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best student bank account

Student bank accounts are almost always a good idea as they usually have additional benefits such as retail discounts and interest-free overdrafts.

Banks view students as a lucrative segment of their customer base, which is why they offer competitive student accounts. This is because students often remain with banks throughout their student life and after graduation.

To be eligible for a student bank account, you must show proof of your student status.

This is typically proof of acceptance for a minimum of two years of full-time UCAS courses, proof of an unconditional offer, or proof of conditional place confirmation.

You will also need to show proof of your identity and address. Many student accounts require that she has resided in the UK for at least three years.

best student account

HSBC student bank account

HSBC student bank accounts offer attractive overdrafts.

  • This account gives you up to £1,000 interest-free overdraft in the first year, which can rise to £2,000 in the second year and £3,000 in the third year. You will need to request an increase and ultimately your credit history will determine whether the increase will be successful.
  • Receive £100 cash back when you open an HSBC student bank account after 16 June 2022. To receive this amount, he must make 5 debit card transactions within 30 days of account opening.
  • Discounts are available at retailers such as Boohoo, Costa Coffee, ASOS and Costa Coffee.
  • The app has a smart budgeting tool to help you budget and see how much income you have left after your regular bills are paid.

Nationwide FlexStudent checking accounts

  • Nationwide Flex accounts also offer interest-free overdraft up to £1,000 in the first year, £2,000 in the second year and £3,000 in the third year.
  • However, to be eligible for overdraft, a minimum of £500 must be paid into the student account each semester.
  • Additionally, if you apply for a FlexStudent account after 1st August 2022, you will receive £100 cashback. Please note that you will not be able to obtain a FlexStudent or FlexGraduate account on July 31, 2022.
  • £100 will be added to your account within 14 days after you have paid at least £500.
  • The bank will also donate £10 to Shelter for student accounts opened between August and September 2022.
  • However, this account does not offer retailer discounts or referral giveaways.

natwest student bank account

  • A NatWest student bank account has many perks, including the 4-year Taste Card, a discount card that can be used at many UK-based restaurants.
  • Apart from Tastecard, this account also offers £80 as a sign-on incentive.
  • NatWest’s overdrafts aren’t as generous, but they do offer interest-free overdrafts of up to £2,000 for the first period of £500.

Santander 1|2|3 Student Checking Account

Santander student accounts are popular with students because, in contrast to most other banks, they are the only account guaranteed 0% overdraft yearly, regardless of credit history.

  • There is an interest free overdraft of £1,500 in years 1-3, increasing to £1,800 in year 4 and £2,000 if the course is a 5 year course.
  • Earn up to 15% cash back with Retailer Offers, a free service that allows you to earn up to 15% cash back at leading retailers like Costa, Sky, Morrisons and more.
  • Another attractive feature is the 16-25 Railcard, which is valid for 4 years and offers a 33% discount on several train tickets. The card also gives you access to exclusive discounts on travel, dining and top attractions. However, Railcards are not valid in Northern Ireland.
  • Once your account is opened, you will receive a unique code within 5 days of opening your account. This code must be used to order a 16-25 railcard.You will receive your card within 5 days of completing your order

Bank accounts of other outstanding students

Here are other great student bank accounts that offer less overdraft but other perks.

Halifax Student Checking Account

  • Interest-free overdraft of up to £1,500 during the course and for three years after graduation.
  • It provides a roundup feature called Save the Change. With this feature, your bank will round your card payments up to the nearest pound and put the change into your Halifax savings account.
  • There are no sign-on rewards, but you can earn up to 15% cash back at select retailers.
  • It also offers a credit interest rate of 0.10% Annual Equivalent Return (AR) on any credit balance paid monthly.
  • However, there are no freebies on this account.

Student checking account at Lloyds Bank

  • Interest free tiered overdraft of up to £1,500 for Years 1-3 and £2,000 for Years 4-6.
  • You will receive up to £500 overdraft in the first six months of opening your account, increasing up to £2,000 over several years of learning.
  • Open an account between August 1st and October 31st, 2022 and get a free TOTUM card for up to 3 years.The TOTUM card offers discounts on everyday purchases such as travel, fashion, and daily necessities..

monese

  • Monese is not a bank. Instead, they are “electronic money” institutions licensed and regulated by the Financial Conduct Authority.
  • Monese is very student friendly and especially helpful to international students.
  • The card can be opened without a UK address, credit history or income (factors that usually prevent international students from opening an account).
  • You can open a UK and Eurozone checking account for free and choose to pay in both Euros and Pounds.
  • This will allow you to send money overseas.
  • Get a real-time view of your financial activity.

How to choose a student bank account?

Choosing a student account, in particular, can be tricky as there are so many options and the majority are likely opening an account for the first time.

If you’re a big spender and likely spend more than you do, choosing an account with a lot of overdraft may make the most sense. If so, it may make sense to choose an account that offers cashback on your spending.

Also, be sure to rate the perks. For those who study and live in their hometown, a railcard may not be so useful.

Another point to note is that many of the benefits offered are not limited to student bank accounts, but are also found in other types of accounts offered by banking providers, so do your research.



best student bank account

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