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Which is the best student bank account?

What should I look for when choosing a student bank account?

If you need to open a student bank account, do your research first. It is not just about the special offers. Consider what is going to important for your financially. We compare what is on offer for this year and give tips for what to look at when comparing student bank accounts.

Compare Student Current Accounts 2023

Have a look at these accounts currently available at the major banks

CompanyAccount NameInterest Free Overdraft LimitSpecial OfferMore Info
Santander123 Student AccountUp to £20004year 16-25 RailcardMore Info
HSBCStudent AccountUp to £3000£100 cash plus 1 year subscription to Headspace More Info
NationwideFlexStudent AccountUp to £3000£100 cashbackMore Info
HalifaxStudent AccountUp to £1500£100 cashbackMore Info
RBSStudent AccountUp to £2000£100 cash and 4 year Tastecard.More Info
BarclaysStudent Additions AccountUp to £1500Perlego free for 12 monthsMore Info
NatWestStudent AccountUp to £2000£100 cash and 4 year TastecardMore Info
LLoydsStudent AccountUp to £1500£100 cashMore Info
Ulster BankStudent AccountUp to £1000Commission Free Travel MoneyMore Info
TSBStudent AccountUp to £1500NoneMore Info

Choosing an Account

  • Bear in mind overdraft limits are 'up to' an amount. It does not guarantee that you will be given the full amount

  • Some limits may be extended over your period of study. For example £500 in the first year, £1000 in your second year and £3000 in your third year.

  • Beware that, if you exceed your interest-free overdraft limit, it can be very expensive. If you are getting near your limit, speak to the bank before it gets any worse.

  • There may be special requirements for having an overdraft which could include paying in a minimum amount every month or signing up to internet banking.

  • Don't just be blinded by the upfront special offers. Work out what will benefit you in the longer term. Many of the offers will have conditions applied.

  • Know the terms of your account. When will you have to pay back an overdraft? What happens to the account when you graduate?

  • A local bank can be really useful if you need to take documents in but, with ATMs everywhere and Internet Banking, it is not always necessary to go for the nearest.

To open an account you will need...

  • ID such as a passport or driving licence
  • Proof of your address
  • Proof you are a student

Credit cards can be very useful but they need to be used sensibly. Low income credit cards are available.

"Student Money Advisers see the consequences of poor financial capability every day, for example: many students end up working too many hours to get out of the situation and then get behind with course work - and so the spiral continues," said Lynne Condell, National Association of Student Money Advisers chair.

"Student Loans aside many students spend years paying off credit cards and store cards that they could easily have done without but made some poor decisions due to being ill-equipped when they started university."

This content was last reviewed on 02/08/2023

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