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Student Banking

Best student bank accounts 2024

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Choosing the best student bank account for you is a big decision. Our comparison of what the top banks have to offer students in 2024/25 makes it easy.

student using bank account

Credit: ViDI Studio, witoon214, Paket – Shutterstock

Looking to open a student bank account but not sure which bank to go with, or how to apply? You're in the right place.

First, we'll highlight important things to look for when choosing a bank account. Then we'll review and compare the best student accounts this year in a clear comparison table.

What is a student account?

A student bank account is designed just for university students. Unlike standard current accounts, students are treated to benefits including freebies and interest-free overdrafts.

You will need to prove your student status when opening an account, something we'll come to later.

Once you've opened a new student account, remember to update your Student Finance body and let them know your bank account details (you can do it online).

How to choose a top student bank account

Here are the best ways to choose a student bank account:

  1. Beware of the student bank account 'freebies'

    There's plenty on offer this year, but don't be seduced by freebies! Offers including free products, travel discounts, cash rewards and "exclusive" deals may sound tempting, but you need to be smart.

    A student bank account offering a freebie worth £20 might not help you as much as a large interest-free overdraft for three years or more.

  2. Go for the largest student overdraft

    An arranged overdraft is a common way of borrowing money through your current account. The best thing about student bank accounts is that money borrowed through an overdraft has 0% interest.

    With an interest-free overdraft, you pay back no more than you borrow. This is unique to student bank accounts.

    Even if you don't need the full overdraft, you could potentially transfer some of it to a savings account. You can then make money by earning interest on the borrowed amount while you're a student.

    Beware that the 0% interest period is not forever! It only lasts a certain number of years after you graduate before interest charges set in.

  3. Is the overdraft 'up to' or 'guaranteed'?

    The advertised student 0% interest overdraft is usually the maximum they offer (hence the "up to" wording). For many banks, this amount is only available in your final year at university and only to students with a decent credit rating (see below).

    Our comparison below of the best student accounts considers the likelihood of you receiving the full amount from each bank.

  4. Know the repayment conditions

    You probably won't have to repay your overdraft for a while after you graduate, but a sudden demand for £3,000 could be quite a shock.

    Plan ahead and don't treat it as free money. This starts with understanding the conditions.

  5. Know your credit rating

    Student account overdrafts are a form of borrowing, so you'll be credit-scored when applying. The quality of your score can determine how much overdraft you're offered.

    Raise your chances of approval by knowing your own credit score and taking steps to improve it.

    Start by getting a free credit score from Experian, the largest agency used by banks.

Already a student? Switch your account to get the top deal for 2024/25. The best student accounts change each year, and the banks transfer payments across for you.

Below are the best student bank accounts for this year. We take into account the interest-free overdraft terms and student satisfaction scores from our latest banking survey.

International student? See bank accounts open to non-UK students.

Student bank accounts 2024

We've ranked the best student bank accounts for 2024/25 based on three key factors:

  • The size of the overdraft and chances of getting the full amount
  • The value of the sign-up incentives
  • The student satisfaction score of each bank from the Student Banking Survey 2024.

Best student bank accounts

Bank account0% OverdraftIncentiveStudent score 
NatWest
NatWest Student Account
Up to
£2,000*
£100 cash + 4 year Tastecard** 85.6% Info »
Full review
RBS
RBS Student Account
Up to
£2,000*
£100 cash + 4 year Tastecard** 83.4% Info »
Full review
Santander
Santander Edge Student Current Account
Up to
£2,000
4 year Railcard + win tuition fees 82.8% Info »
Full review
Nationwide
Nationwide FlexStudent
Up to
£3,000
£100 cash + £120 Just Eat vouchers 82.6% Info »
Full review
HSBC
HSBC Student Bank Account
Up to
£3,000
None 77.8% Info »
Full review
Halifax
Halifax Student Current Account
Up to
£1,500
0.5% in-credit interest 66.2% Info »
Full review
Lloyds
Lloyds Student Account
Up to
£2,000
2% in-credit interest
up to £5000
81.6% Info »
Full review
Barclays
Barclays Student Additions
Up to
£1,500
None 77.2% Info »
Full review
TSB
TSB Student Account
Up to
£1,500
5% in-credit interest
up to £500
80.8% Info »
Full review
Co-operative
Co-operative Student Account
Up to
£2,000
None 36.6% Info »
Full review
FREE £5: Combine your student account with the Plum app to earn interest and get a free £5.

