $1,000
  • Minimum balance to earn APY: $5
  • Monthly fee: $0

Digital Credit Union's Primary Savings account doesn't provide any student-specific features, but it is designed for those just starting to save and doles out a generous 6.17% APY on your first $1,000. Balances above $1,000 earn an APY of 0.25%.

Beyond that, DCU's lack of monthly fees and minimum balances makes it even more convenient as a student savings option. Many major banks ask you to pay maintenance fees on their savings accounts unless you open a linked checking account or establish some form of recurring deposit. At this credit union, you could theoretically deposit the full $1,000 minimum deposit on the day you open the savings account and then leave it alone to earn 6.17% — with no further management required.

While going this route wouldn’t help you in terms of providing practical financial experience, you could easily pair a high-earning account like DCU Primary Savings with another bank or credit union account more suited to your everyday needs.

Membership to DCU is open to anyone who also joins one of its many partner organizations.


Best student savings account with budgeting features: PNC Virtual Wallet Student

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Consider this if you want a bank account that offers budgeting and goal-setting features to help you save.

  • APY: 0.01% on all balances in Reserve and Growth accounts
  • Minimum balance to earn APY: $1
  • Monthly fee: $0

Among the accounts we examined, PNC's Virtual Wallet for Students delivers the most useful features and tools for students trying to take charge of their money for the first time. Virtual Wallet comes with two checking accounts (called Spend and Reserve) and one savings account (called Growth). One checking account earns interest for short-term savings goals and one checking account is a non-interest earning account for daily spending. The savings account earns interest and is for long-term savings.

The unique combination of these three accounts may seem overwhelming compared with student options elsewhere, but PNC makes the accounts themselves secondary to Virtual Wallet's online features. Tools like the budget calendar and spending categories make it simple to keep up with your finances. Virtual Wallet also helps you automate your savings, letting you designate an amount to set aside every time you get a paycheck or pay a bill.

As an additional advantage, PNC has a network of 18,000 PNC and partner ATMs you can use with no fee. If you need to use an out-of-network ATM, PNC reimburses the fees for the first two domestic or international non-PNC bank ATM transactions per statement as well as $5 of other financial institutions’ ATM fees per statement period. Other valuable features include one automatic refund of an overdraft or returned item fee associated with your first overdraft event and one homes for sale in mount pleasant utah domestic or international wire transfer at no charge.

Students may hold this account for up to six years. After that time, this account converts to a traditional PNC Virtual Wallet account.


Best savings account for high school students: Capital One 360 Kids Savings

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Consider this if you're opening an account to help your young child learn good saving habits.

  • APY: 0.3%
  • Minimum balance to earn APY: $0
  • Monthly fee: $0

The Capital One 360 Kids Savings account is an excellent option for high school students looking to kickstart their savings. The 360 Kids Savings account earns 0.3% APY on any balance, with no monthly fee or opening minimums. This account also boasts student-friendly features, including the ability to link a parent’s account with a kid's account and create customizable savings goals.

This account's one drawback for students is the age limit, which restricts eligibility to those under the age of 18. In addition, a parent or another adult will need to act as joint owner of the account. The adult account holder also has the final say in approving deposits and withdrawals, making the Capital One 360 Kids Savings Account more appropriate for high school students than college-age students.

Still, if you’re a high schooler, the high APY on this account can make it a great starting option to stick with until you're old enough to switch to an account you can control on your own.


Best for out-of-state college students: Bank of America Advantage Savings

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Consider this if you need a bank that can serve you in your hometown and your college town.

  • APY: 0.01%
  • Minimum balance to earn APY: $0
  • Monthly fee: $8, but waivable if an eligible student or meet certain requirements

While its rates and fees are no better than average, Bank of America represents an accessible choice for students who attend school far from home. As one of the nation's three largest banks, Bank of America has branches across 38 states.

This account is particularly great for students, as those under the age of 24 enrolled in school may be eligible for a fee waiver for the account’s monthly maintenance fee — though once you’re no longer eligible for this fee waiver, you’ll be subject to a monthly maintenance fee of $8 unless you can meet certain requirements.

However, you'll find that the biggest disadvantage at Bank of America — as with any major national bank — is that savings rates stay at the lowest possible levels. While students don't have to pay any monthly account fees while enrolled, you may find that you'd be better off looking elsewhere when you graduate and wells fargo bank routing number houston texas bank ends your fee-exempt account status.

At the end of the day, we advise choosing Bank of America if you prefer convenience and accessibility over maximizing student bank accounts interest or reducing fees.


Summary of best student savings accounts

The student bank accounts table summarizes the banks and accounts we've reviewed, with a quick comparison of their relevant features. Note that these rates may vary by location.

