HOW TO CHOOSE A STUDENT BANK ACCOUNT A student bank account is an account that is exclusive for students. They differ from the standard bank accounts that are on offer and often include free promotions and interest-free overdrafts. You do have to prove that you are a student to open a student bank account. We have a few tips on how to search for the perfect student bank account to help you stay on top of your money whilst studying: Don’t be bowled over by the free promotions – You might be offered travel discounts and savings cards, cash rewards and exclusive offers, but be sensible and think about the long-term and the real benefits to the account rather than a short-term reward. Take the largest overdraft – An overdraft is the easiest and best way to borrow money, and the best thing about a student overdraft is that it has 0% interest for your time at university, so make the most of it. Understand overdraft repayments – As great as the interest free overdraft is, you’ll have to understand how to pay it back once you graduate, so understand the repayment terms now and plan ahead. 1. HSBC STUDENT BANK ACCOUNT 0% overdraft up to £3,000. It begins with £1,000 in year one and goes up £1,000 per year. It is one of the largest overdrafts you can find on the market today. The incentives to sign up are also pretty good, with an £80 cash incentive and a choice of either ASOS Premier Delivery for an entire year or a £20 Uber Eats voucher. The HSBC student bank account is our choice as the number one for this coming academic year. You can find out more on their website www.hsbc.co.uk 2. SANTANDER 123 STUDENT ACCOUNT A 0% overdraft that goes up to £2,000 after 5 years (Begins with a £1,500 overdraft in year one). Most students do get the full £1,500 overdraft to begin with, depending on your credit rating, and this puts it above many other student bank accounts, even if it is only half the amount others advertise. You must deposit at least £500 to receive this. The sign-up incentive is a good one, the four-year 16-25 Railcard, worth £100, gives you a third off all train travel in the UK. Which is super ideal if you tend to travel by train, whether its visiting home or seeing friends in other cities! Keen to set up a student account with Santander? Find out more on their www.santander.co.uk 3. NATIONWIDE FLEXSTUDENT ACCOUNT A student overdraft that begins at £1,000 and goes up to £3,000 in third year, at 0% interest. This is looked at as one of the best student bank accounts this year, as it offers one of the largest overdrafts on the market. The sign-up incentive as it currently stands is £100 cashback within 14 days of you depositing at least £500. Not only do they offer this, but also for every FlexStudent opened in August and September, Nationwide are giving £10 to Shelter, a housing and homelessness charity to help them support people impacted by the housing emergency. Head to their website to find out more. 4. THE CO-OPERATIVE STUDENT ACCOUNT This 0% student overdraft starts at £1,400 in the first year of university and rises to £2,000 in year three. If you do make use of the banks overdraft, you’ll have 1 year after you graduate to pay it off without any interest. You must deposit £300 within the first 28 days of opening the bank account to be eligible for the full overdraft amount and that £300 must also stay in the account for at least 48 hours after it has been deposited. Again, there are no freebies or incentives as such, but it is a highly rated student bank account where most students say they do receive the full advertised amount. It also has fantastic customer service, which makes it a standout in our book. Check out their website to open up an account or find out more information. 5. TSB STUDENT ACCOUNT This tiered student bank account offers a 0% overdraft of up to £500 in the first six months, which goes up to £1,000 for the next three months and the full £1,500 after that. If your credit score is fine, you’ll have a good chance of receiving the full, advertised overdraft by your second year, but you might have to pester them a bit to increase your overdraft limit once you are eligible. You’ll earn 5% interest on balances up to £500, but there are no other freebies or real incentives with this bank account for students. Fancy opening up an account with TSB? Check out their website here . 6. NATWEST STUDENT CURRENT ACCOUNT You’ve got quite a good chance of receiving the full £2,000 overdraft with the NatWest student bank account. You’ll start with £500 in the first year and straight up to £2,000 in your second year of university. There are two sign-up incentives this year. The first is £80 in cash and the other is a Tastecard that lasts for four years. Which gives you 50% off or 2 for 1 meals at over 6,000 UK restaurants! This provides you with discounts in many restaurants and is worth about £140. This has some of the best incentives of all the student bank accounts in this list. Get more info on their website here . 7. BARCLAYS STUDENT ADDITIONS ACCOUNT Another tiered overdraft that starts with a generous £1,000 in your first year and increases to a total of £1,500 in the second and third year. You do have to explicitly ask for the overdraft to be increased, it does not happen automatically as with some other student bank accounts. The incentives are pretty good, including a free 12-month subscription worth £144 to Perlego, an online book library, which might come in handy with studying, especially for your dissertation! If you want to set up an account with Barclays or learn more click here . 8. RBS STUDENT ACCOUNT The overdraft is limited to £2,000 in your final year, but your chances of receiving it are pretty high in comparison to some other student bank accounts. It starts with £500 in the first year and you must deposit £750 into the account every six months to remain eligible. You must also make at least three transactions each month to keep the overdraft facility. The sign-up incentives are £80 cash and a four-year Tastecard. The free gifts are good, and the tiered overdraft system is always the best choice financially, but you might find better accounts with larger overdraft facilities. Apply for their student bank account here. 9. HALIFAX STUDENT CURRENT ACCOUNT This student bank account has an overdraft advertised for up to £1,500 in your first year, but most students are unlikely to get that straight away. In most cases, you’ll have to keep on asking the bank to increase your overdraft and every case is dealt with on individual merit. You’ll also notice that there is no free gift or sign-up incentive, although you do get up to 15% cashback when you spend using your debit card! Find out more on the Halifax website here. 10. LLOYDS STUDENT CURRENT ACCOUNT This 0% overdraft eventually rises to an amount of £2,000, beginning with £500 for the first six months, £1,000 for the next three and £1,500 after that. The £2,000 overdraft limit is for students who are studying between four and six years. Most students do receive the full amount after year one. Lloyds is a good choice for those students with a poor credit score, as most applicants do receive the full overdraft amount. If you set up your account between 1 August and 31 October 2022, you can enjoy a TOTUM card free for up to 3 years. You can also get up to 15% cashback at selected retailers. Find out more about their student current account here .