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Best Bank Account for Student Without a Student Loan

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I'm looking for a bank account for my daughter that offers as many perks as possible. However being a student ( 18 years old ) in school and soon to be attending a Foundation Course, she doesn't have a monthly salary or Student Loan to entice. However, she does have £1800 saving she can place to start her off ( which she will move back into saving once the account is set up ). She has a weekend job and other forms of part-time income to top up an account and she intends to use it to buy drinks, essentials etc.
Does anyone have any advice as to what account would be best? Many offer cash incentives to join but they ask for a monthly salary or student loan to get the best offers ( like Nat West and First Direct )

Comments

  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Cash incentives are only offered for switching current accounts. Does your daughter already have a current account that she could switch?

    For specific student accounts, check this https://www.moneysavingexpert.com/students/student-bank-account/
  • She has a Go Henry Account which may possibly count as a current account and a cash ISA only . Do these count?
  • A standard student account needs a UCAS letter and they need to deposit their student loan into the account. As my daughter is at school for another six month and after that doing a Foundation Course she won't have the necessary paperwork for a student account
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    She has a Go Henry Account which may possibly count as a current account and a cash ISA only . Do these count?
    These don't count as current accounts.
    A standard student account needs a UCAS letter and they need to deposit their student loan into the account. As my daughter is at school for another six month and after that doing a Foundation Course she won't have the necessary paperwork for a student account
    She needs either a UCAS confirmation letter with an unconditional offer or, if her offer is conditional, A-Level results that meet that condition, or a letter from the university she'll be attending confirming your place, or a letter confirming she will start a degree level apprenticeship. If she cannot provide any of these, she can still get a bog standard current account as they are all available to people from age 18. She can also wait until she has the necessary paperwork, and she can have a student account and a normal bank account.
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    edited 10 January 2019 at 7:00PM
    I'd personally suggest a TSB Classic Plus if she/he is happy to deposit £500 per month or Santander 123 Mini Current Account.

    Eighteen just misses the FlexOne which would have been my other suggestion
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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