How to Pick the Best Student Bank Accounts 2017

Calling all students – here are the best student bank accounts to look at in 2017…

Picking your student bank account just got easier, because we’ve rounded up 2017’s best offerings from the likes of Barclays, Santander and Nationwide – you could leave your current bank for any of them, even when you’re in second or third year of university. Call your local branch to arrange a meeting with a financial advisor, check the progress of your application or have your questions answered.

The best advice? Avoid tempting freebies and focus on the student accounts offering the largest interest-free overdraft – the amount you can spend normally increases as you progress through university, but you don’t have to ask for the full limit each academic year. But without further ado, here are your best options in 2017, in no particular order.

1. Santander 123 for students

Pay £500 into your Santander student account every academic term and register for online banking to get all of this:

Overdraft Limit

Get an interest-free overdraft limit up to £1,500 for your first three years at university; £1,800 in your 4th year and up to £2,000 in your 5th year of study.

Going over your overdraft limit without Santander’s approval will cost you £5 per day or up to £50 a month – plus, every transaction that bounces will cost you £10. Call Santander Bank on 0844 375 1323 when you want to extend your overdraft.

Student-pleasing Perks

student-bank-accounts

Save a third off rail travel in Great Britain, by having a Santander student account. You get a free 4-year 16-25 Young Person’s Railcard worth about £100 – you can’t actually buy one, but a three year Railcard costs £70 and a one-year Railcard will set you back £30. Going home to see your parents or visiting your mates just got a lot cheaper.

Want more? Santander also gives students up to 15% cashback on your debit card with selected shops and restaurants. Plus, Santander offers generous interest rates – earn 1% interest on savings of £100 to £200, 2% on balances between £200 and £300 or 3% on savings of £300 to £2,000.

Call Santander 0844 375 1323 for help with your online application or to get answers to any banking questions.

2. HSBC Student

Bag yourself one of the most generous interest-free overdraft limits in 2017:

Overdraft Limit

Get an overdraft limit between £500 and £1,000 in first year, second year students get up to £2,000 and this increases to £3,000 in third year. Better yet, HSBC won’t hit you with extra fees when you accidentally go over the limit.

Student-pleasing Perks

student-bank-accounts

Freshers and apprentices get a £60 Amazon voucher and one-year Amazon Prime membership for students, when you apply for your HSBC student account before 31st October 2017. Not only does that get you free one-day delivery and special discounts, but also Prime Video, Prime Music, film and TV streaming. That said, Amazon already gives every student a free-6 month trial, charging you £39 per year when it ends.~

And that’s not all, because you’ll earn 1.5% interest on the first £1,000 in your account until Tuesday 31st July of your first year of study.

Apply in branch. Book your appointment by calling HSBC on 0844 372 1266.

3. NatWest and Royal Bank of Scotland

Pay £750 into your NatWest student account every six months, make at least three debit transactions a month, sign up to online banking and select to receive paperless statements to get all of this.

Overdraft Limit

Get an interest-free overdraft up to £500 in months one to four and £2,000 for the remaining period up to five years, this will not increase.

Student-pleasing Perks

student-bank-accounts

Save a third off standard fares with a free 4-year National Express UK Coach card worth around £39. See, you can’t buy one, but a 3-year card costs £27 and a 1-year card is worth £12.

Call NatWest on 0844 372 1676 to open your student account or to switch bank accounts.

4. Nationwide FlexStudent

Open your Nationwide student account within two months either side of your course start date and pay at least £500 into it per term from the date you open your account.

Overdraft Limit

The Nationwide student account offers one of the most generous interest-free overdraft limits.

Freshers can access an overdraft limit up to £1,000 in first year. In second year, you can ask to increase this to £2,000 and later £3,000 during your third year of university. Forget any extra fees, you won’t be charged for going beyond your agreed overdraft limit, but you will be locked out of your account.

Student-pleasing Perks

student-bank-accounts

Earn up to £10 a year, thanks to the 1% interest Nationwide give on savings up to £1,000 – enough for a few drinks or a good feed. Speaking of which, you’ll also get cashback with ‘Simply Rewards’ when you shop or eat out.

Call Nationwide day or night on 0844 372 1182 – call centres open 24/7.

5. Lloyds Bank

Overdraft Limit

First year students can get up to £500 within six months of opening a Lloyds Bank student. From the 7th month, you get an interest-free overdraft up to £1,000, up to £1,500 from your 10th month to your third year of university, and up to £2,000 in your fourth, fifth and sixth years of studying.

Student-pleasing Perks

student-bank-accounts

Open your account between Tuesday 1st August and Tuesday 31st October 2017 to get a Free NUS Extra Card for 3 years and up to 15% cashback using ‘Everyday Offers’ at shops and restaurants. Offers include up to 40% off at Pizza Express, up to 10% off at Apple and 25% off student prices at Odeon.

Call 0843 902 0760 to book an appointment to open your account in one of the Lloyds Bank branches.

6. Barclays Student Additions

Overdraft Limit

Get your first £500 interest-free overdraft when you open your Barclays student account. Borrow up to £1,000 in your first year, up to £2,000 during second year and up to £3,000 while studying in third year.

Student-pleasing Perks

student-bank-accounts

Get cashback with 180 shops including Topman and Oasis, Boots and Waterstones, or even when you travel with Expedia.

7. Halifax

Overdraft Limit

Could £500 to £1,000 come in handy during your first year of university? Apply for a Halifax student account – offering an interest-free overdraft up to £2,000 from your second year of study.

Call Halifax on 0843 902 0751 to talk to an advisor about the Halifax student account.