Student account free cash and perks revealed

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

Student account free cash and perks revealed

Student account packages have been revealed, including free upfront cash. As time moves on towards the new academic year, the latest analysis by Moneyfactscompare.co.uk reveals a selection of noteworthy cost-saving perks.

Student account free cash and perks revealed

The most generous overdraft tariffs this year are with HSBC and Nationwide Building Society, offering up to £3,000 interest-free (same as last year).
HSBC renews its perk: £100 in free cash plus a one-year subscription to Headspace (compared to just £100 in cash last year).
NatWest improves its bundle – £100 cashback upfront and a tastecard valid for four years (usual cost per year £39.99), compared to £80 with the tastecard last year.
Santander renews its Railcard offer (worth £30 for one year or £70 for three years).
TSB continues to offer a generous credit interest rate of 5% AER/4.89% gross.
No new freebie from Barclays Bank revealed yet – in 2022 it offered free access to Perlego for 12 months.

The most generous overdraft tariffs this year are with HSBC and Nationwide Building Society, offering up to £3,000 interest-free (same as last year).
HSBC renews its perk: £100 in free cash plus a one-year subscription to Headspace (compared to just £100 in cash last year).
NatWest improves its bundle – £100 cashback upfront and a tastecard valid for four years (usual cost per year £39.99), compared to £80 with the tastecard last year.
Santander renews its Railcard offer (worth £30 for one year or £70 for three years).
TSB continues to offer a generous credit interest rate of 5% AER/4.89% gross.
No new freebie from Barclays Bank revealed yet – in 2022 it offered free access to Perlego for 12 months.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Student account perks remain relatively unchanged to last year’s propositions, but there are a couple of banks that have enhanced their bundles or renewed their attractive incentives. One of the key selling points of a student account is the interest-free overdraft, and there has been no change to the most generous allowances from last year, as HSBC and Nationwide Building Society continue to offer up to £3,000 interest-free. Those students looking for a cash boost will find NatWest now offers a £100 cashback incentive compared to £80 a year ago, while also renewing its free tastecard offer. HSBC has added a new perk to its £100 free cash offer, providing students with a one-year subscription to Headspace, which may be enticing to students who want to monitor or improve their wellbeing.

“The whole package of any account should be carefully assessed to ensure students find the right deal that suits their needs. Cash perks are handy, but it may be more beneficial for students to choose an account with an attractive overdraft or one which can help save them money on their travels, such as the free Railcard offer with Santander. Budgeting will be a key skill to grow but thankfully there are free apps out there which can make it easy to do on the go, such as Money Dashboard. Anyone who struggles with money while away from home would be wise to talk to their family and friends or even their bank if they are worried about paying back their overdraft after they finish their studies.”

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

Student account selection table
Provider and account	Interest-free overdraft	Incentives
Bank of Scotland – Student Account	Year 1 - up to £1,500 (0-6 months £500, 7-9 months £1,000 and 10 months+ £1,500) Year 2 to 3 - up to £1,500 Year 4 to 6 - up to £2,000	Free to register for Everyday Offers. Earn up to 15% cashback from selected retailers.
Barclays Bank - Student Additions	0-11 months £500 Year 1 - up to £1,000 Year 2 - up to £1,500	Blue Rewards is available as an add-on for £5 per month.
Halifax - Student	Year 1+ - up to £1,500	Cashback Extras - Earn up to 15% cashback from selected retailers. Credit interest of 0.10% AER/gross.
HSBC - Student Bank Account	Year 1 - at least £1,000 Year 2 - up to £2,000 Year 3 - up to £3,000	Receive £100 when opening, plus a 1-year subscription to Headspace. Minimum of 5 transactions within 30 days of opening.
Lloyds Bank - Student	Year 1 - up to £1,500 (0-6 months £500, 7-9 months £1,000 and 10 months+ £1,500) Year 2 to 3 - up to £1,500 Year 4 to 6 - up to £2,000	Free to register for Everyday Offers. Earn up to 15% cashback from selected retailers.
Nationwide Building Society - FlexStudent	Year 1 - up to £1,000 Year 2 - up to £2,000 Year 3+ - up to £3,000	No charges for using debit card abroad.
NatWest - Student	Year 1 - up to £2,000 (1-4 months £500, 5 months+ £2,000) Year 2 to 5 - up to £2,000	Receive £100 paid to your account within 10 days from opening a new or converting an existing account, a tastecard, valid for 4 years giving 50% off food or 2 for 1 meals, plus offers on entertainment and shopping. Must register for mobile/internet banking and choose paperless statements within 30 days of opening. Offer valid from 3.7.23 to 30.11.23. Free 24/7 Emergency Cash Service.
Royal Bank of Scotland - Student	Year 1 - up to £2,000 (1-4 months £500, 5 months+ £2,000) Year 2 to 5 - up to £2,000	Receive £100 paid to your account within 10 days from opening a new or converting an existing account, a tastecard, valid for 4 years giving 50% off food or 2 for 1 meals, plus offers on entertainment and shopping. Must register for mobile/internet banking and choose paperless statements within 30 days of opening. Offer valid from 3.7.23 to 30.11.23. Free 24/7 Emergency Cash Service.
Santander - 123 Student Current Account	Year 1 to 3 - up to £1,500 Year 4 - up to £1,800 Year 5 - up to £2,000	Free 4-year 16-25 Railcard for new customers including discounts on other activities. Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers
TSB - Student	Year 1 - up to £1,500 (0-6 months £500 7-9 months £1,000 and 10-12 months £1,500) Year 2 to 6 - up to £1,500	Credit interest of up to 5% AER (4.89% gross).
The list of student accounts is only a selection. All overdrafts are subject to the applicant’s status. Source: Moneyfactscompare.co.uk.

