Student bank account reviews
NatWest Student Current Account
0% overdraft
- Year 1: £2,000 (£500 in term 1)
- Year 2: £2,000
- Year 3: from 2nd October 2024, eligible students from year 3 onwards can apply for up to £3,250
The first year is limited to £500 in your first term, then up to £2,000 until your third year, when you can apply for £3,250.
You need to be 18+ to apply for the overdraft amounts and it’s subject to approval.
Sign-up incentive
This year NatWest has two sign-up incentives on offer. Not only can you get £100 cash but also a four-year Tastecard.
Terms and conditions apply, you need to be 17+ and live in the UK for three years. This is a limited offer that can be withdrawn at any time due to limited availability, and you need to be a full-time undergraduate student (on at least a two-year course at a UK University/College) or completing a full-time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date. You also can’t have received a student account incentive from NatWest Group since the 1st of July 2020.
You will receive the £100 bonus within 10 working days of opening your account but you won’t receive it if the new student account is closed, even if you meet all the requirements. You will receive the tastecard redemption code to the email address you gave when signing up within 5 days of opening your account.
Student Satisfaction Score: 4.28 out of 5
RBS Student Bank Account
0% overdraft
- Year 1: £2,000 (£500 in term 1)
- Year 2: £2,000
- Year 3: from 2nd October 2024, eligible students from year 3 onwards can apply for up to £3,250
RBS’s 0% overdraft has a high ceiling of £3,250 by your third year and the chances of obtaining it (eventually) are quite high.
The first year is limited to £500 in your first term, then up to £2,000 until your third year, when you can apply for £3,250.
Be aware that the overdraft is subject to approval and you need to be 18+ to apply for it.
Sign-up incentive
This year RBS has two sign-up incentives on offer. Not only can you get £100 cash but also a four-year Tastecard.
Terms and conditions apply, you need to be 17+ and live in the UK for three years. This is a limited offer that can be withdrawn at any time due to limited availability, and you need to be a full-time undergraduate student (on at least a two-year course at a UK University/College) or completing a full-time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date. You also can’t have received a student account incentive from NatWest Group since the 1st of July 2020.
You will receive the £100 bonus within 10 working days of opening your account but you won’t receive it if the new student account is closed, even if you meet all the requirements. You will receive the tastecard redemption code to the email address you gave when signing up within 5 days of opening your account.
Student Satisfaction Score: 4.17 out of 5
Santander Edge Student Current Account
0% overdraft
Up to £2,000.
- Year 1: £1,500
- Year 2: £1,500
- Year 3: £1,500
- Year 4: £1,800
- Year 5: £2,000.
Unlike other banks, most students do get the full £1,500 overdraft by year three with Santander. But it’s still not guaranteed and depends on your credit rating.
To receive the overdraft, you must deposit at least £500 every four months into the account (i.e. your Maintenance Loan).
Upon opening the account, you’ll be given a 0% overdraft of £250 which will increase up to £1,500 within your first year. If your course is longer, you can get up to £2,000 by your fifth year.
Sign-up incentive
The four-year 16–25 Railcard is worth around £100 and saves you one-third off all train travel within the UK.
We have confirmation that current students may also be eligible for the Railcard! Simply switch to this account from your current bank.
There is also a prize draw for Santander student account customers where 20 students will each win £27,750 and 30 students will each win £9,250. To be eligible you must pay in £500 to your account between 15th July and 30th September 2024.
Tip: Once you receive the free Railcard (usually within 60 days) you could switch to another bank offering a larger overdraft.
Our review
Santander’s advertised overdraft is lower than some other banks’ so why is it so high up our list this year?
It’s important to remember that the overdraft amounts are “up to”. So, for example, we believe you’re more likely to get £1,500 out of Santander than other banks offering more over the course of your degree.
Santander is also a popular choice among students and the freebie Railcard is also good value. It saves you the cost of buying it and reduces the cost of train travel for your whole degree.
The chance to win the tuition fee prize can be tempting but it’s important to remember the odds are quite slim.
Student Satisfaction Score: 4.14 out of 5
Nationwide FlexStudent Account
0% overdraft
Up to £3,000.
- Year 1: £1,000
- Year 2: £2,000
- Year 3: £3,000.
This is one of the best student bank account overdrafts advertised this year. Nationwide has informed us that if you are accepted for the account you will be able to get the full overdraft guaranteed.
You should receive up to £1,000 in year one and £3,000 in year three as long as you deposit £500 a term and keep a healthy account.
Sign-up incentive
Nationwide is also offering one of the largest sign-up incentives this year with not only £100 cashback but also £120 in Just Eat vouchers which are paid out as £10 a month for the first 12 months after opening the account.
The £100 will be paid within 14 days of depositing £500 into the account. You will also be sent instructions on how to claim your monthly £10 Just Eat voucher. However, it’s worth noting that you must keep your account with Nationwide in order to receive them all and each voucher will have a 30-day expiration date.
