Santander offer £50 for switching account
If you change your student bank account to one with Santander, before late August, then you will be rewarded with £50.
This comes just before the statistics for most of next years student accounts are released, which are shown every year on the site on our best student accounts review
You can apply for the Santander account if you will be new to university this year (confirmed) or even if you are looking to switch student accounts.
Unfortunately, those students that have yet to receive their A-Level results and therefore an automatic entry to university will unfortunately not be able to open an account. However, Santander may increase the length of the offer so that students applying this year can take advantage.
To be eligible for the account you must be moving from an student account that is not with Santander and you must also use their Account Transfer Service. In addition to this you will need to deposit a £500 minimum every term (student loan) and also transfer all of your money, overdraft, student loan payments etc.
Beware of the freebie
Although freebies are everywhere when choosing a student account, it is a good idea to try and look past them. In fact, many banks will be withdrawing their freebies for the student accounts in 2012.
£50 in cash may seem amazing but Santander currently only offer a max overdraft of £1,500 in your 3rd year of studying. When you compare this to the £2,000 guaranteed by Co-op last year, you could be missing out on £500 worth of 0% money.
Obviously, you will have to pay back the £500 as opposed to the £50 but you may really need the extra overdraft.
It's about you
All in all, it's all about your choice. If you don't feel like you need an overdraft and will be in a positive balance at university then the £50 plus interest on all money up to £500 will definitely be for you.
You don't have to be loyal to your bank and you should be able to switch at anytime.