A student account is a bank account designed exclusively for university students. They are still based on standard accounts supplied by banks- no crazy surprises there! However, students are treated to extra benefits such as interest free overdrafts and other freebies!
Whilst students are usually encouraged to grab every freebie they can, it’s not always the wisest idea when choosing your student account! £20 worth of freebies is pitiful compared to a large interest-free overdraft available for 3+ years. Select the most financially suitable account for you, considering the various perks each account offers you. For example, NatWest are currently offering £100 and a 4 year Tastecard, giving you access to cheaper meals out!
You may not think you need one initially, but it’s a good buffer to have just in case. Overspend without one and you’ll be hit by hefty fees and interest rates. Remember, while its (likely!) the only time in your life you’ll have access to a 0% interest overdraft – don’t go crazy! You’ll have to pay it back eventually, so have a plan!
Don’t fall into the trap of using the same bank account for everything. Your savings account/ISA can be kept in a different account to your student account – so shop around for the best deals. You may even want more than one current account, so you’ve got somewhere to stash your loan in one account, and then trickle money through into the account you use for daily spending, so that you don’t spend it all at once. Revolut and Monzo are great online current accounts for this, with the app helping you to easily track your spending habits and make saving easy!
Visit Save the Student for a great, easy to view comparison of 2024’s Student Bank Accounts.
| Key Terms:
Overdraft – The deficit of a bank account, where you take out more money than the account holds. Interest-Free – Type of loan/overdraft where you are not charged extra on top of your loan. |
Like the sound of cheaper days out? There are so many opportunities for students to save money, here’s how!
Becoming a student comes with perks, and one of these is getting yourself a railcard!
For students aged 16-25, you can travel across Britain with a railcard, giving you 1/3 off of all train fares!
Railcards come at a reasonable price, costing £30 for 1 year, or £70 for 3 years. On average, Railcards can save you £192*, so after 3 or 4 trips, it has usually paid for itself!
Are you 16-17? If so, it’s even better news, as the 16-17 Saver can save you 50% off all rail travel!
Student or not, a Railcard is a wise investment for any 16-25 year old!
For some students, you may even be able to get yourself a free Railcard! Some student bank accounts offer railcards as incentives for you to bank with them, for example the Santander Edge Student account offers a free, 4-year 16-25 Railcard. Check it out here.
For more info, check out the 16-25 Railcard page.
*Average saving is based on the average saving made by 16-25 Railcard holders in 2023/24.
