The Student Finance Blog

With the new University and College year fast approaching, whether you’re heading into your first or final year, it’s that time again where you should be choosing your student bank account for the year ahead.  Even if you are already in University or College, you are still entitled to switch your student account in order to get the best deal.

We’re here to provide you with all the necessary information so you can make an informed and wise choice, we will also talk a little at the end on what you should consider when choosing a student bank account.  So less of the waffle, lets get straight to the point and highlight what the major players are offering this year.

Natwest

Overdraft
1st year - £1250
2nd - £1400
3rd - £1600
4th - £1800
5th - £2000

Freebies - Free young persons railcard which entitles you to save around a third on rail travel, really useful for regular rail travelers.  £100 off a new laptop offer and 50% off 3 mobile broadband.

Other info - Free 4GB USB stick for online applications, 0.1% in credit interest.

Website

RBS

Overdraft
1st to 5th year - up to £2750 dependant on status and circumstances.

Freebies - 2 for 1 cinema card, £100 off a new laptop offer and half-price mobile broadband with 3.

Other Information - 1.02% in-credit interest rate, free 4GB USB stick for online applicants.

Website

HSBC

Overdraft
1st year - £1000
2nd - £1250
3rd - £1500
4th - £1750
5th - £2000

Freebies - 2 year world travel insurance, free t-mobile sim card.

Other Information - 2% in-credit interest for the first year on balances up to £1000

Website

Halifax

Overdraft
1st to 5th year - up to £3000 dependant on status and circumstances.

Freebies - 25% off AA breakdown cover

Other Information - 0.01% in-credit interest paid.

Website

Lloyds TSB

Overdraft
1st year - £1500
2nd - £1500
3rd - £1500
4th - £2000
5th - £2000

Freebies - Free NUS Extra card, free music downloads and more money off vouchers.

Other Information - 0.01% in-credit interest

Website

Abbey

Overdraft
1st year - £1000
2nd - £1250
3rd - £1500
4th - £1800
5th - £2000

Freebies - £50

Other Information 2% in-credit interest on balance up to £500, 0.1% after.

Website

Barclays

Overdraft
1st to 5th year - up-to £2000 dependant on status and circumstances

Freebies - 50% off Orange broadband

Other Information - 0.1% in-credit interest.

Website

So there we have most of the important information you need on the major student accounts out there at the moment.  You will need to check out other information such as how much they charge if you go over you 0% overdraft limit etc.

Best Accounts

Don’t be tempted by freebies alone, these are just incentives in order to buy your custom, you really should pay most attention to the 0% overdraft limit, you should go for the largest one possible, so we would have to recommend the accounts from RBS and Halifax.  Check them out yourself on their website and remember to read all the terms and conditions.

If you would like to add anything to this post or if you have any questions, remember to drop a comment below.

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