In this article, I will be sharing some of the top 3 student accounts in 2020. This is a short guide to choosing what student bank account would best suit you, whether you are starting university or you are just refreshing your finances.
What is the difference between a normal bank account and a student current account?
Well, one of the biggest differences is in the name, ‘student’. Student bank accounts are only for students, so those who are going into higher education. Like a current account where the banks allow you to pay money in and out however the student bank accounts tend to offer some benefits e.g. discounts on restaurants. Once you complete university you can change the student account into a normal standard current account.
What do you need to have to be eligible for a student bank account?
To be eligible for a student account, you will need:
- UCAS Confirmation letter (either with a-level results that meet that condition for your university placement)
- A letter from your university confirming your place
These items are needed for proof to show that you are a student. Do not forget that you will need to prove who you are, by providing your proof of address and identity. These normally include full passport/birth certificate or a full UK driving licence. Do not panic however if you have not got one, when you ago ahead and apply for the accounts, it will give you a list of items that can be accepted.
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Can I have more than one student bank account?
Usually, if not all banks only allow for one student account. Most banks, however, have their own terms and conditions. Some banks have stated that they only allow you to use your overdraft facilitates if you pay your loan money into that student account and not elsewhere. Be sure to read the terms and conditions or call the bank’s customer service and double-check.
– Accepts full-time students and apprentices
– An interest-free £1,500 overdraft in years 1-3
– A 4 year 16-25 railcard, giving you a 1/3 off rail travel
– Earn cashback up to 15% at a range of major retailers when you use your Santander debit card
– 18 or over and live in the United Kingdom permanently
– You pay in at least £500 per academic term
– You don’t already have an existing Santander current account (if you do hold one, you will need to convert the account into a student one)
View more information about it here: https://www.santander.co.uk/personal/current-accounts/123-student-current-account
Nationwide Building Society
– Offers new students a £1,000 0% overdraft in year 1, £2,000 in year 2 and £3,000 in year 3 (providing you request for them)
– You have been accepted onto a full-time UCAS course at a UK institution for at least 2 years
– You have an unconditional offer and be no more than 5 months before your course start date or no more than 2 months after your course start date
– If you have a conditional offer, you will need to wait until your university place has been confirmed following your results before applying
View more information about it here: https://www.nationwide.co.uk/products/current-accounts/flexstudent/features-and-benefits#tab:Featuresandampbenefits
– Up to £500 interest-free overdraft in the first term (potentially up to £2,000)
– No monthly fee
– Choose 1 from 3 offers (Amazon Prime student membership, National Express Coachcard or tastecard)
– You can apply within 6 months of your course start date
– You need to be 17+ and live in the UK (applications online only)
– You need to be a full-time undergraduate student on at least a 2-year course at a UK University or College
– To receive one of the three offers, you need to register for online banking and choose to have paperless statements
– You can apply if you are training as a nurse at a UK University or College of higher education
View more information about it here: https://personal.natwest.com/personal/current-accounts/student_account.html
That is all for now, my lovelies! Hope you found this article helpful, for now, take care!