Student bank account / credit score

Hi everyone

I am looking to open a student bank account but I only turned 18 in March so haven't really had the opportunity to have a history on my credit report. As a result im not sure how I can open a student bank account especially one with good benefits such as interest free overdraft when they base their acceptance on credit checks. does anyone have any banks that they know are lenient when it comes to students applying for their student banks?

thanks xx

Reply 1

cyberhex

I'm a HSBC customer and I did have a general like under-18 bank account before but not a credit card or anything so I wouldn't have a credit score, and I applied for both a student bank account and student credit card perfectly fine. I have £1000 interest free overdraft on my debit card, and if you make 5 payments within the first month of opening the account, you get £125!

At the end of the day, it might be just me assuming, but I would guess most banks that offer student bank accounts are used to it because most students won't have immediately had a credit card when they turned 18 so wouldn't have much if any of a credit history anyway :smile:

Reply 2

martin7

Original post by Lollipop579

Hi everyone
I am looking to open a student bank account but I only turned 18 in March so haven't really had the opportunity to have a history on my credit report. As a result im not sure how I can open a student bank account especially one with good benefits such as interest free overdraft when they base their acceptance on credit checks. does anyone have any banks that they know are lenient when it comes to students applying for their student banks?
thanks xx

Don't overthink this!

A bank is likely to run a credit check just in case you have a bad history already; but they won't be surprised to find 18-year-olds that have no credit history.

I think it's highly unlikely to be a problem.

The one thing you can do that will help is to make sure you're on the electoral register at your home address.

Reply 3

Uni of Southampton Students

Official Rep

Original post by Lollipop579

Hi everyone
I am looking to open a student bank account but I only turned 18 in March so haven't really had the opportunity to have a history on my credit report. As a result im not sure how I can open a student bank account especially one with good benefits such as interest free overdraft when they base their acceptance on credit checks. does anyone have any banks that they know are lenient when it comes to students applying for their student banks?
thanks xx

Hi @Lollipop579,

I understand how confusing banking can seem. The main reson the bank will run a credit check when you open a student account is if the account come with access to an overdraft. However, for student accounts, they are mainly checking to see if you have a bad credit history. A lack of a credit history is very common among 18 year olds and the bank will expect that. please do not feel worried about it.

Matthew
Student Ambassador