Best student bank accounts 2022: HSBC, Barclays, NatWest, Santander and TSB compared
SCHOOL leavers are set to get their exam results this month and now is the time to start thinking about opening up a student account.
University is round the corner and banks are working hard to lure students in by offering a whole host of freebies so we assess who's offering what.
We explain all you need to know about how to apply for a student account, and what the best deals on the market are at the moment.
If you have a place to study at a university in the UK, you'll be able to apply for one of these accounts.
You’ll need to have been accepted onto a full-time UCAS course at a UK institution lasting at least two years.
Usually you're provided with a larger overdraft limit than a normal bank account - with some going up to £3,000 without interest.
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These are interest-free, so while you're studying you won't have to worry about extra fees.
But remember an overdraft isn’t free money. After you graduate you still have to repay everything you have borrowed and interest may kick in on graduating.
Plus, you might face additional charges if you go over the overdraft limit.
What are the best student accounts at the moment?
We've rounded up the student accounts with the highest interest-free overdraft limits and the best perks to help you decide which one you might go for.
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Perks for students - like free cash - are designed to tempt students into opening a bank accounts, with the hope they'll become a customer for life.
Barclays, Co-op and TSB offer student bank accounts, but they are among the few not offering any perks on top of the interest-free overdraft of up to £2,000.
Lloyds and Halifax are offering cashback when you spend at certain retailers.
Lloyds offers an interest free overdraft worth up to £2,000 while Halifax offers students £1,500. However, both accounts fall short of offering free cash and other perks.
Of course whichever account you open you don't have to stick with forever.
You'll also need to check the accounts suit your needs in other ways, such as having an app or ATM withdrawal limits, as well the full terms and conditions and eligibility criteria.
HSBC
You get £100 in free cash once you open a new account.
You can get the perks when five debit card transactions have been made within the first 30 days of opening the account.
You'll also be able to get up to £3,000 overdraft by the time you complete university.
In the first year you can get at least £1,000, in the second year you'll be able to get up to £2,000, and £3,000 in your final year.
Nationwide
Like with HSBC's account you'll get £100 in free cash for just setting up the account.
You can get up to £1,000 in your overdraft in first year and it raises by £1,000 every year after that so £2,000 in year two, and £3,000 in year three beyond.
To qualify for the overdraft you must pay in at least £500 into the account per term.
NatWest and RBS
You'll get £80 free cash and a four year Tastecard when opening either a NatWest or RBS student account (they are both part of the same banking group).
If you were to buy a Tastecard for four years in a row it'd set you back £119.96.
The loyalty card offers exclusive discounts which'll let you get up to 50% off food at thousands of restaurants across the country.
The banks offer an interest-free overdraft up to £2,000. However, it'll only be worth £500 in the first term.
The banks offers also offers a free 24/7 emergency cash service which allows you to withdraw up to £130 without your card every 24 hours at ATMs.
Santander
Santander offers students a four year railcard usually worth over £100.
The Railcard offers a third off the price of train journeys but you'll need to make sure you carry it with you when you travel.
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From your first year to your third year at university you can get up to £1,500 in your overdraft.
Then if you're studying beyond that you can get up to £1,800 in Year four and up to £2,000 in Year five.