All of the major banks have revealed their student current account offerings for those starting university in autumn 2024.
The first lectures might be just a matter of weeks away, but there’s still time to compare the offerings to open an account that’s right for you and your circumstances.
For some, the bigger the overdraft, the better; for others, it could be the perks and freebies, such as food discounts and deals on travel.
Here’s a rundown of the top uni-goer current accounts:
Biggest interest-free overdraft facility
NatWest and Royal Bank of Scotland offer the largest interest-free overdraft of up to £3,250, though it is tiered, increasing the longer you study at university.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
As such, 18-year-olds can get an overdraft of up to £2,000 from year one (limited to £500 in term one, year one), rising to up to £3,250 interest-free from year three onwards.
The banks, which are part of the same brand group, are also touting a £100 cash payment within 10 working days of you signing up for the student account and registering online or with the mobile banking app.
And there’s also a four-year Tastecard (worth £55 per year) available with the current account, with restaurant and takeaway options available “in hundreds” of places, according to the lender.
The HSBC student bank account also comes with a generous £3,000 interest-free overdraft, again with amounts split over the years of study. You can get up to £1,000 in year one, £2,000 in year two and £3,000 in year three.
Existing customers of HSBC can also secure a £125 cash boost if they convert their account to a UK Student Bank Account up until 30 September 2024.
The payment will be made once the account is opened and account holders make a minimum of five transactions with the debit card within 30 days. However, gambling transactions, cash withdrawals and card-to-card payments are excluded, so using the card for everyday purchases would be one of the ways to chalk up five transactions.
A traveller’s companion
Those signing up to the Santander Edge Student Current Account can get a free four-year 16-25 Railcard, which gives cardholders a third off train travel across England, Scotland, Wales, and the London Underground when the card is linked to an Oyster card.
The average 16-25 Railcard user saves £192 per year with the card, meaning a potential average saving of £768 over the four-year term.
New account holders will also be in with the chance to win their tuition fees. Plus the account comes with an up-to-£1,500 interest-free overdraft over years one to three, rising to £2,000 for those in years four and five.
Cashback and discounts
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, which will be 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.
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.
Another bonus of the account is that it also has free card usage abroad.
Bank of Scotland (BoS) newbies can sign up for free for ‘Everyday offers’, where they can earn up to 15% cashback from selected retailers. It also offers an up-to-£1,500 interest-free arranged overdraft in years one to three and up to £2,000 in years four to six.
The lender also has a £110 ‘token of good luck’ when undergraduates open a student account and pay in £500 before 31 October. Account holders will receive the funds in November.
Alternatively, Halifax runs its ‘Cashback Extras’ scheme, mirroring the up-to-15% off available with BoS at a range of retailers. Plus, until 31 October, if you pay £500 into your new student account, it will put £110 into your account in November.
This is the same deal at Lloyds, which pays £110 for student account newbies paying in £500 by the end of October. However, it comes with a slightly higher interest-free overdraft facility of £1,500 in years one to three, rising to £2,000 in years four to six. By comparison, Halifax offers up to £1,500.
Interest on your cash
The TSB student account offers an up-to-£1,500 interest-free overdraft, but for those staying in the black, it pays interest of up to 5% AER (variable) on deposits up to £500.
Those opting for HSBC (as above) also get access to its Regular Saver account, which offers 5% AER on deposits of between £25 and £250 per month.
