Which is the best student bank account?

What should I look for when choosing a student bank account?

If you need to open a student bank account, do your research first. It is not just about the special offers. Consider what is going to important for your financially. We compare what is on offer for this year and give tips for what to look at when comparing student bank accounts.

Compare Student Current Accounts 2024

Have a look at these accounts currently available at the major banks

Company	Account Name	Interest Free Overdraft Limit	Special Offer	More Info
	Edge Student Account	Up to £2000	4year 16-25 Railcard
	Prize Draw - Pay in £500 before the 30th September and you could be in with a chance to win up to £27,750, Terms and Conditions apply
	Student Account	Up to £3000	Discounts through HSBC's home and Away offers programme
	FlexStudent Account	Up to £3000	£100 cashback and £120 of Just Eat vouchers
	Student Account	Up to £1500	Earn up to 15% cashback with Cashback Extras
	Student Account	Up to £3250	£100 cash and 4 year Tastecard.
	Student Additions Account	Up to £1500	None
	Student Account	Up to £3250	£100 cash and 4 year Tastecard
	Student Account	Up to £2000	£110 cash and 20% discount on selected student events
	Student Account	Up to £1000	None
	Student Account	Up to £1500	None

Choosing an Account

• Bear in mind overdraft limits are 'up to' an amount. It does not guarantee that you will be given the full amount

• Some limits may be extended over your period of study. For example £500 in the first year, £1000 in your second year and £3000 in your third year.

• Beware that, if you exceed your interest-free overdraft limit, it can be very expensive. If you are getting near your limit, speak to the bank before it gets any worse.

• There may be special requirements for having an overdraft which could include paying in a minimum amount every month or signing up to internet banking.

• Don't just be blinded by the upfront special offers. Work out what will benefit you in the longer term. Many of the offers will have conditions applied.

• Know the terms of your account. When will you have to pay back an overdraft? What happens to the account when you graduate?

• A local bank can be really useful if you need to take documents in but, with ATMs everywhere and Internet Banking, it is not always necessary to go for the nearest.

To open an account you will need...

• ID such as a passport or driving licence
• Proof of your address
• Proof you are a student

Credit cards can be very useful but they need to be used sensibly. Low income credit cards are available.

"Student Money Advisers see the consequences of poor financial capability every day, for example: many students end up working too many hours to get out of the situation and then get behind with course work - and so the spiral continues," said Lynne Condell, National Association of Student Money Advisers chair.

"Student Loans aside many students spend years paying off credit cards and store cards that they could easily have done without but made some poor decisions due to being ill-equipped when they started university."

This content was last reviewed on 13/08/2024

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