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Student bank accounts

Student bank accounts

If you are moving straight from undergraduate to postgraduate study, you may still have your student bank account with an interest free overdraft facility. However, if you have had a gap between undergraduate and postgraduate study, your account may have been switched to a graduate account. When you return to full-time study, ask your bank if you can switch your account back to a student account so that you can benefit from an interest free overdraft facility. As long as you are paying a regular and reliable source of income into your account, you should be eligible for a student bank account as a postgraduate.

If it is some time since you had a student account, you may want to compare what is on offer and consider switching banks if you can find a better account. The moneysavingexpert website compares different student bank accounts and gives information and top tips on opening and running a student account.

The Save the student website also has a comparison of student bank accounts and advice on how to choose the best account for you.

Make sure that you keep a close check on your account so that you do not exceed your agreed overdraft limit, as this can incur large penalty charges. Different banks have different terms and conditions - some impose charges for each day you exceed your limit while others will charge a one off fee. Always read the terms and conditions of your overdraft facility so you are aware of what will happen if you exceed your overdraft limit. If you feel that you will need an increased overdraft limit for a period of time, try and plan ahead and negotiate with your bank so you avoid paying excessive fees and charges for an unauthorised overdraft.

One factor to consider when choosing a student bank account is what will happen to your account when you complete your studies. For more information and a comparison of graduate bank accounts see the Money Saving Expert website.


You might not be able to get an interest-free overdraft facility in the same way as a UK student, particularly if you have just moved to the UK. However, you may be able to negotiate one with your bank if you have a regular and reliable income, or if you have an account with the same bank in your home country, or if you have lived in the UK for some time.

Law, regulations and policies can change quickly. The information on our website is given in good faith and has been carefully checked but QMUL cannot accept responsibility for any errors or omissions. QMUL is not responsible for the content or reliability of the linked websites which are provided for further information.

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