Unfortunately, if you’ve already benefited from a previous Nationwide student offer, or have a student account open with them already, you won’t be eligible for this incentive.
Our review
After just a few years of offering a student account, Nationwide has quickly become a student favourite.
There’s a top sign-up incentive, worth £220 in total, and the overdraft on offer is one of the largest (and the one that’s most likely to be guaranteed).
Be aware you can only apply for the account five months or less before your course starts or within two months of starting.
Student Satisfaction Score: 4.13 out of 5
HSBC Student Bank Account
0% overdraft
Up to £3,000.
- Year 1: £1,000
- Year 2: £2,000
- Year 3: £3,000.
HSBC has one of the largest student account overdrafts on offer. All students can get £1,000 upon opening an account which can rise to £3,000 in your third year.
Sign-up incentive
There is currently no offer available with an HSBC student account this year.
Our review
HSBC has a top student bank account option this year as it comes with a large interest-free overdraft.
However, the current lack of sign-up incentives means there are much better options out there.
Student Satisfaction Score: 3.89 out of 5
Halifax Student Current Account
0% overdraft
Up to £1,500.
Although Halifax advertises an overdraft of “up to” £1,500 at 0% from your first year at uni, you’re unlikely to get the total amount.
To increase your overdraft amount, you’ll need to keep hounding the bank throughout your time at uni. They’ll judge applications on a case-by-case basis.
Aside from your abilities to persuade them, the amount you get will depend on your credit history (check yours for free) and spending habits.
Sign-up incentive
There isn’t currently anything on offer from Halifax aside from 0.5% interest and cashback at selected retailers.
The interest may seem tempting but it’s worth remembering that you’ll get much better rates by opening a savings account elsewhere.
Our review
According to reports from students who have banked with Halifax, getting the maximum £1,500 0% overdraft is not necessarily easy.
Also, the cashback with certain stores and interest rate of 0.5% aren’t the best you can get.
Student Satisfaction Score: 3.31 out of 5
Lloyds Student Current Account
0% overdraft
Up to £2,000.
- Year 1: £1,500
- Year 2: £1,500
- Year 3: £1,500
- Year 4: £2,000
- Year 5: £2,000.
In the first year, the 0% overdraft limit is tiered: £500 for the first six months, £1,000 in months seven to nine, and £1,500 beyond that.
With a maximum of £1,500 (or £2,000 if you study for four to six years), Lloyds aren’t the most generous. However, most students will get the full amount after the first year.
Sign-up incentive
Lloyds does give 2% interest on balances up to £5,000. But if you’re considering that, a separate savings account would be a better option for any cash you have.
Our review
If you have a poor credit score (check for free), Lloyds are a good choice as a high proportion of applicants receive the full overdraft. The tiered overdraft system can also help you budget your money over the year.
In reality, there are better options available this year.
Student Satisfaction Score: 4.08 out of 5
Barclays Student Additions Account
0% overdraft
Up to £1,500.
- Year 1: £1,000
- Year 2: £1,500
- Year 3: £1,500.
Upon opening your account you’ll get a £500 overdraft, and from then on you’ll have to ask to increase it.
In the second year, you get up to £1,500 which stays the same for the third.
Barclays advertises that students can get “up to” the amount each year. But, as with most banks, this will be based on your credit score.
Sign-up incentive
Barclays have yet to offer a bonus for opening a student account this year although that could be set to change.
Our review
The overdraft is not as good as many other options and is not guaranteed.
We’d suggest going with another account that offers better incentives.
Student Satisfaction Score: 3.86 out of 5
TSB Student Bank Account
0% overdraft
Up to £1,500.
The TSB 0% overdraft is tiered in the first year: £500 for the first six months, £1,000 in months seven to nine and up to £1,500 thereafter.
You’ll need to apply and badger them to bump up your limit. Depending on your credit score, you have a relatively good chance of receiving the full advertised amount by the second year.
Our review
Aside from earning 5% interest on balances up to £500 (£25 a year), there’s not too much going for this student account.
Student Satisfaction Score: 4.04 out of 5
The Co-operative Student Bank Account
0% overdraft
Up to £2,000.
- Year 1: £1,400
- Year 2: £1,700
- Year 3: £2,000
To be eligible for the full amount, you must deposit £300 within 28 days of opening the account. That amount must stay in there for at least 48 hours afterwards (in other words, you can’t just transfer the money in and out straight away). As with all accounts, you’ll need to pass a credit history check.
You also have to ask the bank for the increase each year.
Our review
Despite a distinct lack of freebies, a high number of students have reported getting the full advertised overdraft amounts with Co-op.
Co-op has a reputation for decent customer service and a customer-led Ethical Policy.
Student Satisfaction Score: 1.83 out of 5
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