Student bank account reviews


NatWest

NatWest Student Current Account

0% overdraft

  • Year 1: £2,000 (£500 in term 1)
  • Year 2: £2,000
  • Year 3: from 2nd October 2024, eligible students from year 3 onwards can apply for up to £3,250

The first year is limited to £500 in your first term, then up to £2,000 until your third year, when you can apply for £3,250.

You need to be 18+ to apply for the overdraft amounts and it’s subject to approval.

Sign-up incentive

This year NatWest has two sign-up incentives on offer. Not only can you get £100 cash but also a four-year Tastecard.

Terms and conditions apply, you need to be 17+ and live in the UK for three years. This is a limited offer that can be withdrawn at any time due to limited availability, and you need to be a full-time undergraduate student (on at least a two-year course at a UK University/College) or completing a full-time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date. You also can’t have received a student account incentive from NatWest Group since the 1st of July 2020.

You will receive the £100 bonus within 10 working days of opening your account but you won’t receive it if the new student account is closed, even if you meet all the requirements. You will receive the tastecard redemption code to the email address you gave when signing up within 5 days of opening your account.

Student Satisfaction Score: 4.28 out of 5

Visit NatWest »

↑ Comparison table


RBS

RBS Student Bank Account

0% overdraft

  • Year 1: £2,000 (£500 in term 1)
  • Year 2: £2,000
  • Year 3: from 2nd October 2024, eligible students from year 3 onwards can apply for up to £3,250

RBS’s 0% overdraft has a high ceiling of £3,250 by your third year and the chances of obtaining it (eventually) are quite high.

The first year is limited to £500 in your first term, then up to £2,000 until your third year, when you can apply for £3,250.

Be aware that the overdraft is subject to approval and you need to be 18+ to apply for it.

Sign-up incentive

This year RBS has two sign-up incentives on offer. Not only can you get £100 cash but also a four-year Tastecard.

Terms and conditions apply, you need to be 17+ and live in the UK for three years. This is a limited offer that can be withdrawn at any time due to limited availability, and you need to be a full-time undergraduate student (on at least a two-year course at a UK University/College) or completing a full-time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date. You also can’t have received a student account incentive from NatWest Group since the 1st of July 2020.

You will receive the £100 bonus within 10 working days of opening your account but you won’t receive it if the new student account is closed, even if you meet all the requirements. You will receive the tastecard redemption code to the email address you gave when signing up within 5 days of opening your account.

Student Satisfaction Score: 4.17 out of 5

Visit RBS »

↑ Comparison table


Santander

Santander Edge Student Current Account

0% overdraft

Up to £2,000.

  • Year 1: £1,500
  • Year 2: £1,500
  • Year 3: £1,500
  • Year 4: £1,800
  • Year 5: £2,000.

Unlike other banks, most students do get the full £1,500 overdraft by year three with Santander. But it’s still not guaranteed and depends on your credit rating.

To receive the overdraft, you must deposit at least £500 every four months into the account (i.e. your Maintenance Loan).

Upon opening the account, you’ll be given a 0% overdraft of £250 which will increase up to £1,500 within your first year. If your course is longer, you can get up to £2,000 by your fifth year.

Sign-up incentive

The four-year 16–25 Railcard is worth around £100 and saves you one-third off all train travel within the UK.

We have confirmation that current students may also be eligible for the Railcard! Simply switch to this account from your current bank.

There is also a prize draw for Santander student account customers where 20 students will each win £27,750 and 30 students will each win £9,250. To be eligible you must pay in £500 to your account between 15th July and 30th September 2024.

