Most banks and building societies in the UK open from 9.30am to 4.30pm Monday to Friday, with some businesses also open for a limited period on Saturdays. However, a cash card means you can withdraw money from your account at any time of day and on any day of the week from a cash machine.
Choose your bank in the UK carefully. Try to visit the main banks and building societies near your college or university to see which can offer you the best service. Your options include:
- Banks: the main ones offer specific accounts for full-time students, featuring special facilities and fewer charges. But at some banks, these special student accounts are available to UK students only, so ask about this before you decide where to open your account.
- Building societies: these institutions offer a range of financial services, including banking. You may find that, unlike some banks, a building society will offer you interest on a current account.
The most useful account to arrange at first is a current account. You can put money into the account in cash, or by cheque or bank draft made out to you. Then you can write cheques and withdraw cash yourself. To withdraw cash, you can either write a cheque to yourself or write it to 'cash' - or you can use your cash card in a cash machine. Most current accounts pay little or no interest.
If you find you are paying large amounts of money into your account, you might want to open a deposit account as well, so that you can earn interest on your money.
Overdrafts: to overdraw your account means to spend more money than you have in your account. When you overdraw, you are basically borrowing money from the bank. If you think you might need to do this, you should arrange an overdraft with your bank when you set up your account. You will probably have to pay interest and bank charges on your overdraft, although some banks offer free overdraft arrangements for students.
A list of banking words and meanings can be found on the UKCOSA information sheet on banking. If you need further advice, please contact Student Advice and Welfare Services.