When it comes to finances during the time you spend at University, one of the things you will need to look at is opening a student bank account. The majority of the banks within the UK will give you an overdraft but, there are other incentives too depending on what bank you go with. These are my top 5 bank accounts for students that I think would be suitable for all your University needs.
With Santander, you not only get up to a £2000 overdraft but, there is also an incentive for a 4 year railcard and up to 3% in-credit interest rate. If you’re like me and are living far away from home but would like the opportunity to go home quite a bit, this would be a perfect option for you, allowing you a 1/3 of your train travel.
If you apply for a student account with HSBC, you can get an £80 amazon gift card as well as 1 year student prime. This is a great deal and on top of this, the overdraft is up to £3000 as well. Starting with a guaranteed £1000 in the 1st year and up to £3000 in your 3rd year.
NatWest offers students up to a £2000 overdraft and a choice of 1 out of these 3 options:
- 1 year of student amazon membership and £10 amazon gift card.
- 1 year national express coach card.
- OR a 1 year taste card.
All of these options are amazing however, you do have to deposit £750 into your bank account every 6 months and you need to make 3 monthly transactions in order to keep your overdraft.
Lloyds Bank is one of the lower overdrafts out there only offering up to £1500. Tiering to £500 for the first 6 months, £1000 from 7-9 months and £1500 after that. Even though they don’t offer the highest amount, they do have the incentive of the NUS student extra card.
Although Barclays don’t offer any incentives for students, they do offer up to a £3000 overdraft which is one of the best deals to go for. Upon opening the account, you will get £500 and ask for it to be increased over time. This will then go up to £2000 in 2nd year and £3000 in 3rd year. Also, Barclays do offer cash-back with a few retailers so its good to keep an eye on their offers through their website or app.
There are so many more UK banks out there that offer other incentives, so all you have to do is go in to your local and ask about student accounts prior to coming to University. I should specify that even though you shouldn’t rely on overdrafts as ‘money to spend’, it’s always a comfort to know that you have something to fall back on in times of need.