DCU Primary SavingsEarning interestUp to 6.17%Earns 6.17% on first $1,000 and 0.25% on additional amounts
PNC Virtual Wallet StudentSaving and budgeting0.01% in Reserve and Growth accountsPackage of two checking accounts and one savings account with mobile budgeting/savings tools
Capital One 360 Kids SavingsHigh school students0.3%Joint account for parent and students under 18
Bank of America Advantage SavingsNationwide access0.01%Free accounts for students with nationwide branches and ATMs

Finding other student savings accounts

Most people should have access to at least one of the accounts above, but you may find that none of these banks offer decent service near your school or home. If that's the case, we suggest that you consider a dual approach.

Start by looking for a low-maintenance online savings account that you can use as a vehicle to grow your savings for the long-term. Prioritize finding an account with high interest rates and low fees for upkeep and transfer activity. Then, shop for a bank or credit union that serves your school’s area with plenty of access to ATMs and branches. Such places make great candidates for your checking account, but also tend to include savings accounts at no extra charge.

While 2017 ford f 150 xlt brick-and-mortar savings accounts won't earn nearly as much interest as the account you opened online, they might be useful if a separate student bank accounts will help you save for an individual goal. However, if you have your own way of dividing up your savings, it's also possible to keep everything in a single high-interest account.

What is a student savings account?

Many banks and credit unions offer savings accounts specifically for high school and/or college students. These accounts are typically designed to encourage young people to start saving, and often boast special perks for students, such as fee waivers and budgeting tools.

What should students look for in a savings account?

Many student savings accounts offer no monthly maintenance fees and no minimum balance requirements, as well as access to ATMs. Other common features offered on student savings accounts include budgeting tools, and sometimes even decent interest earned on funds.

What happens to your student savings account when you are no longer a student?

While it differs based on your financial institution, many student deposit accounts are automatically converted to the bank’s regular savings account when the account holder reaches a certain age. Be sure to check your bank’s policy before committing to a student savings account.

Is a student savings account worth it?

Yes, a student savings account can be a great tool to utilize if you want to start stashing cash away, while also taking advantage of special perks such as fee waivers. However, other savings accounts may have more attractive features — such as higher APYs or ATM reimbursements — and in many cases, you won’t be eligible for a student savings account once you’re no longer a student, which are factors worth taking into consideration.

Источник: https://www.valuepenguin.com/banking/best-student-savings-accounts

Set up a bank account

We recommend setting up a student bank account as they can be more beneficial than a standard current account.

Student bank accounts

It’s worth setting up a student bank account for when you start university – they offer a wider range of services than current accounts, so it’s important to consider your options and shop around to see what the different banks offer.

Try not to be tempted by instant cash or gift incentives – £100 of vouchers is much less than what you will save over time with a better interest rate.

A main benefit of student bank accounts is that they usually offer quite substantial, interest-free overdrafts, which can be very handy during your studies. Make sure you don’t go over the agreed interest-free overdraft limit though – you'll be charged for this, so remember to check your balance if you think minnesota state university mankato clothing getting close to your limit.

International students

If you want to pay your tuition fees or University accommodation fees in instalments by Direct Debit, you will need to set up a UK bank account.

It’s also more convenient and you can make sure you avoid any transactional charges or currency conversion charges that you may incur using your foreign bank card in the UK.

When can I do it?

Some banks may allow you to open a bank account before you arrive in the UK, but others will want you to wait until you arrive in Manchester, and your registration is complete so it's important to check with them as to what their policy is.

What do I need?

  • your passport;
  • Biometric Residence Permit card (if you have one);
  • bank letter from the University showing home and Manchester addresses.

How do I do it?

  • Bank letters will be issued in pdf format to all EU and international students from early to mid September and once steps 1-9 of registration have been completed via My Manchester.

Setting up a UK bank account while studying remotely

If you’re an overseas student who will be studying remotely, we appreciate that the majority of high street banks in the UK require students to provide proof of residency in order to open an account, something which isn't possible if you're studying remotely.

However, there are a number of online banks that do offer the facility to open a UK bank account from overseas, without proof of residency, and we would encourage prospective students to take a moment to read the Monito article  and consider their options.

Источник: https://www.welcome.manchester.ac.uk/get-ready/finance-and-funding/set-up-bank-account/

Opening a UK bank account

If you're moving to Leeds from outside the UK you'll need access to your money and the easiest way is to open a UK bank account.

