As with any bank account, verification of your address plus photo ID are needed In addition students need confirmation of student status. The UCAS confirmation letter and a passport will do the trick. Setting up an account on the internet should take no more than about a week, says NatWest.Other banks claimed it should take only days to set up a student account. HSBC said that a new customer who takes in the appropriate identification can open an account on the spot A phone or internet application should take only three days. In all cases, the time taken will depend on how quickly you can get to the branch with your documents. You cannot apply over the internet with Barclays, but can open an account straight away at a branch with the right documentation.

You should get a chequebook within five days.The Co-op’s internet bank, Smile, says that from the moment you apply online, it should take about two weeks for the account to be up and running. There is usually no need to provide documents or to sign anything before the account is opened, and there is no need to apply separately for internet access to the account Smile offers students interest-free overdrafts. Details of student accounts are available on the internet at estimates from the National Union of Students suggest that, after fees and rent are paid, typical student expenditure for a 39-week university year in 2003/04 was about £4,617 – almost £1,000 more than the full student loan of £3,698. Students are likely to need the interest-free overdraft while they work behind a bar or shop counter to plug the gap in their budget. The overdraft also lends itself to nifty financial planning: try putting your loan into your bank’s tax-free ISA and living on the free overdraft, then paying off the overdraft in one go towards the end of term.NUS information sheet 17, ‘Managing Your Money’, gives further help on budgeting.

I have had persistent delays with the processing of my Woolwich mortgage. When I spoke to my solicitor, he said he had such problems with the Woolwich that he charges extra for its customers to cover the additional complications JO, Huntingdon

Q. Barclays, which owns the Woolwich, apologises for the problems with your mortgage. A Barclays spokesman says: “The Woolwich has been working hard to improve mortgage servicing for its customers and over the past 18 months has seen considerable improvements in the service, with a 39 per cent reduction in end-to-end offer times during 2004, and this has been acknowledged in the market. We are not aware of solicitors charging more for Woolwich mortgage applications; this is something we will look into further.”Q. I have been trying to find a bank account for my 14-year-old daughter that she can administer, making her own deposits and withdrawals through the local Post Office. However, I am finding it very confusing to understand what the banks are offering for children Can you offer any advice? BC, by e-mail.A.

Encouraging teenagers to operate their own bank accounts is a good idea. It helps them learn to budget and improves their understanding of some of the principles of personal finance – a theme close to the heart of The Independent, which is campaigning for personal finance to be taught more widely in school. But finding the right bank account for a child is, as you say, difficult.Banks offer a variety of terms and different cash-withdrawal daily limits. There is really no alternative to comparing the terms offered by various banks to decide which you are happiest with. Several banks, including Barclays, the Co-operative and Lloyds TSB, have arrangements with the Post Office to handle current account transactions.The daily amount that can be withdrawn from the Co-op Bank’s children’s accounts increases as the child gets older, with a cash card available from age 11. Up to £50 can be withdrawn per day from a Barclays children’s account, which has a cash card.