Student Banking

You're a student - and you probably already have a bank account. But your current bank account is not especially for students, and it doesn't offer you overdrafts, good rates etc. There are loads of accounts designed especially for you with loads of features to make your life easier. We're going to give you details on as many as we can below - to help make your life easier.

We've come up with a list of student bank accounts and given you details on what they offer.

Banks with Student accounts		Free Overdraft Limit	Charges / Fees	Incentives	Afterwards?	More Info
	Abbey National	£1000 - £1800	£25 per month if you go over your limit	-	Transferred to Graduate account immediately upon graduation	Abbey National
	Barclays Bank	£1000 - £2000	-	Cinema tickets (between 6 and 12 of them)	You have 2 years from graduation to transfer your student bank account to a graduate account	Barclays Bank
	Clydesdale Bank	No free overdraft - charged at 7.49%	-	-	You have 6 months from graduation to transfer your student bank account to a graduate account	Clydesdale Bank
	Co-operative Bank	£1400 - £2000	-	-	You have 2 years from graduation to transfer your student bank account to a graduate account	Co-operative Bank
	HSBC	£1000 - £2000	-	-	Account transferred to a graduate bank account after graduation	HSBC
	Halifax	Up to £2750	£28 per month if you go over your limit	Lots of discounts	You have 2 years from graduation to transfer your student bank account to a graduate account	Halifax
	Lloyds	£1500 - £2000	£15 per month if you go over your limit	Up to £75* credited to your student bank account	Have to transfer your student bank account to a graduate account by September after Graduation	Lloyds TSB
	Natwest	£1250 - £2000	-	Young Persons railcard for 5 years - worth £100	Account transferred to a graduate bank account after graduation	Natwest bank
	RBS (Royal Bank of Scotland)	Up to £2500	£12 per month if you go over your limit	A free webcam and loads of discounts.	You have to transfer your student bank account to a graduate account within 12 months of graduation	Royal Bank of Scotland
	Smile	£1000 - £2000	£5 per month if you go over your limit	-	You have to transfer your student bank account to a graduate account within 4 years of account opening	Smile
	Yorkshire Bank	No free overdraft - charged at 7.49%	-	-	You have 6 months from graduation to transfer your student bank account to a graduate account	Yorkshire Bank

* £25 within 28 days of account opening. Further £50 credited if account does not go overdrawn and 3 credits are paid into the account by 30.6.08. Free NUS Extra card (worth £10). Remember this was for opening an account at start of academic year in 2007

Which Bank should I go with?

Banks want you! They know that if you open an account with them you'll probably stay with them. You may not have much money now but in the future you'll hopefully have a great job, lots of money, and guess what - you'll probably be with the same bank. They know the chances of you moving away are slim, so they want to get you early!

So, when you're looking to open a bank account, no matter what your current position is, remember, they want you. There are lots of banks who are all offering great stuff to attract you so read on and choose carefully. Make sure you know what they offer, what you can get from them, and that you can change banks if you want to.

For students, especially if you are at university, one of the main things to look out for is an overdraft. Others things include what interest rate you get on credit in the account, what you are expected to do after university (change accounts?), are there any account charges, and what other facilities do you get.

What are the things that I should look out for?

Overdraft: If you are a student you're probably going to need an overdraft. Nearly all student accounts offer an interest free overdraft some of which change amount year on year. Basically the bank will let you borrow money without you having to pay interest to help you get through your studies. There are a few things to be careful about though - please check out more about "interest free overdrafts" to learn more.

Incentives: Banks want you and some will offer you goodies to attract you. From a 5 year Young Persons Railcard (worth £100) to webcams, or up to £75, many of the student accounts come with an offer...

When you finish: Unfortunately you can't have a student account forever! Some banks move you over to another account right away after graduation (which means you start paying interest on your overdraft) whilst some give you up to 2 years extra without charging interest..

Fees: If you go over your limit, what happens? Most banks will charge you - but how much? We've detailed the charges for you so you know what's going to happen if you go over your agreed overdraft.

Interest Rates: How much are you going to be paying in interest, and how much interest are you going to be getting when your account is in credit?