Tip: Once you receive the free Railcard (usually within 60 days) you could switch to another bank offering a larger overdraft.

Our review

Santander’s advertised overdraft is lower than some other banks’ so why is it so high up our list this year?

It’s important to remember that the overdraft amounts are “up to”. So, for example, we believe you’re more likely to get £1,500 out of Santander than other banks offering more over the course of your degree.

Santander is also a popular choice among students and the freebie Railcard is also good value. It saves you the cost of buying it and reduces the cost of train travel for your whole degree.

The chance to win the tuition fee prize can be tempting but it’s important to remember the odds are quite slim.

Student Satisfaction Score: 4.14 out of 5

Visit Santander »

↑ Comparison table


Nationwide

Nationwide FlexStudent Account

0% overdraft

Up to £3,000.

  • Year 1: £1,000
  • Year 2: £2,000
  • Year 3: £3,000.

This is one of the best student bank account overdrafts advertised this year. Nationwide has informed us that if you are accepted for the account you will be able to get the full overdraft guaranteed.

You should receive up to £1,000 in year one and £3,000 in year three as long as you deposit £500 a term and keep a healthy account.

Sign-up incentive

Nationwide is also offering one of the largest sign-up incentives this year with not only £100 cashback but also £120 in Just Eat vouchers which are paid out as £10 a month for the first 12 months after opening the account.

The £100 will be paid within 14 days of depositing £500 into the account. You will also be sent instructions on how to claim your monthly £10 Just Eat voucher. However, it’s worth noting that you must keep your account with Nationwide in order to receive them all and each voucher will have a 30-day expiration date.

Unfortunately, if you’ve already benefited from a previous Nationwide student offer, or have a student account open with them already, you won’t be eligible for this incentive.

Our review

After just a few years of offering a student account, Nationwide has quickly become a student favourite.

There’s a top sign-up incentive, worth £220 in total, and the overdraft on offer is one of the largest (and the one that’s most likely to be guaranteed).

Be aware you can only apply for the account five months or less before your course starts or within two months of starting.

Student Satisfaction Score: 4.13 out of 5

Visit Nationwide »

↑ Comparison table


HSBC

HSBC Student Bank Account

0% overdraft

Up to £3,000.

  • Year 1: £1,000
  • Year 2: £2,000
  • Year 3: £3,000.

HSBC has one of the largest student account overdrafts on offer. All students can get £1,000 upon opening an account which can rise to £3,000 in your third year.

Sign-up incentive

There is currently no offer available with an HSBC student account this year.

Our review

HSBC has a top student bank account option this year as it comes with a large interest-free overdraft.

However, the current lack of sign-up incentives means there are much better options out there.

Student Satisfaction Score: 3.89 out of 5

Visit HSBC »

↑ Comparison table


Halifax

Halifax Student Current Account

0% overdraft

Up to £1,500.

Although Halifax advertises an overdraft of “up to” £1,500 at 0% from your first year at uni, you’re unlikely to get the total amount.

To increase your overdraft amount, you’ll need to keep hounding the bank throughout your time at uni. They’ll judge applications on a case-by-case basis.

Aside from your abilities to persuade them, the amount you get will depend on your credit history (check yours for free) and spending habits.

Sign-up incentive

There isn’t currently anything on offer from Halifax aside from 0.5% interest and cashback at selected retailers.

The interest may seem tempting but it’s worth remembering that you’ll get much better rates by opening a savings account elsewhere.

Our review

According to reports from students who have banked with Halifax, getting the maximum £1,500 0% overdraft is not necessarily easy.

Also, the cashback with certain stores and interest rate of 0.5% aren’t the best you can get.

Student Satisfaction Score: 3.31 out of 5

Visit Halifax »

↑ Comparison table


lloyds

Lloyds Student Current Account

0% overdraft

Up to £2,000.

  • Year 1: £1,500
  • Year 2: £1,500
  • Year 3: £1,500
  • Year 4: £2,000
  • Year 5: £2,000.

