Advice Opening a Bank Account This information is accurate as of February 2016
1
What is the Right Bank Account for Me? Knowing what accounts are available is the key step to deciding which one is best for you. Current accounts are the most common and features include being able to receive money (wages, benefits and SFE loans), paying cheques, withdrawing money, checking your balance, setting up direct debits and standing orders, applying for an overdraft and having interest paid on savings. As a student, current accounts are ideal as you can check your account summary and details online, through branches, over the phone or using your mobile. Banks sometimes offer extra perks for a monthly fee such as travel and phone insurance, or commission free foreign currency - check if these ‘perks’ are worthwhile.
Basic bank accounts are similar to current accounts but do not have an overdraft so you can only spend as much as you have in your account. Disadvantages are overdraft charges and low interest rates. Student Accounts are aimed at students and are similar to current accounts but also have an agreed interest-free overdraft. These accounts are worth investigating as they often come with a variety of offers likely to be of interest such as railcards and vouchers.
Savings accounts give you a higher interest rate however they have specific terms and conditions. Some savings accounts will restrict how much you can withdraw, others have a minimum sum that has to be paid in monthly, whereas others require notice of intention to withdraw.
http://www.goldsmithssu.org/advice
This information is accurate as of February 2016
2 Choosing an account Free gifts on opening an account are tempting but good overdraft facilities and interest rates will benefit you more in the long run. When researching which account to open compare: • Interest rates • Borrowing options • Charges • Location of free cash machines The following comparison websites offer useful advice: • Money Supermarket: http://www.moneysupermarket.com/money/ • Money Saving Expert: http://www.moneysavingexpert.com/banking/ • Money Advice Service: https://www.moneyadviceservice.org.uk/en/categories/running-abank-account • Money Facts: http://moneyfacts.co.uk/
Opening a bank account in three simple steps 1. Do your homework: research every aspect of the accounts available. Don’t ignore the perks but also look at overdraft facilities and accessibility 2. Visit the bank prepared: Take everything you need such as ID, proof of address and your UCAS offer or confirmation letter to prove you are a student 3. Open your account: listen carefully to what the bank staff tell you and feel welcome to ask questions and to take time to consider your decision
http://www.goldsmithssu.org/advice
This information is accurate as of February 2016
3 International and EU Students You should be able to open a ‘Basic Bank account’ with a number of different banks and some banks offer an account tailored to international students’ needs. A good tip is to check whether your chosen bank: • Has branches in your home country • Has a branch on or near campus
• Offers free withdrawal from cash machines • Requires a minimum deposit or a monthly fee For further guidance, take a look on the UK Council for International Student Affairs (UKCISA) website: http://www.ukcisa.org.uk/ International-Students/Whenyou-arrive/Opening-a-bankaccount/
How to Manage Your Bank Account. Generally if there is money in your account, you will not be charged a fee, however if your account becomes ‘overdrawn’ i.e. your account balance is less than £0, you could incur charges. Discuss arrangements for unplanned overdrafts with your bank. Overdraft facilities are a comfort, however be aware of charges and going into your overdraft. These are usually detailed in the information for bank accounts,
but you should ensure you are clear on how much exactly you will be charged when overdrawn.
Cashpoints on Goldsmiths campus • There is a free cash machine in the SU building • There is also a free cash machine in RHB
Contact Us
Visit us on the Goldsmiths Students’ Union website and click on Advice or contact us via e-mail: advice@goldsmithssu.org. http://www.goldsmithssu.org/advice
This information is accurate as of February 2016