Student bank accounts are unique, made specially for people in higher education they’re the only accounts to offer an interest free overdraft. Many banks also offer rewards for choosing them for your student account. However it can be confusing to know which deal provides you with the greatest benefits whilst being best suited to your needs. This article will go over some of the current deals and which ones you should go for!
The student account with the highest student score by save the student was Santander with 87.8% and we can see why! With up to £2,000 0% overdraft, you’ll also receive a 4 year railcard as an incentive to join up. The railcard is worth around £120 so will save you a lot of money, especially if you’ll be using the train to commute to Lincoln as it gives 1/3 off of train tickets.
Both HSBC and Nationwide are offering an up to £3,000 0% overdraft with an £100 cash incentive. This is a good option if your student loan won’t be able to full support you whilst at uni, or just to have some extra peace of mind if you’re nervous about how to manage your spending with rent payments.
Natwest and The Royal Bank of Scotland also have the same scheme, they’re offering up to £2,000 0% interest overdraft with the incentives being an £80 and a 4 year taste card. Tastecard is a discount card giving up to 50% selected restaurants, days out, as well as member perks. Usually costing around £160 this is a great saving, however it’s best to check out what places accept the card and if you’ll make use of them.
Barclays is the only account offering a 12 month Perlego subscription with up to £1500 0% interest. This is an online library service offering access to lots of textbooks. Even though this is a good choice if you need to buy a lot of textbooks for your course, the University of Lincoln library is free to use and carries a huge range of books. It’s also only valid for 12 months so you’ll have to either renew, (£120), or buy them yourself, meaning this deal doesn’t seem very good in comparison to others. Especially since you’ll only receive a £1500 overdraft.
Lloyds Bank and The Co-operative Bank are offering a £2,000 0% interest overdraft, but no incentive. Therefore this doesn’t seem like a great choice as it’s better to make use of the free deals to save you money later on. Finally, TSB are offering a 0% interest overdraft up to £1500 and 5% in-credit interest up to £500.
It’s always best to do a lot of research before making your final choice based on what is going to suit your needs and lifestyle best. Different banks will also have different repayment plans if you use up your overdraft whilst at university as well as different interest rates that can increase how much you owe. Despite this, student bank accounts are an amazing deal to make the most of during your time at university so make sure to use them to their fullest extent!
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