In the first year, the 0% overdraft limit is tiered: £500 for the first six months, £1,000 in months seven to nine, and £1,500 beyond that.

With a maximum of £1,500 (or £2,000 if you study for four to six years), Lloyds aren’t the most generous. However, most students will get the full amount after the first year.

Sign-up incentive

Lloyds does give 2% interest on balances up to £5,000. But if you’re considering that, a separate savings account would be a better option for any cash you have.

Our review

If you have a poor credit score (check for free), Lloyds are a good choice as a high proportion of applicants receive the full overdraft. The tiered overdraft system can also help you budget your money over the year.

In reality, there are better options available this year.

Student Satisfaction Score: 4.08 out of 5

Visit Lloyds »

↑ Comparison table


Barclays

Barclays Student Additions Account

0% overdraft

Up to £1,500.

  • Year 1: £1,000
  • Year 2: £1,500
  • Year 3: £1,500.

Upon opening your account you’ll get a £500 overdraft, and from then on you’ll have to ask to increase it.

In the second year, you get up to £1,500 which stays the same for the third.

Barclays advertises that students can get “up to” the amount each year. But, as with most banks, this will be based on your credit score.

Sign-up incentive

Barclays have yet to offer a bonus for opening a student account this year although that could be set to change.

Our review

The overdraft is not as good as many other options and is not guaranteed.

We’d suggest going with another account that offers better incentives.

Student Satisfaction Score: 3.86 out of 5

Visit Barclays »

↑ Comparison table


TSB

TSB Student Bank Account

0% overdraft

Up to £1,500.

The TSB 0% overdraft is tiered in the first year: £500 for the first six months, £1,000 in months seven to nine and up to £1,500 thereafter.

You’ll need to apply and badger them to bump up your limit. Depending on your credit score, you have a relatively good chance of receiving the full advertised amount by the second year.

Our review

Aside from earning 5% interest on balances up to £500 (£25 a year), there’s not too much going for this student account.

Student Satisfaction Score: 4.04 out of 5

Visit TSB »

↑ Comparison table


Coop

The Co-operative Student Bank Account

0% overdraft

Up to £2,000.

  • Year 1: £1,400
  • Year 2: £1,700
  • Year 3: £2,000

To be eligible for the full amount, you must deposit £300 within 28 days of opening the account. That amount must stay in there for at least 48 hours afterwards (in other words, you can’t just transfer the money in and out straight away). As with all accounts, you’ll need to pass a credit history check.

You also have to ask the bank for the increase each year.

Our review

Despite a distinct lack of freebies, a high number of students have reported getting the full advertised overdraft amounts with Co-op.

Co-op has a reputation for decent customer service and a customer-led Ethical Policy.

Student Satisfaction Score: 1.83 out of 5

Visit The Co-operative »

↑ Comparison table

Find out more about student bank accounts in our video:

Student bank account video

Student bank account FAQs

What do I need to open a student bank account?

As a minimum, UK students will be required to show:

  • One or two forms of photo ID: such as a passport or driving licence
  • Proof of address: such as a recent utility bill or bank statement
  • Proof of student status: a letter of acceptance from your university, or UCAS offer letter.

Why do banks offer student accounts?

Banks are actively targeting students with big incentives for good reason.

Students are essentially investing in themselves to get an above-average salary when they graduate.

Whilst you may be borrowing now to fund your education, banks expect you to reap the rewards. So they’re ‘banking’ on you to become a valuable long-term customer.

Banks are looking to establish loyalty. They have good odds of keeping you for life once you’ve opened a student bank account with them.

Remember that you don’t have to be loyal. You should switch banks to benefit from the next best deal. It may seem like an effort, but switching can pay dividends for many students and graduates.

Why do I need a student bank account?

A bank account is needed to receive payments from Student Finance, like your Maintenance Loan.

You don’t necessarily need to have a student-specific bank account. However, student accounts offer students exclusive benefits including an interest-free overdraft facility.

This access to ‘free’ lending during your course makes having a student bank account worthwhile.

Can I open a student bank account?

