With Kasasa Cash Checking, you get an account that pays you back – with a high interest rate, no monthly service charge, monthly eStatements, and so much more. To get the railcard, you'll need to open a Santander 123 student account for the first time and make the £500/term pay-in. You must register for online banking, which will take seven to 10 days to set up, then enter a special code on the railcard website, which is valid for two months ONLY. Plus, you must apply for the account between five months before the start of your course and two months after it starts, unless you've been a Nationwide member for at least a year – then you can apply up to 18 months after your course starts. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Free three-year Totum card if you open your account by 31 Oct '20 (high-street and online shopping discounts). Scotiabank offers specified programs and bank accounts tailored for the needs of students. What you need to know before opening a student bank account: You need to be 17 years of age or older to open any student bank account. Kasasa Cash Checking. With all of the accounts in our table, you won’t be charged interest or fees for using an overdraft, as long as you stay within your free limit. Up to £3,000 0% overdraft available in years 4-6 of study. Going over your overdraft limit isn't as pricey as it used to be, as banks are no longer allowed to charge more for busting your limit. If your school participates, you can set up your bank account, pay bills or link your student ID to your U.S. Bank Student Checking account. You can apply at any time while you are studying; You can decide on your overdraft – the $1,000 maximum in year one is the limit but you can choose a lower amount. Santander also pays monthly interest on credit balances - at a rate of 1% AER on balances up to £2,000. As with all bank accounts, you'll need proof of address and identity. Will I get the maximum overdraft with my student bank account? If you are a full-time student while studying, your surety will be required to pay interest and fees only. A handful of banks also impose funding requirements to qualify for the full overdraft: Further down, we examine this year's student bank account freebies and explain what happens if you exceed your overdraft limit. Despite branching out to nearly 100 locations since, our local zeal remains firmly planted in our roots. Martin Lewis: Payment holidays coming to an end – but should you take one? Never go over your overdraft limit – BUDGET! Not necessarily - these overdraft limits aren’t guaranteed. The key is whether the overdraft is 'guaranteed' or 'up to' – the former means you'll get it if you've been accepted for the account (and asked for the max limit), but the latter means you'll only get it if you have a good credit record. We use cookies to allow us and selected partners to improve your experience and our advertising. Open account with £500 0% overdraft. MoneySavingExpert.com Limited is an appointed representative of MoneySupermarket.com Financial Group Limited. Exclusive: Self employment grant 4 announcement won’t happen till March. Read the Build Your Credit History and the main Credit Scoring guides for more info. It'll need to be paid back, so don't get too comfortable. Earn Cashback when you spend, once registered for Online Banking and have activated Cashback Extras. Up to £2,000 0% overdraft available in years 4-6 of study. If you're not financially disciplined, please DON'T try it. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft. Yes, you don't have to stay with the same provider for the duration of your course. We valued the railcard by working it out against a three-year railcard which normally costs £70, as four-year cards aren't available for general purchase. It's worth noting that Nationwide says that as long as you don't have credit problems, and you stick to the account requirements, you can get the maximum overdrafts for each year. Recommended Providers (WRPs) are chosen because they offer top-notch customer service as well as great products. Make sure you also manage any changes in limits and leave enough room to do your normal spending. It's always far better to plan and budget to avoid this. You can apply for a student account from age 17 or 18 - we explain the age limits for each provider in the table above. Campus banking. Sample size in brackets: Bank of Scotland (31), Barclays (175), Halifax (60), HSBC (471), Lloyds (120), Nationwide (185), NatWest (136), Royal Bank of Scotland (45), Santander (734), TSB (47). 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