Student account selection table
Provider and account	Interest-free overdraft	Incentives
Bank of Scotland – Student Account	Year 1 - up to £1,500 (0-6 months £500, 7-9 months £1,000 and 10 months+ £1,500) Year 2 to 3 - up to £1,500 Year 4 to 6 - up to £2,000	Free to register for Everyday Offers. Earn up to 15% cashback from selected retailers.
Barclays Bank - Student Additions	0-11 months £500 Year 1 - up to £1,000 Year 2 - up to £1,500	Blue Rewards is available as an add-on for £5 per month.
Halifax - Student	Year 1+ - up to £1,500	Cashback Extras - Earn up to 15% cashback from selected retailers. Credit interest of 0.10% AER/gross.
HSBC - Student Bank Account	Year 1 - at least £1,000 Year 2 - up to £2,000 Year 3 - up to £3,000	Receive £100 when opening, plus a 1-year subscription to Headspace. Minimum of 5 transactions within 30 days of opening.
Lloyds Bank - Student	Year 1 - up to £1,500 (0-6 months £500, 7-9 months £1,000 and 10 months+ £1,500) Year 2 to 3 - up to £1,500 Year 4 to 6 - up to £2,000	Free to register for Everyday Offers. Earn up to 15% cashback from selected retailers.
Nationwide Building Society - FlexStudent	Year 1 - up to £1,000 Year 2 - up to £2,000 Year 3+ - up to £3,000	No charges for using debit card abroad.
NatWest - Student	Year 1 - up to £2,000 (1-4 months £500, 5 months+ £2,000) Year 2 to 5 - up to £2,000	Receive £100 paid to your account within 10 days from opening a new or converting an existing account, a tastecard, valid for 4 years giving 50% off food or 2 for 1 meals, plus offers on entertainment and shopping. Must register for mobile/internet banking and choose paperless statements within 30 days of opening. Offer valid from 3.7.23 to 30.11.23. Free 24/7 Emergency Cash Service.
Royal Bank of Scotland - Student	Year 1 - up to £2,000 (1-4 months £500, 5 months+ £2,000) Year 2 to 5 - up to £2,000	Receive £100 paid to your account within 10 days from opening a new or converting an existing account, a tastecard, valid for 4 years giving 50% off food or 2 for 1 meals, plus offers on entertainment and shopping. Must register for mobile/internet banking and choose paperless statements within 30 days of opening. Offer valid from 3.7.23 to 30.11.23. Free 24/7 Emergency Cash Service.
Santander - 123 Student Current Account	Year 1 to 3 - up to £1,500 Year 4 - up to £1,800 Year 5 - up to £2,000	Free 4-year 16-25 Railcard for new customers including discounts on other activities. Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers
TSB - Student	Year 1 - up to £1,500 (0-6 months £500 7-9 months £1,000 and 10-12 months £1,500) Year 2 to 6 - up to £1,500	Credit interest of up to 5% AER (4.89% gross).
The list of student accounts is only a selection. All overdrafts are subject to the applicant’s status. Source: Moneyfactscompare.co.uk.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

Student account free cash and perks revealed

Student account free cash and perks revealed

Student account free cash and perks revealed

Student account free cash and perks revealed

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