Student current accounts are an essential accessory for anyone heading off to university. Even if you don’t think you’ll get a part-time job or student loan, you’ll need somewhere to hold your money, especially given the ease of contactless and the various budgeting options on offer, it’s easy to see why you’d want a student bank account if you don’t already have one.

Not only can these accounts offer great deals on railway travel or other attractive bonuses, they usually come with low or even no overdraft fees. That means that if you end up spending a bit more than you have in your bank account, you won’t have to worry about fees and interest adding to your debt.


Most student bank accounts have a minimum age limit of 18, while a select few have a slightly lower age of 17 to allow the account to be opened at this age in preparation for turning 18. If you can meet the opening restrictions, for example are aged 18 and over if required, a student account can be opened at any time.

You can open multiple basic bank accounts; however, most banks will restrict you to only one student bank account at a time. This is usually because most student accounts come with an overdraft and a requirement of this is for your student loan to be paid into the account.

Yes, you can switch your student bank account. You should check if your account has any restrictions on switching as some incentives require you to remain with your bank for a set period of time. Do note that every time you apply for a new student account, the provider will run a credit check, and this will show up on your report.

Normally to open a student bank account you will need:

  • Proof of identification, for example a passport
  • Proof of a UK address, for example a utility bill
  • Proof you’re a student, or soon to become a student e.g. a university offer letter

Normally No Fees To Pay

Usually Some Great Freebies & Giveaways

Some Providers Will Pay Interest On Funds

No Or Low Overdraft Fees

You Can Switch At Any Time

Not Competetive For Those In Credit

Sometimes Specific Requirements

Can Effect Your Credit Rating If Mismanaged

Can Be Higher Fees If Your Still Overdrawn After Graduation