Your budget and banking

To get a comparison of the cost of living in London and the cost of living elsewhere, there are websites which compare the price of everyday essentials.

• We recommend Numbero which will show you how much you can expect to pay for a meal.
• Alternatively go to this site for an overview of the costs of everyday items.

There is a variety of costs that will usually be incurred when securing and renting a property. This is what you can usually initially expect: 

Holding deposit

A holding deposit is often paid to a landlord or letting agent to reserve a property and is paid before you sign your tenancy agreement. This should be no more than 1 week of rent for the property you want to reserve. 
The deposit should be refunded in full if the landlord decides not to rent to you, but they may keep it, especially if you do not pass a right-to-rent immigration check or give wrong or misleading information. 
If your tenancy application is successful your holding deposit will either be refunded or count towards your first payment of rent. 

Security deposit 

Tenancy deposits can be up to a maximum of five weeks’ rent. This deposit is an assurance to the landlord that when a tenant moves out, the property will be in the same condition that it was received in. If the property is damaged then the landlord may deduct funds from the deposit to cover the damage.
Your landlord and/or letting agent is required to place your deposit in a tenancy deposit protection scheme (TDP) which keeps your deposit safe for the duration of your contract and provides an avenue to dispute any claims that might be made to your deposit when you leave. You can check which TDP schemes are used in England and Wales and find out more information about deposit laws here. 

First month’s rent 

Additionally, most landlords will also ask for the first month's rent before allowing tenants to move in. Check if your landlord or letting agent is acting legally.

There is a wide choice of banks in the UK to suit different needs, from large national banks such as Barclays, HSBC, and Lloyds, to smaller banks like Monzo and Starling, which offer easy online account opening. Each one has its own strengths and weaknesses and you should make your choice based on what feels right for you.

Opening a bank account typically requires proof of UK address and passport/ID. 

If you do not already have a UK address, the Crick can provide a reference letter. You can email people@crick.ac.uk to request this. Students can also request reference letters from their universities. If you are on a visa or are a pre-settled EU national, you ay also be required to provide a share code or present your BRP.

Many banks now provide specific accounts designed for those arriving in the UK from overseas, helping to simplify the process and get you set up quickly so you can manage your finances smoothly while settling into life in the UK.