Money and Banking


Opening a student bank account

As a student you will need a bank account of your own. For your own safety, don’t keep large amounts of money with you - pay it into a bank account as soon as you can. Then, you can easily withdraw money from various locations around the campus.

If upon arrival at the London School of Business and Management you have not yet opened a bank account, it should be the first thing you do once you are settled into your accommodation. There are many banks in the vicinity of our office which include Barclays, Halifax, HSBC, Lloyds, TSB, NatWest and the Royal Bank of Scotland.

As an international student you will not be able to open a bank account until you have arrived at the London School of Business and Management and enrolled on your course of study. You should therefore make sure that you bring enough British currency and traveller’s cheques to last for the first two to three weeks. It is also useful to bring credit and debit cards. 

Choose your bank account carefully, In particular, consider the following:

  • Can you get a debit card?
  • Can you set up direct debits? (Which will facilitate payment of regular bills, rent, etc.)
  • Do you get a free overdraft and how much is it? (If you overdraw past your limit you may have to pay bank charges.)
  • How much interest do you get?
  • Can you transfer money to accounts overseas or use your debit card abroad? (This is useful if you are an international student.)
  • Most student accounts offer rewards such as rail cards, cash back and reduced concert tickets. Inquire with your bank of choice what perks they offer to students.

For help choosing an account, compare various student bank accounts through the Money Saving Expert website.

International students will usually be able to open either a basic bank account or an international student bank account. However, note that as an international student, you may not be eligible for all the facilities offered to UK resident students and it may be difficult to open an account. 

Identification which you might be required to present when applying for a student bank account includes:

  • A passport or a UK driving licence
  • Bank Letter which will be available to you through the Self-Service Portal (SSP)
  • A document confirming your address whilst studying at the London School of Business and Management (e.g. tenancy agreement)
  • A letter showing your funding arrangements (i.e. from your sponsor, Student Finance England, etc.)

Budgeting

As a student on a limited income you have to be very careful with your money. Being able to manage your finances is very important. It is key that you start learning to budget for bills, books, food and other essentials to avoid piling up too much debt. It is also important to plan ahead how you are going to spend your money, because the money should last you until the end of term.

We advise you to draw up your student budget in order estimate the level of foreseen expenditure involved. Think about expenses such as accommodation, food, travel, education-related, social events, personal essentials, as well as credit card bills, loans repayments, and other costs you might need to include, for example childcare.

Here are some tips that will help you make your money last:

  • Plan for extra expenditure such as start of year costs and special occasions.
  • Pay for as much as you can when you receive your Student Loan instalment such as rent for the whole semester, tuition fees and bills.
  • Buy second hand books and remember to take advantage of the library, rather than being tempted to buy all the books on your reading list.
  • Make use of your student discount cards.
  • If you need to borrow money, then use only interest-free overdraft facilities. Don’t exceed your overdraft limit without prior agreement.
  • Where possible, avoid using credit cards and store cards.

Partners and Accreditations

Get In Touch

  • London School of Business and Management
  • 1 Malet Street, London, WC1E 7JN.