Best student bank accounts
General considerations when picking a student bank account.
Most high street banks offer student accounts with similar features - an interest-free overdraft, a debit card, and online banking. The overdraft allowance is the main difference between accounts; some are more generous than others. Consider whether you need overdraft access - if your family supports you financially, you might not. If you're managing on part-time work and student loans, an overdraft buffer can help. Remember that overdrafts cost money if you exceed your allowance, so treat them as emergency access, not free money.
Digital-only banks offer accounts without needing to visit a branch. These are fine if you're comfortable managing money purely through an app. High street banks offer branch access if you need face-to-face help or prefer that option. Most students in Manchester find online banking adequate - you rarely need to visit a physical branch. Student accounts typically end when you graduate, so be aware that your account terms will change after university.
The actual bank matters less than whether you can manage your money in the account. Some people benefit from multiple accounts for different purposes - a spending account, a savings account, a buffer for bills. Others do fine with one account. Set up a standing order from your maintenance loan or work income immediately after receiving it, which removes temptation to spend money earmarked for bills or rent. The best student account is the one where you can reliably keep track of your money.