Best student bank accounts 2023 with free £100 cash, 0% overdrafts and railcards
Thousands of students will be off to university this September after collecting their A-Level results today.
If you’re moving into higher education, there are plenty of student bank accounts available that offer perks such as 0% overdrafts and free cash. To open a student bank account, you’ll normally need to provide proof that you’re off to university.
For example, you'll need your UCAS code or confirmation letter to show you’ve been offered a place. If you have a conditional offer, you’ll need to show evidence of your A-Level results.
You need to be 18 or over to get an overdraft, but some banks will let you open a student account with them when you are 17. Your student bank account will normally turn into a regular bank account once your course finishes.
Here are some of the student bank accounts available right now, in alphabetical order:
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Bank of Scotland: 0% overdraft of up to £1,500, then up to £2,000 after your third year if you stay on the study. You can also claim free £100 in cash paid into your account, and cashback at certain retailers.
Barclays: 0% overdraft of up to £500 in term one, then up to £1,000 in the rest of your first year; then up to £1,500 for the rest of your time at university. You can also claim a free 12-month subscription to Perlego, an online library of textbooks.
Halifax: 0% overdraft of up to £1,500 which can last for three years after you graduate. You can also claim free £100 in cash paid into your account, 0.5% interest and cashback at certain retailers.
HSBC: 0% overdraft of up to £1,000 in your first year. There is an option to increase this after your first year, but how much depends on your credit record. You can also claim free £100 in cash paid into your account, and one-year subscription to meditation app Headspace.
Lloyds Bank: 0% overdraft of up to £1,500, then up to £2,000 after your third year if you stay on the study. You can also claim free £100 in cash paid into your account, plus 2% interest on balances up to £5,000 and cashback at certain retailers.
Nationwide: 0% overdraft of up to £1,000 in your first year, then up to £2,000 in your second year and up to £3,000 in your third year. You can also claim £100 in free cash paid into your account.
Natwest/RBS: 0% overdraft of £500 - this can be increased to up to £2,000 after your first term, then up to £3,250 after your second year. You can also claim free £100 in cash paid into your account, and a free four-year Tastecard, which gets you two for one meals or 25% off.
Santander: 0% overdraft of £1,500 - this can be increased to £1,800 if your course goes into a fourth year, or to £2,000 if you do a fifth year. You can also claim a free four-year 16-25 railcard which gets you a third off rail fares.
TSB: 0% overdraft starting at £500 and increasing to up to £1,500 from month ten of your course. You can also get 5% interest on balances up to £500.
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