Oooh! If you are 16 or 17 you can choose whether you want to apply as a child student or adult student. So be careful on that one.
If you apply as a child student money can be on your parent's account, but I think you are not allowed to work part time then and you possibly need someone to care for you in the UK
If you chose to apply as an adult student then money MUST be in your account or account with your name on it.
As for 28 days, you don't need a bank statement from the day of your application but rather a bank statement from within last 30 days, for example if you apply for your visa on 20th July your bank statement must be dated between 20th June to 20th July. And so 28 days if your statement is dated 20th June your money must be in that account since 23rd May (might have done the maths wrong but you get what I am trying to say ) Apparently money doesn't have to be in your account for 28 days but I like to play it safe so I guess this one is mostly up to you!I won't have bank statement at all because I have to get all documents translated in English so I thought that letter from a bank looked nicer for that purpose, plus my banker told me that everyone else who applied for visa this year used letter from the bank confirming funds and account's holders (basically she told me she will write that account is in both names and we all have equal rights over it and that she confirms that there is so much money in the account, when was money put into account and that she certifies that since then amount of money in the account was never lower than that). Translation of documents takes from 1 to 2 days, so my bank statement can't be dated the same day as my application.
Also, my mum didn't transfer money into my account, she simply gave me permission to use the money from her account, so my name is now attached to her account, so I don't have to wait another 28 days.
The money is also in pounds sterling in foreign currency account so I don't need to calculate the money from our currency into pounds.
But if you decide to do this they will ask you to give bank statements for both accounts, foreign currency account and home currency account, I called Embassy and checked this one.