Banking
Compare Student Bank Accounts for 2008/2009 Academic Year
Student accounts will no doubt be at the top of your priority list if you're off to university this year. A whole range of banks and building societies offer student accounts that have:
- Competitive overdraft limits
- Free gifts e.g. - cd's, vouchers
- Interest free periods
- Banking Incentives
It is important to make the best choice when choosing your student account as banks entice students with goodies and freebies, many not focusing on the most critical feature of any student account, the level of the interest-free overdraft.
| Provider Name | Incentives | Interest free overdraft | Credit interest rate (gross) | Student service | Phone & internet banking | Credit card, limit |
|---|---|---|---|---|---|---|
| Abbey | £50 cash, paid into the account after one month of opening | £1000 in Y1 rising to £2000 in Y4 | £1+ 3.93% | Yes | Yes | Fee free, £350 |
| Barclays | 6 free cinema tickets increasing to 12 if opened with a Student Barclaycard | £1,000 in Y1 rising to £2000 in Y5 | £1+ 0.10% | Yes | Yes | Fee free, £600 |
| Co-operative Bank | None | £1,400 in Y1 rising to £2,000 in Y3 | None | No | Yes | Fee free, neg. |
| Halifax | Discounts on AA Breakdown and Card Care eCover | Y1 to Y5 up to £3000 | £1 + 2.00% | No | Yes | Fee free, neg. |
| HSBC | None | £1000 in Y1 rising to £2000 in Y5 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
| Lloyds TSB | £25 within 28 days of account opening. Free NUS Extra Card | £1500 in Y1 rising to £2000 in Y4/Y5 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
| NatWest | 5 year Railcard. | £1250 in Y1 rising to £2000 in Y5 | £1+ 0.10% | Yes | Yes | Fee free, £500 |
| Smile | None | £1000 in Y1 rising to £2000 in Y4 | £1+ 2.25% | No | Yes | Fee free, neg. |
| RBS | Free Webcam with online applications. Discounts on shopping, entertainment and selected holidays | Y1 to Y5 up to £2750 | £1+ 2.00% | No | Yes | Fee free, £500 |
This is a selection of the main student account providers and is not a full guide to the whole market.
Reviewed August 2008