Hey, guys! Today, BACCOM will provide recommendations on how to open an account in the UK and which banks are most commonly used by students. Let's get started!
In the UK, there are plenty of banks to choose from.
The 5 most commonly used ones among students are...
1. Barclays
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2. Lloyds
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3. Santander
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4. Natwest
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5. HSBC
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Each bank has its unique specifics. Various factors must be taken into consideration, including the prerequisites set by the bank for scheduling appointments prior to opening an account, so it's not as simple as dropping by.
Note: don't forget to make an appointment :)
During the new student influx around September, queues for opening accounts at some banks can get pretty long. If you're not a fan of waiting or prefer not to deal with cash, finding a bank with a shorter wait time might be a good idea.
The process of opening a bank account.
To schedule an appointment with the bank for opening an account, you can do it either online or by visiting the bank in person.
The bank will provide you with necessary documents to fill out, and you'll bring them on the appointed day for the account opening.
On the day of the appointment, make sure to prepare:
Passport
BRP (Biometric Residence Permit)
Student ID card
University certification letter (Notify the university in advance that you'll use it for opening a bank account. The letter usually includes your address, so double-check for accuracy.)
Proof of UK Address (If you live in university accommodation, you can use the Student eligibility letter. For those in external accommodation, bring documents such as a private tenancy agreement throughout your studies.)
📌 Before heading to the bank to open an account, don't forget to check the bank's website first to see if you need to make an online appointment. Some banks may not assist you without a prior online booking !
BACCOM Tips :
1. Recommend opening two accounts, both a Current Account and a Savings Account.
📍 This allows you to separate your funds, providing additional security in case of a lost debit card, as the current account is linked to the debit card.
However, note that some banks, like Lloyds, may not open both accounts on the same day. In such cases, you can apply on their website, and then wait for the bank to send separate debit cards and PINs. But hey, it's all worth the wait!
2. Online banking is also easy!
📍 Apart from these traditional banks, nowadays there are online banks too, such as Monzo, Starling, and Revolut Bank. The advantages of these online banks include easy application processes, as there's no need to visit a physical branch – you can apply online in just 15 minutes. Subsequently, you can conveniently wait for the card to be delivered to your accommodation. It's a quick and hassle-free option, perfect for those with a busy schedule seeking convenience.
3. Apple Pay/Android Pay makes payments much more convenient.
📍 Moreover, Apple Pay/Android Pay applications are also incredibly convenient for daily life. We can add Debit/Credit cards to the app, similar to electronic cards. We can use our phones for payments, and the cash register can scan the electronic card in the phone app without the need to carry the physical card. It's convenient, doesn't require much to carry, and eliminates the worry of losing the card.
To use the app, you can set the region to the United Kingdom in the app settings. Once done, the app system will support your usage, and you can easily enter your debit/credit card information. However, if your phone's region already supports this feature, you don't need to change it.
Although, the Debit/Credit card you use must be issued by banks in each country to support this feature of the application. Check it carefully before using.😉
4. The Travel Card is equally accessible!
📍 Additionally, the travel card is also very convenient. You can apply while you are still in your country, and it's available from the moment you start your journey. When your parents transfer money, they can transfer it to this card, and you can withdraw it from a cash machine or tap/swipe/insert the card at a card reader machine.
For Thai students, there are a lot of Thai banks available for travel cards such as Kasikorn, Krungthai, SCB Bank. That's such an easy and good choice! :DD
Whatever your decision is, give it some careful thought by considering factors like the bank's location, operating hours, your convenience, appointment requirements, and compatibility with Apple Pay/Android Pay for the best option for you. After all, finding the right bank can greatly impact your everyday convenience and financial management and we hope we’ve helped you make it easier to pick a bank that fits you the most :D
After finding the right bank, don’t forget to find the right accommodation by reaching out to us, BACCOM. We will find the perfect home in the UK for you ☺️💖
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