A student account is designed to be just for students. It is usually a standard bank account. Students are also given things such as free goodies and don’t have any overdraft fees. You will need to prove your student status when opening an account.

Even though there are plenty of good offers this year, students need to be wary and only take advantage of those that can actually help them. Free products like bank accounts and calculators seem attractive but an overdraft for more than three years can be a better offer.

To make their bank account application online, UK students are required to show:

1. One or two forms of photo ID: such as a passport or driving license
2. Proof of address: such as a recent utility bill or bank statement
3. Proof of the student status: a letter of acceptance from your university, or a UCAS offer letter

If you are a student entering the United Kingdom for study, unfortunately, you won’t be entitled to an overdraft and most of the benefits that come with student accounts. If you will be living in the UK for more than 6 months, you can apply for a basic current account with most UK banks. Otherwise, a prepaid card may be a better option.

Banks are trying to make you a loyal customer because they know they have a good chance to keep you as a lifetime customer when you open a student account with them. However, if you notice a better interest rate offer elsewhere, it can be worth changing bank terms. It may seem like a lot of hard work but the time spent switching will be repaid many times over.