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Student banking benefits

For most students starting a degree in September a student account with their bank is absolutely essential. Not only does student banking come with a range of benefits but they're also designed to help you manage your money better with a student loan.

However, there are a few conditions you have to meet before getting a student banking account. They might be different depending on the bank, but generally you need to:

  • Have your student loan paid into that account.
  • Make at least 2 debit transactions per month - though this differs considerably per bank.
  • Pass their credit check - the student overdraft is the main benefit of the account and requires all applicants to be credit checked.

Most students always opt for one of the student banking solutions given by banks. As well as getting an account with a interest-free overdraft you can also receive a credit card and other benefits. For example, some accounts come with:

  • A travel package, or a Student Saver card, to help you save money on travel in the UK.
  • Discounts for various retailers or bars.
  • Discounts on stationary and university materials from some stores.
  • A student credit card for purchases which offers great rates whilst your a student, but must be paid back as soon as you complete your degree.

But the main benefit of all accounts is the overdraft. Overdrafts with student banking vary from £200 to £1,000 in your first term and can be increased as you go through university. As long as you're a student you don't have to pay the overdraft back, so when you find yourself a little short before your next student loan you can always dip into your overdraft and won't have to worry about charges.

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