If you don't repay what is owed, you could harm your credit score and borrowing capability. More on Overdrafts Close. How overdrafts work. There are two different types of overdraft: An arranged overdraft, which allows you to go overdrawn up to an agreed limit. This is the type of overdraft you could apply for here. During your application for an arranged overdraft, we'll run a full credit check to determine how much we can offer you. An unarranged overdraft. This is when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit.
How much will an Overdraft cost? More about Overdrafts. What ID's needed to open a Student account? How do I claim my Student offer? What do we need to verify your Student status? What happens to my Student account after I graduate?
How do I apply for an overdraft on my Student account? How many student accounts can I have? How do I get additional support with my banking? Get ready to apply. First things first. You can apply if you:. Now please take a look at the important legal stuff. Your Current Account Terms 28 pages. Financial Service Compensation Scheme Sheet 2 pages. Very important information about how your money is protected.
Just in case. Fee Information Document 20 pages. How much our charges will be. From taking cash out abroad to an unarranged overdraft. What You Need To Know 2 pages.
Our Lending Commitments 4 pages. How we promise to treat you, if we lend you money. And what we expect from you in return. How your information might be used. All okay? Do we already know you? I'm a completely new customer. I'm an existing customer.
I used to be a NatWest customer. If it's a large overdraft they are after, students can find higher interest-free limits elsewhere. It is also worth noting banks will not necessarily give applicants the maximum fee-free overdraft they advertise on their websites. The limit can often be based on the student's credit score.
Students should check their score before they apply it is free to do so and try and improve it if they can. If students don't have any other borrowing, they can try and give their score a boost in other ways, such as by registering to vote, or registering their mobile phone contract in their own name rather than a parent's.
FlexStudent is designed to prevent students from going over their arranged overdraft limit. Customers need to be 18 or over and not have a student account with another provider - although they can switch an existing student account over to Nationwide.
They must also have been accepted onto a full-time UCAS course of at least 2 years in the UK, and have an unconditional offer. Also on offer is a four-year tastecard membership , giving students the chance to get two meals for the price of one, or 50 per cent off their food bill, at thousands of UK restaurants - as well as discounts at the cinema.
Both accounts will prevent students from being able to dip into their unarranged overdraft. The foreign currency conversion fee for payments and withdrawals outside the UK is 2.
Students must be 17 or over and a British Citizen who has been living in the UK for at least 3 years. They need to be a full time undergraduate student on at least a two year course at a UK University or College, or completing a full-time postgraduate or nursing course lasting a year or more.
The big money saver with this account is a free, four-year Railcard, which will enable students to shave a third off their rail travel in the UK. Once they switch on Retailer Offers in online or mobile banking, customers will also be able to choose which offers to save to their card and benefit from up to 15 per cent cashback when they spend in those stores.
Santander's Student account has long been seen as one of the best offers around, with a free four-year Railcard thrown in. When a customer tries to make a payment that would take them into an unarranged overdraft, Santander makes the decision on whether to allow or reject the payment based on their individual circumstances. If it allows a payment, it will take them into an unarranged overdraft, but it does not charge interest or fees for unarranged overdrafts on the account. However, the bank does not charge a fee for withdrawals from Santander cash machines in Spain.
They need to be studying or about to begin an undergraduate course that is at least two years in length, or a level four to seven apprenticeship. If they are about to begin a course, they must have an unconditional or 'confirmed conditional' offer before they apply. Customers must not already have an existing Santander current account, and if they do, they will need to transfer it to a student one. Those who exceed their arranged overdraft limit, will incur interest rate charges at There is also a 2.
However, if students have a 'spend and save plus' account there are no transaction fees. To have a student account you must be 17 or over 18 or over if it includes an overdraft ; have been a resident in the UK for at least three years; and be studying for a full time course that lasts for a minimum of two years, or a one-year access course leading onto a full-time degree.
Smartphone banks Monzo and Starling have snapped up millions of young customers who are used to banking solely on their mobiles with no need for branches, or even online banking.
While students may be attracted to them as money management services to help keep track of their incomings and outgoings, it is worth noting neither bank offers a dedicated student account, although Starling and Monzo offer accounts to 16 and year-olds. That means they don't offer the same sizeable interest-free overdrafts as some of the accounts mentioned above, so if someone plans on using their overdraft frequently it could get expensive.
Starling charges between 15 per cent and 35 per cent depending on a customer's credit score, and Monzo between 19 per cent and 39 per cent. Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use.
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Support for students and graduates. You may also be interested in. Student Overdraft. Be prepared for any unexpected bills or payments with our interest free Student Overdraft. Contents insurance. Renters Insurance. Graduate account. It will turn into a Graduate account once you complete your studies. Prior to the account switch you should receive an email or letter detailing: the changes to your account the date of the switch. Something else we can help you with?
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