From student loans to accomodation costs and thinking about your weekly food budget, money
is an inescapable topic of conversation when you become a student.
Picking the right student bank account, however, could be a simple way to make your money work
harder for you. Student bank accounts typically come packed with freebies and rewards like
railcards, tastecards and even cold hard cash, so in this video we’ve gathered up the best
deals to help you find the right account for you.
When your mates are scattered at unis across the country and you’ve gotta scrape together
your savings to get home for Christmas, Santander’s free 16-25 railcard could be a lifesaver.
Santander is the only bank offering a railcard this year. The card is free for new customers
to Santander’s 123 Student Current Account, and gets you a ⅓ off rail fare. The account
also comes with an interest-free £1,500 overdraft for the first three years of your degree and
cashback of up to 15% at some major retailers.
This year, HSBC is offering the biggest cash rewards of £80 when you sign up to its Student
Bank Account. Plus, if you make five debit card transactions within the first month of
opening the account, you’ll also be entitled to a £20 UberEats Voucher or a year of unlimited
next-day delivery with ASOS Premier.
Both Natwest and the Royal Bank of Scotland are offering £50 cash rewards if you sign
up to their student accounts, plus a Tastecard valid for four years, that gets you 50% off
food or 2 for 1 meals. Ideal for any budding foodies out there or anyone who’s sick of
their dubious catered halls canteen dinners - trust me, I’ve been there.
Each of these three accounts have slightly different features and overdraft facilities,
so you should look into them individually in more detail before deciding which is the
right one for you.
Most student bank accounts will offer interest-free overdrafts for a limited period while you
study. However, HSBC and Nationwide are offering the largest interest-free overdrafts, starting
at £1,000 in your first year, with the potential for it to increase up to £3,000 by year three.
A lot of people I went to uni with made the mistake of thinking this is free money. Not
only will you have to pay any money you spend in your overdraft back, your bank will start
charging interest on the balance amount once the offer period is over. Usually this isn’t
until the end of your third year at uni, and most banks will offer an interest-free, staggered
repayment system so you can pay off your debt gradually without incurring additional charges
straight away.
There’s nothing so enriching and educational as travel and, with the world opening up,
many of you will be desperate to head abroad. Whether you’re studying out there or just
taking a holiday, the Nationwide student account could offer the best of both worlds.
As well as an overdraft of up to £3,000 by your third year and eligibility to apply for
a Member Credit Card with loads of extra benefits, Nationwide’s FlexStudent current account
is completely free to use when spending on your card or withdrawing money abroad.
This is a very limited-time offer but one we felt was well worth including in our student
banking round-up. If you sign-up for a student bank account with either Lloyds or the Bank
of Scotland before the 31st October 2021, you will be entitled to a free TOTUM card
for up to three years.
The TOTUM card offers one of the biggest range of discounts from food and drinks to travel,
computer equipment, days out, fashion, entertainment, music and more. Specific discounts include
25% off student tickets at Odeon, 10% off at the Co-op, plus discounts at Apple, ASOS,
Thorpe Park and on your 16-25 railcard.
The rewards are one thing, and very exciting when signing up for your first student bank
account. But it’s the specific features, charges and interest rates on your account
that will help you make the most of your money while at uni. So make sure you compare each
card in detail before choosing the right one for you. To get started, click on the link
in the description below and check out our dedicated student banking page for additional
information on all of the accounts I’ve mentioned and more.
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