Nationwide and Santander have both announced their respective student account deals ahead of the new university term.
Santander has given 20 customers heading to university the chance to win the value of their tuition fees – £27,750 – in cash.
To qualify for the draw, you need to open a Santander Edge Student current account between now and 30 September 2024 and deposit at least £500 into the account. You then have to keep the account open to receive the potential payment.
Everyone who enters could take home the main cash prize, and 30 undergraduates will be in line to collect £9,250 – around one year of tuition fees. While the amount matches up with those university costs, there is no expectancy to spend it on them; you can spend the winnings on whatever you like.
Other perks of the Santander Edge account include a free 16-25 railcard for four years and free use of your debit card abroad with no charges added when you make a transaction.
Vouchers, prizes and free overdraft with Santander
You’ll also be eligible for its Santander Boosts scheme, which means you can bag discounts and rewards for spending in a range of stores including Greggs, Tesco and Caffè Nero.
Meanwhile, its overdraft agreement means you have £1,500 interest-free for the first three years of your studies, which can increase to £1,800 and £2,000 in your fourth and fifth years as a student.
This account is open to students heading to start an undergraduate course or a level 4-7 apprenticeship that is at least two years in length.
If you’re about to begin your course, you must have an ‘unconditional’ or ‘confirmed conditional’ offer (i.e., you have your exam results) before you apply.
Andrea Melville, director of current accounts, savings and business banking at Santander, said: “We all know that every penny matters when it comes to students’ finances. Whether it’s paying for rent, groceries, travel, or a night out, it all adds up – and as the new academic term is around the corner, we wanted to give our student customers a little helping hand.
“That’s why, our student account continues to offer the free railcard, making travel easier on the wallet, and for a limited time, we’ll be giving students the chance to win their tuition fees back.”
Nationwide offers £100 cashback
Elsewhere, Nationwide is offering £100 cashback and Just Eat vouchers worth £120 to students who sign up to the FlexStudent current account. Should you opt for the mutual’s offer, you’ll bag 12 months’ worth of £10 vouchers distributed to you each month.
The account also boasts an interest-free overdraft that rises to by £1,000 each year to reach £3,000 by the end of your three-year degree. However, this maximum amount will decrease by £750 increments after each year following your graduation and will stay at £1,000 after three years.
For a two-year course, it will drop by £500 to stick at £1,000 by the end of your second year after you finish.
To be eligible for a FlexStudent account, you’ll have to pay £500 before 13 December, when your student loan arrives. You’ll need to deposit the amount each term to maintain the account.
This account also has free card usage abroad, plus the opportunity to move onto an interest-free overdraft account after your studies with the FlexGraduate account.
This year, Nationwide won Best Student Account Provider of the Year at the Moneyfacts Consumer Award 2024.
Tom Riley, director of retail products at Nationwide Building Society, said: “We think your student bank account should help you live your best life at university and we hope our cashback offer and Just Eat collaboration helps make their first year that little bit easier.
“Combined with the interest-free, fee-free arranged overdraft and commission-free usage abroad, we’re doing what we can to help make university life as simple and fun as possible.”
Meanwhile, the priciest place to be a student is Edinburgh, with Bournemouth offering the most bang for your buck, according to the NatWest Student Living Index.
