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Top 5 student bank accounts

Top 5 student bank accounts

Category: Banking

Updated: 27/08/2013
First Published: 27/08/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

For many young people, venturing into higher education signals a transition into the adult world of financial responsibility and planning.

Handling finances responsibly whilst living on tight budgets and keeping up with social and educational costs, often while living away from home, can be a daunting prospect. With the right level of budgeting, however, juggling such matters can be stress free.

A range of current accounts are offered specifically to students, offering competitive interest-free overdrafts, with a handful also including attractive offers and incentives.

Here are the current top 5 student bank accounts based on interest-free overdraft:


Overdraft
Account details


HSBC
Student Bank Account

Instant £500 interest-free overdraft on account opening. Up to £3,000 interest-free overdraft available subject to applicant's circumstances.
  • Earn 2.00% AER/gross interest on in-credit balances up to £1,000 in first year
  • Free music downloads if account opened before 31 October
  • Entered into competition to win £10,000 bursary
  • Student credit card available to eligible applicants
  • Contactless debit card
  • Smartphone app

Penny saysPenny says…
"Coming out on top is HSBC's Student Bank Account offering an instant £500 interest-free overdraft when the account is opened.

"Students can get an interest-free overdraft of up to £3,000, subject to their credit status. They'll also benefit from the generous 2.00% interest paid on in-credit balances over £1,000. As an added incentive, if opened before 31 October 2013, students will be able to download 18 music albums from Sony."


Overdraft
Account details


Halifax
Student Current Account

£1,000 interest-free overdraft offered on account opening. Up to £3,000 interest-free overdraft available subject to applicant's circumstances.
  • Earn 0.10% AER/gross interest on in-credit balances
  • Student credit card available to eligible applicants
  • Commission-free foreign currency and traveller's cheques
  • Smartphone app

Penny saysPenny says…
"Halifax's no frills Student Current Account offers an interest-free overdraft up to £3,000.

"Students planning on travelling during summer holidays will benefit from commission-free foreign currency and traveller's cheques."


Overdraft
Account details


Barclays Bank
Student Additions Account

£200 interest-free overdraft offered on account opening. Up to £2,000 interest-free overdraft available subject to applicant's circumstances.
  • 10% discount on Student Possessions Insurance until 31 December 2013.
  • Contactless debit card
  • Smartphone app
  • RAC Learner Driver

Penny saysPenny says…
"Barclay's Bank's Student Additions Account offers an interest-free overdraft of up to £2,000.

"Students can receive 10% discount on possessions insurance as well as save on driving lessons through RAC Learner Driver."

Overdraft
Account details


Lloyds TSB
Student Account


In years one to three up to £1,500 interest-free overdraft and in years four to six up to £2,000, subject to applicant's circumstances.
  • Student credit card available to eligible applicants
  • NUS extra card for up to three years – giving you access to exclusive discounts, offers and competitions from over 160 brands and retailers on the high street
  • £75 off a holiday booking with STA Travel
  • Smartphone apps

Penny saysPenny says…
"Lloyds TSB offers students an interest-free overdraft up to £1,500 in years one to three, going up to £2,000 in years four to six.

"A host of attractive incentives, such as a NUS extra card and £75 off STA Travel bookings, will further boost this account's appeal."


Overdraft
Account details


Santander
Student Current Account


Interest free overdraft up to £1,500 in years one, two and three, £1,800 in year four and £2,000 in year five, subject to applicant's circumstances.

  • 1.00% AER/gross interest on in-credit balances up to £500
  • Free 16-25 Railcard for new customers, worth up to £30. Valid for four years, allowing students to save up to one third on most rail fares
  • Smartphone app

Penny saysPenny says…
"Students can save up to one third on most rail fares with this bank account from Santander.

"The account also offers an interest-free overdraft up to £2,000."


Information & Rates correct as at: 27/08/2013

What next?

Find the best bank account for you

Student Loans - Fund your course without debts

Choosing the right student bank account

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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