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Thu Nga

May 29th, 2024

A guide to UK banks: which should you sign up for?

0 comments | 2 shares

Estimated reading time: 2 minutes

Thu Nga

May 29th, 2024

A guide to UK banks: which should you sign up for?

0 comments | 2 shares

Estimated reading time: 2 minutes

Many great UK banks offer advantageous services for students, each with its own features if you open a student account with them. However, some advantages may be more important than others for you. This post will outline some key benefits that, in my view, may help you make a more informed decision to choose which bank you should sign up for in September.

Location, location, location!

Of course, the most important factor to consider is your bank’s proximity to LSE’s campus or your accommodation. Some major banks with branches close to LSE include HSBC, Barclays, NatWest, Lloyds Bank and Santander. If you open an account in any of these banks, running errands to the bank may be much more convenient.

International transfer fees

For international students, international transfer fees may be an important aspect to be aware of. Many banks in the UK are operated by global companies. Hence, some banks may reduce international transfer fees, making it easier for international money transfers across countries if both accounts are registered with them. 

Interest-free overdrafts

Though complex in name, interest-free overdrafts simply mean that you pay back no more than you borrow. Some banks that provide this package include NatWest and HSBC.

Special features

Most banks provide general services like mobile banking and contactless payment. However, sometimes banks provide unique benefits to their student accounts. For instance, Santander’s Edge Student current account comes with a free 4-year Santander 16-25 Railcard to save a third on rail travel in Great Britain. This sounds like a great idea for students who live further away from London. However, this package also requires you to pay at least £500 every four months to your account. So be sure to pay attention to the requirements of these accounts before signing up!

About the author

Thu Nga

Hello! My name is Emily Nguyen and I am a First Year BSc Environment and Development student at LSE. I'm always available for help so just drop a comment!

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