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Santander Student Bank Account

Last updated: 30th August, 2012

Santander Student Bank AccountThe Santander account has improved in recent years which has made it one of the most attractive student accounts in 2012.

They may not be known for their customer service but they are reportedly getting better.

Overdraft

The Santander student bank account offers a guaranteed 0% overdraft of up to £1,500 to 3rd year students. If you are not sure about the difference between “up-to” and “guaranteed” overdrafts then check out the best student bank accounts page.

You will need to pay in £500 soon after opening your account and use it as your primary student account to get the guaranteed overdraft.

Year 1 – £1,500

Year 2 – £1,500

Year 3 – £1,500

Year 4 – £1,800

Year 5 – £2,000


Going over the limit

If you ever go over the overdraft limit on your Santander student account you will be hit with large fees. However, you can save yourself by talking to your bank and asking them to ‘arrange’ the overdraft with you. You will still be charged but it will soften the blow.

Arranged – 0%

Un-arranged – £5 a day (max £50/month) plus £10 for unpaid items.

Santander student freebies

Santander offer one of the best student freebies with a £50 reward for switching or opening an account with them before 30th November. That £50 could come in handy but be careful about letting it dictate your decision.

As far as we are aware, Santander no longer offer the laptop or gadget insurance as part of their student bank account package but it may be worth checking with them.

Banking Features

The Santander student account is one of the rare ones that offer interest on a positive balance. They offer 1% AER on all balances up to £500.

You can get access to your account both online and over the phone as well as receive alerts via email and text so you can keep as up to date with your money as you want to.

How to open a Santander account

Santander require you to pass a few conditions to open an account like having a good credit rating. We recommend you check yours with a free trial here.

You should also:

  • Have a confirmed place at university
  • Pay all of your student loans into the account

You can apply for a Santander Student Current Account here.

By students

Hello! This website has been written by student money experts Save the Student! to give you an overview of student bank accounts and what they have to offer you.

The studentsWe review the benefits and catches of all student accounts so you can make an informed choice and avoid the traps!

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