Finding the right student bank account for you

Did you know that you may qualify for a bank account designed for students? A student bank account is a current account specifically for students in higher education in the UK. 

Student current accounts offer extra benefits than a regular current account. Each bank will offer its own benefits, but they may include an interest-free overdraft and discount on railcards or shopping vouchers. 

Several banks offer student accounts in the UK but finding the one that’s right for you can be a challenge. It’s always best to do your research and talk to a member of the banks’ staff before signing up.

For most of these accounts, you must be a UK resident to be eligible to apply. If you’re an international student looking for a UK bank account, check out Save the Students article full of tips and advice on finding the right one.  

 
Here are four of the top student bank accounts in the UK: 

NatWest  

• £100 cash and a four-year tastecard 
• 0% overdraft of £500 in the first term, then up to £2,000 until the end of year two and up to £3,250 from year 3 & beyond 

The £100 is paid into the account within 10 working days of the account being opened and you’ll be emailed a code to redeem the tastecard within 5 days. 

RBS 

• £100 cash and a four-year tastecard 
• 0% overdraft of £500 in the first term, which can be increased up to £2,000 until the end of year two and then to £3,250 from year 3 & beyond 

The £100 is paid into the account within 10 working days of the account being opened and you’ll be emailed a code to redeem the tastecard within 5 days. 

Santander 

• 0% overdraft of £1500 for the first 3 years, £1800 for year 4 and £2000 if you stay on for year 5  
• Free 4-year 16-25 railcard (worth £100) 

If you travel by train frequently, this is your best option. A 16-25 railcard can save you on average £159 per year.  

HSBC  

• £100 cash and a one-year Headspace subscription 
  0% overdraft  
• Get a guaranteed interest-free limit of up to £1,000 in your first year, which could rise to £3,000 by year 3. 

Just open the account and use the debit card 5 or more times within 30 days –the £100 is then paid within 30 days and the Headspace voucher will be emailed to you within 45 days. 

If you’re still not sure which student bank account to apply for, use the comparison feature on MoneySavingExpert or Save the Student.