When looking at your student money income bank accounts especially a student account is something you'll need. Almost every bank has some type of offer for new students wishing to open a bank account when they first start university but the offers are not as great as they used to be so we have a comparison chart below for the best student accounts and then links to the banks and what they have for you.
Choosing a Bank Account
It may be all to easy just to go for the best offer or discount that are being offered now and the banks know this because it's likely you'll stay with them for the rest of your life because it seems hard to switch to another lender (which it isn't). So check for rates of interest on current account, overdrafts, credit cards and any savings you may have. Also see if they will offer you a bank loan at favourable rates and what their fee free overdraft limit is because you'll probably need it at some point whilst at university. You should see if they offer online banking and telephone banking as this makes it easy to manage your account.
Go for the Highest Overdraft
If you are like most students you'll be building up a lot of debt from living expenses and course fees and the standard student loan will simply not be enough. So our advice is to go for the bank that offers the largest overdraft and all banks offer students completely fee free overdrafts. There are two banks that currently offer a massive £3,000 and these are Barclays and the Halifax bank.
Bank Account Comparison
Here is an overview of the major banks that offer student accounts in the UK. As mentioned above it's best to go with the bank that offers the largest free overdraft facility as it's unlikely you'll have much spare cash to worry about the savings rates.
|Bank Name||Freebies?||Free overdraft||Credit card?||Savings Interest|
|Abbey student||£50||2,000||Visa debit||2%|
|Abbey post grad||None||1,800||Visa debit||0.10%|
|Abbey grad||None||2,000||Visa debit||0.10%|
|Halifax Student||some discounts||£3,000||Visa debit||0.10%|
|HSBC Student||£5 SIM card||£2,000||Debit||2%|
|Lloyds Student||Free NUS Extra Card||£1,500||YES £500||0.10%|
|Lloyds Graduate||none||£2,000||Debit only||0.10%|
|NatWest Student||none||£2,000||YES £500||0.10%|
|NatWest Graduate||none||£2,000||Debit only||0.10%|
Bank Account Details
For more information on each bank account mentioned above please visit the following pages for the complete low down.
Abbey student bank account
Barclays student bank account
Halifax student bank account
HSBC student bank account
Lloyds TSB student bank account
Natwest student bank account
Santander student bank account
Don't be enticed by short term offers as it's the long term you need to worry about when choosing the best student bank account for your requirements.