Which Bank Account is Best for International Students?

Are you an international student preparing to study in the UK? One of the essential steps in settling into life abroad is opening a bank account. But with so many options available, it can be challenging to determine which bank account is best suited to your needs. In this blog post, we’ll explore some of the best bank accounts for international students in the UK and how UK Compass, the leading free online platform connecting users to the best UK providers, can help you find the right fit.

HSBC International Student Account

HSBC offers an International Student Account designed specifically for students from overseas. With this account, you can access a range of benefits, including no monthly account fees, a dedicated mobile banking app, and 24/7 customer support. Plus, HSBC has a widespread network of branches and ATMs, making it convenient for students studying in various locations across the UK. To apply for this Account, you need to be 18 years or older and provide valid identification along with proof of address. The drawback of this account is that it doesn’t grant access to any HSBC credit cards, loans, or mortgages.

Lloyds Bank International Student Account

Lloyds Bank offers an International Student Account with a host of benefits, including no banking fees when you stay in credit, a contactless Visa debit card, and the opportunity to earn up to 15% cashback at selected retailers. Access to online and mobile banking services, and round-the-clock customer support further enhance its benefits. To apply for this account, you must be 18 or older, UK resident, and prove your identity with documents like passport, driving licence or Biometric Residence Permit (BRP). The drawback for this account is that if you use your Visa debit card outside the UK, fees will be incurred.

Metro Bank Current Account

While Metro Bank doesn’t offer a dedicated international student account, you can open a Personal Current or Savings Account with a variety of benefits. These include no monthly fees, online and mobile banking, a contactless Visa debit card (with no fees for card usage in most European countries), the option to apply for an overdraft, and 24/7 customer support. To apply, you’ll need to provide a valid passport and student visa (with at least six months validity), along with proof of address. Alternatively, a letter of acceptance or introduction from a UK educational institution will suffice if you cannot provide proof of address.

Santander- Basic Current Account

Similar to Metro Bank, Santander doesn’t offer a specific international student account. However, you can opt for their Basic Current Account, which offers benefits like no monthly fees, 24/7 customer support, cashback on online shopping at a wide range of retailers, vouchers, and coupons for discounts, fee-free cash withdrawals from Santander ATMs abroad, and essential banking services such as online and mobile banking. To open an account, you must be at least 16 years old and provide ID documents like a passport or driving licence, along with proof of address. The drawback for this account is the account provides a non-contactless debit card, with restrictions on some transactions and no overdraft facility available.

Nationwide- FlexBasic Current Account

Nationwide also doesn’t provide a dedicated international student account. However, you can consider their FlexBasic current account, offering perks like zero monthly fees, round-the-clock customer support, an optional Nationwide savings account, the option for a joint bank account, a contactless debit card, and essential online and mobile banking services. To apply, you need to be at least 18 years old and provide ID documents like a passport or Biometric Residence Permit (BRP), as well as proof of address. Drawbacks include no interest on deposits, no arranged overdraft facility, and no chequebook option.

Halifax- Current Account

Halifax does not offer a dedicated international student account. However, you can explore their Current account, which features benefits such as no monthly fees, 24/7 customer support, up to 15% cashback, the option to apply for an arranged overdraft (subject to assessment), a contactless debit card, and essential online and mobile banking services. To apply, you must be at least 18 years old and provide ID documents like a passport or Biometric Residence Permit (BRP), along with proof of address. Drawbacks include no interest on deposits.

Online Banks (Monzo & Starling Bank) – Current Account

Neither bank provides a specialized international student account. However, you can consider their Current account, offering benefits like zero monthly fees, 24/7 customer support, friend referral discounts, interest on savings, the possibility of applying for an arranged overdraft (subject to assessment), free UK bank transfers, a contactless debit card, cashback with Mozo, and essential mobile banking services. To apply, you must be at least 16 years old and provide ID documents such as a passport or Biometric Residence Permit (BRP), alongside proof of address.

As both banks primarily operate digitally, if you require cash deposits, you’ll need to visit the post office or various pay-points nationwide. They are widely recognised and trusted across the country, ensuring secure banking experiences for many customers. Additionally, deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

How UK Compass Can Help

UK Compass is your go-to resource for finding the best banking services in the UK. Our platform allows you to compare different bank accounts available, making it easy to find the right fit for your needs. If you’re seeking for a bank with no monthly fees, convenient online banking features, or a dedicated support team, interest on your savings, UK Compass has you covered.

In conclusion, opening a bank account as an international student in the UK is an important step in your journey abroad. By choosing the right bank account that offers the features and benefits you need, you can manage your finances with ease and focus on making the most of your student experience in the UK. Discover the perfect bank account effortlessly with UK Compass. Get our free mobile app now to find your ideal bank today!