Banking in the UK
Online Banks
If you are in the UK for a short time, opening an online bank account is often the easiest option.
Popular online banks include:
These accounts are usually opened through a mobile app and may require ID verification and a UK address.
High Street Banks
If you are studying for six months or more, you may be able to open an account with a high street bank.
What you may need
- Your passport
- Your visa or BRP (if required)
- Proof of your UK address
- A letter from the school confirming:
- your course dates
- your UK address
- your home country address
Each bank has different requirements, so it is best to check with the bank before applying.
Types of Account
Current Account (US: Checking Account)
This is the most useful account for everyday banking.
With a current account you can:
- Receive money
- Pay by card
- Use online banking
- Withdraw money at any time
Most current accounts pay little or no interest.
Savings Account
A savings account is usually used to keep money for a longer period of time.
Savings accounts normally pay interest on the money you keep in the account.
Paying Money into Your Account (Depositing)
Paying money into your account is called depositing money.
You can deposit money:
- By bank transfer
- At a bank branch (if you use a high street bank)
- At some cash machines
Ask your bank for specific instructions.
Taking Money Out (Withdrawing Money)
You can withdraw money in several ways:
- ATM (cash machine) – using your debit card
- Inside a bank – with identification
- Cashback – available in many supermarkets (usually up to £50)
Safety Tips
- Do not use a cash machine if someone is standing too close to you.
- Check that the machine looks safe before using it.
- Put your money away before leaving the machine.
- If possible, use machines attached to a bank.
Checking Your Balance
You can check your balance:
- On your banking app
- At a cash machine
- Inside a bank branch
- On your bank statement
Useful Banking Words
Interest
Extra money the bank pays you for keeping money in your account, or money you pay the bank if you borrow money.
Overdrawn
When you spend more money than you have in your account.
PIN (Personal Identification Number)
Your secret number used to access your bank account or debit card.
Never share your PIN with anyone.
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