Best Student Bank Accounts in the UK

Heading to uni? Already enrolled? Doing an apprenticeship? Like free stuff? Want to save up? 

Whatever your reason for further studies, it pays to have your head screwed on when it comes to money. So get those finances in order so you can put any debt anxieties to bed, and focus on being top dog in your class.

Now’s the time to sort your student bank account out. That way, you can get your head in the game when you’re on the rollercoaster ride of learning, laughing, adventure and everything else which higher education will throw at you.

Student Bank Account Benefits

Even if you already have a bank account (and who doesn’t these days), student bank accounts are well worth the minor hassle of setting up, because they come with bountiful benefits to help make you brilliant at budgeting. 

Those goodies vary from bank to bank, be it high street banks like Santander and HSBC to new-ish kids on the block like Monzo and Metro, but they’re all designed either to help you stay on top of your day-to-day finances, or simply to entice you to switch banks. 

NatWest, Nationwide, Lloyds Bank, Halifax, and Bank of Scotland all have bank switch offers to look out for. 

Who doesn’t love a little sweetener? Perks might include free overdrafts and railcards, discount cards on yummy food, and savings on great entertainment. Perhaps you just want the biggest overdraft? Or do you like staying on the sofa, getting food delivered? 

Remember, speaking about money doesn’t need to be something to avoid. So, let’s get into it.

Santander Student Account

The Santander student account is the most common bank for students according to the Save the Student Student Banking Survey, so there must be a good reason for that. 

You can open a Santander Edge Student current account before you’ve started your course, but you must prove you are 18+ and have either an unconditional or a confirmed conditional offer and provide proof of study from UCAS.

You can also apply if you’re a level 4-7 apprentice on a course at least two years long and you will need to provide proof of study. 

The benefits include the 4-year 16-25 Santander free student railcard, which offers savings of a third on rail travel across the UK. 

If you need short-term access to money, Santander offers an interest-free overdraft of £1,500 over years 1-3, and up to £2,000 by the fifth year. You’ll also get access to the Santander Regular Saver to help you build up your savings, while My Money Manager (available on the iOS App Store and the Google Play Store) provides insights into your spending habits. 

HSBC Student Account

Sadly, there are no freebies on offer here with HSBC’s student account, but you’ll get a reward from switching a basic or children’s account to the student version.

There are no monthly fees associated with this account, which, when you open it, will give you an option for an interest-free arranged overdraft of up to £1,000. This could rise to £3,000 by your third year!

Opening a student bank account with HSBC offers access to their Regular Saver at 5% which you can save between £25 and £250 a month for a fixed 12-month term with some withdrawal conditions. 

The banking app offers full control of your finances, and you can pay on the go when you’re out and about with Apple Pay, Google Pay or Samsung Pay. Very handy indeed. 

HSBC’s Home&Away provides offers to all account holders (including students), from dining and shopping to travel. The bank handpicks offers for you, so apply and see if anything tickles your fancy. 

Opening an HSBC Student Bank account will give you access to a student credit card with the usual terms and conditions to protect you and the bank. 

To open an HSBC Student Bank Account, you need to be 18+ and able to confirm you’ve qualified for a course at a UK university or college. You can apply if you’ve just moved to the UK from overseas, too, whether you’re calling Leicester, Liverpool, Newcastle or Nottingham your new home. 

NatWest Student Account

Sound the perks klaxon! When you apply for a no-fee Natwest student account, you’ll get one of their tastecards (worth £55 a year, according to the bank), which is a discount scheme with offers like two-for-one meals and discounted cinema tickets at selected participants. This is perfect for film buffs. 

This interest-free current account is easily managed through an app, and you’ll be offered an interest-free overdraft of up to £2000 a year or £3,250 interest-free from the third year, subject to conditions.  

As with most student bank accounts, the bank states that the account must be your main account and that you should deposit student finance, wages, or other regular income into it.

If you are a full-time undergraduate or on a nursing course of over a year or more, you can apply up to six months before the course starts. 

To open a NatWest Student Bank account, you must be 17+ and have been living in the UK for at least 3 years. The bank only takes online applications, so you don’t even need to leave the house.

Nationwide Student Account

You can open a Nationwide student account online, in person or over the phone, and you will be offered an interest-free overdraft when you do.

Nationwide says 40,000 students had this account during the last academic year, which is enough to fill the Stamford Bridge stadium in London. Let that sink in.

The bank offers cash for depositing money, food vouchers (for Just Eat, amongst others), and bonuses for referring friends. If you like to travel, there are no fees for using your credit card overseas, so you can spend up while at that summer music festival or on that winter city break, with less to worry about. 

Opening a student account with Nationwide will also give you access to one of the savings accounts to help you plan for the future. If you prefer flexibility, you can also open a Nationwide Flex account alongside your student account.

Lloyds Student Account

If you switch to a Lloyds student account, you’ll get cash upfront and Deliveroo vouchers, while with the bank’s everyday offers, you can get cashback bonuses at certain high street retailers. 

