NatWest won Best Student Current Account Provider at the YourMoney.com Personal Finance Awards 2024, one of three trophies it scooped on the night.
Over the course of the YourMoney.com Awards, which launched in 1998, NatWest has filled its shelves with more than 60 trophies, an immense achievement for the banking giant.
As part of YourMoney.com‘s showcase of award winners, Jaimala Patel, student finance expert at NatWest, shares five key things to consider when opening a student account.
Starting university is an exciting time, and one of the first steps into independent living is opening a student bank account.
With so many options out there, it’s important to choose the account that best suits your needs. Here are five key things to consider when making that choice, along with why the NatWest student account could be the perfect fit.
1) Overdraft facility
An overdraft is often a crucial lifeline for students, providing a safety net for unexpected expenses or emergencies. When comparing student accounts, check how much overdraft is offered and whether it’s interest-free.
NatWest student account: NatWest offers an interest-free overdraft of up to £3,250. This gives you peace of mind knowing that you have a cushion in case of financial shortfalls, without having to worry about paying interest.
2) Sign-up incentives
Many banks offer attractive perks for students when they open an account. It’s worth looking into what these bonuses are and how they can benefit you during your time at university.
NatWest student account: NatWest offers a £100 sign-up bonus when you open a student account. This is a great way to give your student budget an initial boost, helping with textbooks, living expenses, or just treating yourself! (The offer is time limited and could be withdrawn at any time.)
3) Account maturity
One important factor that’s often overlooked is what happens when your student account matures. Find out what the bank offers after graduation – does it automatically switch you to a graduate account, and what are the terms?
NatWest student account: With NatWest, once you graduate, you can switch seamlessly to the graduate account. This gives you continued access to an overdraft for a further three years, giving you breathing room as you transition into working life.
4) Exclusive discounts and offers
Many banks provide added perks in the form of discounts or memberships, which can help you save on essentials or enjoy a bit of extra fun without breaking the bank.
NatWest student account: One of the standout features of the NatWest student account is the free four-year Tastecard membership. With Tastecard, you can enjoy discounts at thousands of restaurants, as well as deals on cinema tickets, days out, and more. It’s a great way to make the most of your social life while keeping costs down.
5) Accessibility and support
Finally, think about how easy it is to manage your account. Does the bank have a good mobile app? Is it known for offering strong customer support? It’s important to choose an account that will be convenient for you to access and use.
NatWest student account: NatWest offers a user-friendly, highly rated mobile banking app, making it simple to manage your money on the go. Plus, the bank has a helpful customer support team available to assist if you run into any issues.
Jaimala Patel is the student finance expert at NatWest
NatWest is committed to supporting customers, communities, and businesses across the UK. NatWest serves over 19 million customers, helping people, families, and businesses to thrive.