To open a bank account you'll need:

  • Proof of your identity: this could be your passport or EU national identity card.
  • Proof that you are a student: this could be your offer letter or a bank letter from the University.
  • Proof of your address: some banks will require proof of your UK address and/or your overseas address. This could be your contract, a utility bill or a bank letter from the University. If you provide a tenancy agreement for private sector accommodation, it should be signed by the landlord.

Requirements for opening a bank account in the UK

Many banks require you to be in the UK for at least six months and many require you to be over 18. However, there are some accounts you can open if you are here student bank accounts fewer than six months or student bank accounts you are under 18. Make sure you check the account requirements before applying to open an account with a specific bank.

How to get a bank letter

The University will send a bank letter to all students and postgraduate researchers arriving in Leeds for the first time who have a permanent home address outside of the UK and a term time address in the UK. This bank letter will be sent to your University email address. You can use the letter to open an account at most banks. 

If your chosen bank requires the letter to be addressed specifically to the bank manager, you can request a bank letter online. Before you can get your bank letter, you need to:

  • complete the first three steps of the online registration process via minerva.leeds.ac.uk (make sure you include your term time and home addresses)
  • decide which bank account you wish to open

If you are going to live in University accommodation, the University will email your bank letter to you after your accommodation contract has started. You should receive your bank letter within 2 working days after your contract start date. 

If you are moving into private accommodation, the University will email your bank letter within 2 working days after you have completed the first three steps of online registration. 

If you make any changes to your address or your name, the University will email you a revised letter within 2 working days.   

If you have not received your letter after 2 working days, please check your address is correct on your online registration, and then email [email protected]

Choosing a bank

We can't recommend any particular bank accounts to students. Some things to consider when choosing your bank are:

  • account fees and charges
  • the kind of card you get (visa debit, maestro debit, cash card)
  • whether the bank will stamp printed internet banking statements for use in visa applications
  • how long it takes to open an account.

Bank account comparison

There are a range of banks and accounts available to you. Look carefully into the details and conditions of each to compare what they offer and decide which one best suits your needs. Here are some examples of accounts that may be suitable.  

Bank of China Student Prime Account 

Barclays International Student Additions Account 

HSBC Basic Bank Account 

Lloyds Classic Account

NatWest International Student Account 

Santander Essentials Current Account (age 18+)

Santander Current Account (age 16+)

Applying for a bank account

Currently most banks have limited opening hours. Many banks are now starting applications for new accounts online and may require you to book an appointment to visit the branch. Check the website of the bank for information about how to open an account before you visit a branch.

Many banks require you to be in the UK to complete the process of opening your account. If you live in China, Bank of China can help you to open a UK account before coming to the UK. Customers who have a relationship with HSBC in their home country can use HSBC’s International Banking Centre (IBC) network to open a Atlantic union bank online banking account before they arrive. This is available to customers in 29 countries, and the average time required to process this before you come to the UK is two weeks.

Access to money and making payments before you open a UK bank account

Most shops and online food deliveries now require payment by credit or debit card and won’t accept cash. Under the current circumstances, we recommend that you only bring a small amount of cash and bring a pre-arranged bank card (e.g. Visa or Mastercard) that you can use in the UK to make card or online payments. This card should include enough funds to cover your first few weeks while you are waiting open a UK bank account.
You can speak to your local bank before you travel to the UK to see if they can offer any services that meet your needs. 
There are also some organisations that provide digital services that enable you to transfer and receive money and make online payments. Some examples are:   

Please note the University is unable to recommend or endorse these companies or their services. You must make your own decision whether to use them. 

Keeping your money safe

  • Do not bring large amounts of cash to the UK
  • Only use a bank account that has your name on it
  • Don't let other people use your account to do their banking
  • Keep your personal details and account details secret to protect yourself from fraud. For more information visit: www.actionfraud.police.uk/ID

 Bills, payments and statements

  • If you pay bills by Direct Debit you must have the money in your account the day before the Direct Debit is due to go out of your account. If not, you will be charged penalty fees by the bank and often also by the organisation that is expecting to receive the Direct Debit payment.
  • Avoid going into debt unless dollar general corporate headquarters phone number have a pre-agreed, interest-free overdraft facility.
  • Sign up for online banking when you open your account, so you are able to access bank statements and request documents online.
  • Keep your bank statements. You might need these original statements if you have to extend your visa in the UK. Most banks charge for duplicate statements and it may take them several weeks to produce them.
  • The University is only able to make maintenance payments into UK based accounts.

Banks advertising Sharia-compliant services

It is possible to open bank accounts in the UK which are Sharia-compliant. For further information, please contact united healthcare phone number banks directly or visit their website. 

Источник: https://students.leeds.ac.uk/bankaccounts
student bank accounts