Should you open a student bank account before or after applying for student finance? Watch

aetcode
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#1
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I know that as part of the Student Finance application you need to have a bank account; I also know that it is recommended for students to get a student-specific bank account, e.g. from Santander, HSBC, etc.

My question is should I open a student bank account before applying for student finance? So all my loans, transactions, tuition fees etc. can be processed through this account?

Or do most people use their normal account, and set up a student account later? If so, should I use my savings or current account for student finance?
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Muttley79
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(Original post by aetcode)
I know that as part of the Student Finance application you need to have a bank account; I also know that it is recommended for students to get a student-specific bank account, e.g. from Santander, HSBC, etc.

My question is should I open a student bank account before applying for student finance? So all my loans, transactions, tuition fees etc. can be processed through this account?

Or do most people use their normal account, and set up a student account later? If so, should I use my savings or current account for student finance?
You need to apply for Student Finance first as you can't open a Student Bank account until AFTER your results when your uni place is confirmed.
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claireestelle
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(Original post by aetcode)
I know that as part of the Student Finance application you need to have a bank account; I also know that it is recommended for students to get a student-specific bank account, e.g. from Santander, HSBC, etc.

My question is should I open a student bank account before applying for student finance? So all my loans, transactions, tuition fees etc. can be processed through this account?

Or do most people use their normal account, and set up a student account later? If so, should I use my savings or current account for student finance?
Put your current current account down then you can change it to a student account later on
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aetcode
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(Original post by Muttley79)
You need to apply for Student Finance first as you can't open a Student Bank account until AFTER your results when your uni place is confirmed.
(Original post by claireestelle)
Put your current current account down then you can change it to a student account later on

I'm on a gap year, so I have my results & a confirmed uni place. I've got the number UCAS sent me to open a student account with, even though I haven't used it yet. In this case would you recommend skipping the middle man and applying directly with a student account?
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claireestelle
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(Original post by aetcode)
I'm on a gap year, so I have my results & a confirmed uni place. I've got the number UCAS sent me to open a student account with, even though I haven't used it yet. In this case would you recommend skipping the middle man and applying directly with a student account?
You may get rejected for one until august, banks aren't keen on giving out student overdrafts early.
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Muttley79
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(Original post by aetcode)
I'm on a gap year, so I have my results & a confirmed uni place. I've got the number UCAS sent me to open a student account with, even though I haven't used it yet. In this case would you recommend skipping the middle man and applying directly with a student account?
You need the letter and, yes, if you've got that then open a Student Account.
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