The University of Sheffield
Welcome to Sheffield

How To Choose A Bank

1. Most students need to open a bank account as soon as possible after arrival in Sheffield. Do this even if you are still waiting for the bulk of funds to arrive.

2. The four major ("High Street") banks in Britain are: Barclays, Lloyds-TSB, HSBC and National Westminster (commonly known as Nat West). All of these banks have branches within five minutes walk of the main campus. Other well-known banks in the area include the Royal Bank of Scotland, Santander and Yorkshire Bank. Many building societies (savings and loans banks) offer the same services as banks. These are too numerous to mention here but it may be worth looking at what they offer. Santander has a branch in the Student Union.

3. Ask banks in your home country if you can open an account that would provide:

  1. on-line bank to access your funds while in the UK.
  2. access to cash via ATM machines in the UK.
  3. If you have held a bank account in your home country for at least 2 years, the British bank may be prepared to issue a cheque guarantee card. Bring details of your home bank account with you to the UK.

4. Problems in opening bank accounts

UK banks have received a lot of criticism regarding the difficulties they present to international students. There has been a lot of negotiation nationally and we hope that things will be easier for students coming in 2012/13.

  1. Recently 38% of students found it difficult to open an account.
  2. 17% of new international students had to wait a few weeks before they had an account.
  3. Some banks refused student accounts, and offered accounts which did not include cheque books/debit cards.
  4. Limitations and refusals can apply even if you/your family bank with these companies in your home country.

5. 'Shop around', to compare what each bank is offering and see who will give the best deal.

6. Free gifts/incentives

  1. All banks are eager to attract British students (who will probably choose a bank for life) to open accounts.
  2. Some banks offer incentives to students at the beginning of the academic year. This is to encourage them to open accounts. This may be in the form of free gifts, cash or favourable terms.
  3. These incentives are often not available to non-EU students or to students registered for less than 12 months.

7. Banks are generally open from 9.00 am-4.00 pm Monday to Friday (check with individual branches). Some have more extensive opening hours. Only a few open on Saturday mornings and they are all closed on Sundays and public holidays. Therefore, banks are open when students are likely to be at the University rather than at home. So it is probably useful to open an account with a bank near to your place of study.