What To Think About When Choosing Your Student Bank Account

As a student, it’s a good idea to open a student bank account. Not only are these accounts tailored specifically for students, but they often come with one or more valuable perks.

In this blog post, acasa outline some of the most popular options available right now. So, whether you’re a newly fledged fresher or just looking to bag a great deal, read on to find out more.

What you want

Before you start researching which student bank account is best for you, you need to identify what it is you want from it—the biggest overdraft, best interest rates and freebies are all out there for the taking, you just need to decide which is the most important to you.


If it’s an overdraft you’re after, you’ll get it from a student account. Lots of banks recognise students’ low income and the want for more, and cater for this whilst you study. Big names including Barclays, Nationwide and Santander all offer 0% overdrafts of up to £3000 for students. The one main thing to note is that if you end up using up your overdraft once you leave uni you’ll need to start paying it back—with interest! So just be prepared.


By opting for an account that offers good interest rates, you’re effectively growing money. For everything that sits in your account, you’ll receive an extra cut due to interest. Ever heard the saying “lots of pennies make a pound”? Well, with good interest rates, these accounts allow you to put this saying to the test.

If it’s monthly interest you’re after, then the Santander 123 Student Current account is a good option. This account, unlike others out there, offers interest of up to 3% when you have a £300-£2000 balance. It’s essentially free money, and if you’re using it to its full potential, it can add a couple of £’s onto your balance each month for the odd pre-lecture coffee.


Aside from overdrafts and interest rates, some banks offer competitive deals and freebies to draw in the students. Although these freebies aren’t actual money, if you pick the one that’s right for you, they can save you more than a buck.

Here’s a few of the most popular options out there;

Santander 4-yr Railcard: If you’re travelling between uni and home by train, the free railcard is a great option to consider. When you open your Santander student account, you’ll become eligible for the railcard as long as you set up online banking and pay £500 into the account per term.

Top Tip:
you can take it straight out again—the £500 just needs to show on your statement!

With the railcard, you can save ⅓ on rail fares, which can add up to a considerable sum throughout the year!

HSBC £80 Amazon voucher & Prime: When you open a student account with HSBC, you will receive a free 12 month Amazon Prime membership as well as an £80 Amazon voucher to spend on whatever you want!

What’s more, with this deal you’ll also receive discounts on everything from clothing sites like Boohoo to cinema vouchers.

NatWest National Express card, Amazon Prime or Taste: If you regularly get the coach to see friends and families in other cities, want an Amazon Prime membership or want great discounts on meals, then the NatWest student account might be for you.

When you sign up to NatWest’s student offer, you’ll be able to choose from a 4-year National Express card, Amazon Prime or a Taste card. So whether you’re into travel, TV or food, there’s something for you!

As you can see, there’s plenty of choice when it comes to student bank accounts- and we’ve touched on just a few!

So, the main takeaway from this is that if you shop around, you’ll find the good deals. One of the offers we’ve mentioned is sure to take your fancy, but keep researching to find out more and make sure you get the best deal possible.

About acasa

acasa is a household management and bill splitting app designed with students in mind. The platform, which is available to download via Android and iOS, allows 100% transparency between you and your housemates, so everyone can be crystal clear about what costs what and where their share of the payment is going, reducing the risk of finance-related tensions.

What’s more, you can even use acasa to set up your utilities! acasa offers competitive yet environmentally conscious energy providers to supply your home, so you can move in, manage and move on with ease.

What’re you waiting for? Get a free quote from acasa today and start saving!

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