Are you looking for a student bank account? With lots of different things on offer from the major UK banks, how do you know which one is best? Here’s the lowdown on the Barclays student account and our verdict on whether you’ll be getting a good deal.
Choosing a Student Bank Account-First Things First
When you’re shopping around for a student bank account, here are 5 things to know.
Make sure the freebies are worth it
Banks offer students varies freebies like products, cash, and various discounts to entice you in. However, make sure you’re getting a good deal. For example, a £50 cash incentive may sound good when you’re short of money, but it’s nothing compared to the overdraft you might rack up. Remember, you’ll start paying interest not too long after you graduate.
Check what kind of overdraft you’re actually entitled to
As part of the Barclays student account, a 0% interest overdraft is on offer. You might see wording like ‘You can have an overdraft of up to £3000.’ The ‘up to’ wording is important. Most banks will only offer this in your final year of study and ONLY if you have a good credit rating.
Read the overdraft small print
Most banks give you time to repay your overdraft after you graduate. However, there’s no guarantee you’ll land on your feet and get a high-paying job right away. Our advice? Don’t treat the overdraft like free money, even though it’s tempting. Have a plan to repay what you owe and budget sensibly.
Find out what your credit rating is
While they may be 0% interest, an overdraft on a student bank account is still borrowing. This means your credit score will be checked. The better your credit score, the higher the overdraft the bank will offer. Find out your credit rating and work on improving it where needed.
Why Should I Bank With Barclays?
Barclays’ student offering is the Barclays Student Additions Account. There are several benefits to opening an account with Barclays.
- There are no hidden charges-you won’t have to pay to open or use your account;
- There’s a handy banking app so you can manage your spending and bills;
- The bank offers a 0% interest overdraft starting at £500 in your first year, and rising to up to £1500 in the second and third year.
- Open a Student Additions Account and you’ll get a 12-month subscription to Perlego, the online book library. This is worth £96, based on a standard annual subscription.
Who is Eligible for a Barclays Student Account?
To open a student account with Barclays, you must be:
- 18 years or older
- Studying full-time in the UK
- Have lived in the UK for at least 3 years
- Intend to use this account as your main bank account where your student loan and/or income will be paid
- Be studying as part of:
An undergraduate degree (2 years’ minimum length)
A postgraduate degree (1-year minimum length)
A Higher Apprenticeship (Level 4+)
If you’re an undergraduate who hasn’t received an unconditional or confirmed offer from your college or university yet, you can still start your application. However, you won’t be able to complete it until you’ve received your official offer.
How Can I Apply?
First step is downloading the Barclays App.
After downloading the app, you’ll need to:
Create a passcode to access the app safely.
Take a picture of your identity document.
Record a short video of yourself, which the bank will use to check your ID.
Provide some details about your course and your UCAS status code.
Consent to a credit check.
After that, the bank will confirm when you can start using your new student account.
Is it worth opening a Barclays Student Account?
Our verdict? If you want a better deal on an overdraft, it might be worth shopping around. The incentive to sign up is okay, but you might prefer a more enticing offer, depending on what it is you need. For example, discounted travel might appeal more if you’re studying away from home and want to catch up with family and friends regularly.