You can open a student bank account if you are over 18 and enrolled on a course at a college or university within the UK.

When applying for a student account you will need to provide proof of your student status.

Some UK banks have separate student accounts for international students.

How do I open a student bank account online?

Most banks allow you to apply online for a student bank account. Once you’ve chosen a student bank account, go to their website and complete an online application.

You typically won’t need to visit a branch in person but you will need to upload a photo ID, such as your passport.

New applications are normally processed within 24 hours but can take up to a week.

When can I open a student bank account?

Most UK banks allow students to apply for a student bank account within six months of their course start date.

You can open an account once your course starts, but this will mean your Student Finance payments will be delayed.

We recommend you apply to open a student account between July and August. This is when the best student deals are available ahead of the new academic year.

Can I switch student bank accounts?

If you are already a student, you can switch to another student account during your course.

In fact, we recommend that you check the best student bank accounts each summer. If there is a much better deal available, switch!

It’s much easier than it used to be. The Current Account Switch Service means banks are responsible for transferring everything over for you.

Read our guide to switching bank accounts and see what bank switch offers are available.

Can I have more than one bank account?

Yes, anyone can have multiple bank accounts and it’s very common – especially when it comes to joint accounts.

Many people these days use app-based digital banks alongside traditional high-street banks too.

It can sometimes be possible to have two student bank accounts but to benefit from the overdraft facility you will need to pay in your Student Finance.

What is an overdraft?

An overdraft facility allows you to spend more money than you physically have. It’s a bit like a credit card but far cheaper (or free in the case of many student accounts) – as long as it is arranged.

Student bank accounts are unique because they often include an arranged overdraft facility without interest. Mainstream bank accounts usually charge you a small amount for being in your overdraft (ie. being overdrawn).

In both cases, if you go beyond your arranged overdraft you can expect to be charged penalty fees and high rates of interest.

You are not guaranteed to always get the advertised overdraft limit. It depends partly on your credit rating.

Can I get a postgraduate bank account?

It used to be that banks had specific accounts for postgraduate students. These days postgraduates can either apply for (or switch to) a normal student bank account or extend a student account already held.

To be eligible you will need to be on a recognised master’s or doctorate (PhD) course at a British university.

Some student accounts are only available to full-time students. If you’re on a part-time postgraduate course, you may have to make do with a normal current account.

Speak to your current bank first to see what they’re willing to offer. If that doesn’t prove fruitful, work through the banks above to see if you can switch to another student account.

If you don’t take any action, your student account is likely to morph into a graduate bank account.

What happens when I graduate?

Once you graduate and leave university, your student account will usually become a graduate bank account.

It depends on your bank and the terms of your account, but graduates typically have a year or two to pay off their interest-free overdraft.

It can be worth considering switching bank accounts once you graduate.

Can international students apply for a UK student account?

If you’re a student coming to the UK to study, unfortunately, you won’t be eligible for an overdraft and most of the benefits that come with the student bank accounts reviewed above.

See our review of the UK international student bank accounts. Most of these accounts don’t charge a subscription fee and allow you to make cash withdrawals and card payments.

Otherwise, you can apply for a basic current account with most UK banks. Or consider a prepaid card.

Converting currency into your UK bank account? Avoid high bank charges by using Wise.

How can I protect myself from banking scams?

Be very careful with your banking information. Never share your PIN number or login information with anyone, not even employees of the bank.

There are lots of text message scams around, pretending to be your bank and asking for sensitive information.

If in doubt, always contact your bank directly on their official phone number. Forward suspicious texts to 7726.

And never accept to store money in your account for people you don’t know. Students are targeted by criminals to keep illegally obtained cash, known as ‘money mules’.

Read more about the common money scams to avoid.

See what students had to say about their banks in our latest student banking survey.

Owen Burek

WRITTEN BY Owen Burek

Owen is the founder of Save the Student, the leading student money website he started in 2007. He's passionate about educating young people about personal finance and ways to make extra money. Owen has appeared on BBC News and writes for major publications including The Guardian, Entrepreneur and HuffPost.
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