What is the best student bank account?

Benefits

For many families across the UK, university is the first time that children properly fly the nest, so it is both an exciting and stressful time for everybody involved. There are so many things to sort out in these times, and one of the most important by far is choosing the best student bank account.

Student bank accounts are crucial to first year university students about to embark on the next chapter of their lives – if you’re a student yourself, or just a parent, you’ve really got to get in the know when it comes to this.

We’ve been through a few of the critical things to remember with student bank accounts here [crucial things to remember with student bank accounts], and being the nice people we are over at Winzum, we’ve gone deeper into what is the best student bank account around in 2020.

What makes the best student bank account?

Because university is such a unique part of life there are various differences in what you’re going to be looking for in a student bank account. In order to get the best student bank account around it’s important to understand what you’re going to want, and the first thing to say here is that the larger the overdraft, the better. You never know what might happen financially during the first year of university in particular, so this is a great place to start.

These days there are also loads of student bank account providers who also like to throw in tantalizing little freebies, so it’s always worth keeping an eye out for this. After all, the best student bank accounts depend on how good the freebies are…

Things to avoid if you want the best student bank account

The No. 1 thing to avoid in a student bank account by far is any kind of interest charge on the overdraft, because this can quickly financially cripple students who get a bit too flirty with the bottom of their overdraft amount.

Also, as much as we all love freebies like 16-25 Railcards, it’s important to remember never to prioritise a student bank account on this. The first thought should always be towards interest rates and overdrafts.

A few of the current best student bank accounts

We wanted to get a bit of the theory around what the best student bank account is first, because you never know when a new deal is going to appear that might trump any of the examples we’re about to give.

But now you know a little about it, take a look at some of the best student bank accounts currently available:

  • Nationwide: Nationwide offer a FlexStudent account that is definitely No. 1 in regards to the overdraft, with a 0% interest overdraft of £1000 that increases by another £1000 each academic year.

  • Santander: The Santander 123 account is famous for the free 16-25 Railcard you get with it, which gives a 1/3rd of train tickets across the UK. This is an absolutely fantastic freebie, and the account also comes with a solid guaranteed 0% £1,500 overdraft.

  • Barclays: The Barclays overdraft system follows the same system as Nationwide, however in 1st term the limit is only £500. It doesn’t seem much, but this could actually be a great way to limit student spending in the first few weeks that can typically get pretty crazy.

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