Choosing the best student account bank in the UK can be quite challenging. So, we have simplified the process by comprehensively comparing the offerings from the leading banks for students in 2024.
Looking to open a student account in the UK but are confused between so many banks and their offers? If yes, then you are at the right place. This guide is purely based on your interest; here, we list the UK’s top student banks. So keep reading till the end to know more.
What is a Student Account Bank?
The student account banks are specifically designed to cater to the financial needs of university students. These accounts offer a range of features and benefits, including perks such as interest-free overdrafts, student discounts, and exclusive offers.
You will need to poove your student status to open a student account. This needs proof of your student status, such as a valid student ID or enrollment confirmation.
After opening an account, you must update your Student Finance Body so that government administration will know about your new bank account (you can update it online).
Top 10 Student Account Bank in the UK 2024
Below are the top 10 student account banks in the UK, which we’ve sorted out based on their overdraft terms and incentives benefits.
| Bank Account | 0% Overdraft | Incentive |
|---|---|---|
| Santander 123 Student Account | Up to £2,000 | Free 4-Year Railcard |
| NatWest Student Account | Up to £2,000 | 4-Year Tastecard + £80 cash |
| RBS Student Account | Up to £2,000 | 4-Year Tastecard + £80 cash |
| HSBC Student Bank Account | Up to £3,000 | £100 cash |
| Nationwide FlexStudent | Up to £3,000 | £100 cash |
| Barclays Student Additions | Up to £1,500 | 12-month Perlego subscription |
| Halifax Student Current Account | Up to £1,500 | 0.10% in-credit interest |
| TSB Student Account | Up to £1,500 | 5% in-credit interest up to £500 |
| Lloyds Student Account | Up to £2,000 | None |
| Co-operative Student Account | Up to £2,000 | None |
Let’s discuss the top five banks in detail:
Santander 123 Student Account:
Eligibility:
Applicant’s age must be 18 or above, and they typically need to be a full-time student at a recognized university or college in the UK.
Overdraft:
Santander Bank offers a 0% interest overdraft facility of £1,500 in the first year, which can be increased to £2,000 in year five.
You must deposit at least £500 per term into the account (your Maintenance Loan) to receive the overdraft.
Incentive:
Free four-year 16-25 Railcard, worth around £100, saves one-third on rail travel across the UK.
Students can still earn up to 15% cashback at brands such as Costa, Co-op, and Sky.
NatWest Student Account:
Eligibility:
To open an account in NatWest Bank, you must be 18 or above and be a full-time student.
You should also have proof of your residency in the UK.
Overdraft:
NatWest bank offers a 0% interest overdraft facility of £500 in the first year and can go up to £2,000 in year two (depending on credit score).
Incentive:
NatWest Bank recently came up with two sign-up incentive offers for its customers. The offer comprises the £80 cash as a welcome bonus and a four-year Tastecard (worth around £140).
To get these offers, students need to register for mobile banking or net banking within 30 days of account opening.
RBS Student Account:
Eligibility:
To be eligible for the RBS Student Account, applicants must be 18 or above and usually need to be enrolled as full-time students at a recognized university or college in the UK.
Overdraft:
RBS bank (The Royal Bank of Scotland) offers a 0% interest overdraft facility of up to £2,000 by your third year.
In the first year, the first term’s eligibility is £500, whereas it can go up to £2,000 in term two.
To get the overdraft facility, you must deposit at least £750 every six months (i.e. your maintenance loan). Along with this, you need to complete at least three monthly transactions.
Incentive:
Like NatWest, RBS gives its customers two sign-up incentive offers. The offer comprises the £80 cash as a welcome bonus and a four-year Tastecard (worth around £140).
HSBC Student Bank Account:
Eligibility:
The eligibility criteria are similar to the other banks; applicants must be 18 or above and usually must be enrolled as full-time students in the UK.
Proof of your residency in the UK is needed.
Overdraft:
Regarding the overdraft facility, the HSBC Student Bank Account offers one of the highest amounts. The bank assures the £1,000 on opening the account, rising to £3,000 in the third year.
Incentive:
HSBC offers a £100 cash bonus on opening the account.
To get this offer, students must make at least five successful payments through the HSBC debit card within 30 days of opening the account.
Check the T&Cs on the HSBC site for further information regarding the offers.
Nationwide FlexStudent Account:
Eligibility:
If you are 18 or above and studying in a college or university, either part-time or full-time, Nationwide can be a good option.
Overdraft:
Students can get £1,000 in the first year, and in the third year, the amount can be increased to £3,000 as long as you deposit £500 a term in your student account.
Incentive:
You can get a £100 cash bonus on opening the account, but the condition is that you have to deposit £500 or more in your account before 16th December.
The incentive will be paid within 14 days of your £500 deposit.
Related Posts:
5 Best Online Earning Ideas For Students in 2024
5 Most Profitable Online Startup Ideas For Students that Requires Minimum Investment
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.