If you’re over the age of 18, the bank’s interest-free overdraft goes up to £1,500 in the first three years of study, which can be increased to £2,000 in years four to six if you’re staying on for postgraduate studies. As usual, whether you’re given an overdraft is up to the bank. 

Barclays Student Account

The Barclays student account is ideal if you’re planning on acing your exams.

The Student Addition account offers a free 12-month subscription to Perlego, which has an online library of 1,000,000 academic ebooks and resources, saving you extra cash on physical textbooks.

Barclays’ interest-free overdraft offers up to £1,000 in year one and then up to £1,500 from the start of your second academic year. You need to be a UK student to access the interest-free overdraft. 

Halifax Student Account

Who gives you extra? Halifax, of course, as you’ll get £110 cash and up to £90 in Deliveroo vouchers for switching to their student account. Terms and conditions apply, so check with the bank. 

The Interest-free overdraft of up to £1,500 for the duration of your course lasts for three years after your graduation. That’s a sweet deal and an ideal safety net for those first years in your graduate job. 

The bank’s Cashback Extras scheme offers cashback at selected retailers, including Just Eat, Sainsbury’s and Costa Coffee: perfect when you need a caffeine hit with a deadline looming.

TSB Student Account

Also of interest is that students can earn as much as 5% interest on balances up to £500, which could encourage you to save for a rainy day.

However, if you’re someone who dips into their rainy day fund, opening a TSB student account allows you to apply for an interest-free overdraft. But don’t get too carried away; always spend responsibly!

The TSB Mobile Banking App has all the features you need to manage your money on the go, an essential in this day and age. 

Monzo Student Account

App-based bank Monzo is an outlier on our list because there is no Monzo student account per se, with students able to just open a standard account. An Interest-free overdraft is nowhere to be seen here. 

You could open a Monzo account alongside your ‘main’ account and use it however you like. But remember, if you do open a student account, the bank will expect that to be your main account, so a Monzo account should only act as a back-up. 

If you’re smart with your money, you’ll find a way to make it work. 

The app with its Potts feature is neat too, for categorising money, i.e. travel, food, nights out, hobbies, shopping, and Monzo even claims an account only takes ten minutes to set up! Plus, if you refer a friend, you can bag an extra fiver, too.

Bank of Scotland Student Account

You’ll get over £100 cash and up to £90 in Deliveroo discounts for opening a Bank of Scotland student account.

The bank’s Everyday Offers gives you discounts on retailers in the travel, supermarket and restaurant sectors and with its online tool,  you can see where you’re spending money frivolously (we won’t judge if it’s on energy drinks, you’ve got to get through late-night study sessions somehow, right?)

Metro Bank Student Account

You can open a Metro current account in minutes, and it is just a regular current account like Monzo, again with no student-specific bells and whistles. 

Can I Open a Bank Account Online?

Yes, you can. Most banks let you apply for a bank account online, though some may require branch verification. You’ll find out what’s possible once you start the process, as long as you can prove you’re a student. 

Bank Switch Offers

Will you stick or twist? Banks compete with each other for customers, so see what they’re offering for making that big move. Shop around and see what, if anything, you’ll get for switching. 

Get £100 For Opening A Bank Account

Want to get some extra dosh? Open a bank account with each of these, and you’ll have enough to buy the first round at freshers:

• NatWest Bank – £100
• Nationwide – £100 
• Lloyds Bank – £110
• Halifax – £110
• Bank of Scotland – £110

Again, each bank has its own lending criteria, so be sure to read each of their disclaimers carefully.

Postgraduate Student Bank Accounts

HSBC offers its Graduate Bank Account. To apply, you’ll need to have graduated in the past 2 years.

Halifax has an Interest-free overdraft of up to £1,500 for three years after your undergraduate. 

What is the Best Student Account?

Your fellow students rated NatWest as offering the best student bank account in the Save the Student banking survey in 2024. 

With the rising cost of living, every penny counts, so you’ll want to be the best budgeter possible and have enough stored away for fun and games at the weekend, when the university holidays swing around, or even just to pay for your rent and those essential subscriptions, like a gym membership, that keep you fighting fit.

Can You Have Multiple Student Bank Accounts?

The terms and conditions for each student bank account will usually dictate that you can’t open more than one account. Simply put, having multiple accounts and overdrafts can be hard to manage and increases your chances of getting into debt that you’re unable to pay back.

Remember, an overdraft doesn’t need to be spent straight away but should act as a financial safety net. For more details, check with your bank of choice or read their terms and conditions about what’s possible. 

Best Student Bank Accounts in the UK

Banks will try to woo the pants off you with bonuses for switching, while some of the accounts provide food delivery, retail and entertainment discounts.

You might even want money management advice, so you can really see how much you’ve been spending on meal deals at railway stations.  

Shop around, because there are pros and cons to each. You might want a bank with ethical investments, or a free railcard might be a big selling point if you rely on train travel and spend money doing so. 

The best student bank account for you depends on your goal, so get money smart today.  

At Now Student Living, we do our bit by offering a range of amenities and all of your utilities included in the price of your rent. Secure your stay today to make the most out of student living.

*All details correct as of 1st August 2025 *