Compare Student Bank Accounts

Here we will be comparing and providing information on the currrent Student Bank Accounts from:

HSBC, Natwest, Lloyds, Barclays and Abbey. Please check back for comparisons and reviews soon as this page will be updated when the banks release their new student offerings for the coming year of 2010.
I strongly recommend visiting www.savethestudent.org, a site run by students who offer invaluble money advice for all university students.

Top Student Bank Accounts 2009/2010

#1 Halifax / HBOS

For the second year running, Halifax is in first place by offering the highest interest-free overdraft limit. The student account offers an overdraft of up to £3,000. Although in your first year you are unlikely to top £1,000. When you apply, you automatically get £500 overdraft, you need to ask for more. The actual amount you get will depend on your credit rating (check yours for free). You have one year after graduation to repay before interest is added. Don't forget!

You can also open the account with the Bank of Scotland, because they're part of HBOS.

#2 Royal Bank of Scotland

Royal Bank of Scotland has stormed into second-spot this year, offering an impressive £2,750 overdraft at 0%, which is just below Halifax's student account, but RBS also throw in a 3-year railcard (worth £65) which will save you 1/3 on all rail travel. Like the others, the overdraft limit is an 'up to', in your first year you should expect to get closer to £1,250. On top of this you also get a 4GB memory stick by applying online, and a generous 1.02% pa interest on any balance you have in credit. If you go for this, let us know how you find it.

#3 NatWest

The next offering is from NatWest who advertise £1,250 to £1,600 0% overdraft to students, over a three year period. However, the overdraft is actually pretty meagre in comparison to the competition. The main attraction for students applying for NatWest is they give you a free 5 year Young Person's Railcard (worth £120).

This is one freebie that maybe worth taking. The railcard will save you 1/3 on all rail travel in the UK, which could add up to £100s if you use the trains regularly.



They also have several other 'special offers' to seal the deal with freebie loving students.

#4 Lloyds TSB

£1,500 interest free overdraft, with free NUS Extra card. Again, with a few 'offers' and minor freebies.


Remember the top student bank accounts change each year, so make sure you're still getting the best deal as an existing student.

Other factors to consider

Does it come with a debit card or a cash card? You can withdraw from ATMs with both, but only pay in shops or online with a debit card.

Can you access your account online?

Have a look over the bank charges.

Branch location. A local bank can prove be worthwhile, especially on that rare day when you want or need to make a cash or cheque deposit.