Best student freebies from railcards to TV and Deliveroo
While it may be tempting to look at the best freebies, it pays to look at the full account and its small print, say experts.
'Students may be enticed by the free perks on a student account, but it is essential they compare the whole bundle alongside the 0% overdraft in the first instance," says Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
"The most generous overdrafts come from NatWest, HSBC and Nationwide Building Society, which could be a lifeline for students who need to borrow during their years of study. However, taking on some part-time work in between their studies to have a bit of disposable income is wise, because an overdraft will need to be paid back.
'The upfront freebies include a mixture of upfront cash and cost-saving vouchers, discount cards for travel and eating out."
Those students who will travel far from home to study might find the free Railcard from Santander a great choice, and could save them a decent sum over the years, but customers can earn cashback through Santander Boosts. If students are hoping to save some money on eating out or through takeaways, then NatWest's tastecard could be a handy perk, along with its generous overdraft, plus they will give students £85 in free cash.
"Battling it out this year to entice students are the new free perks from Lloyds Bank, offering not only £100 in free cash, but also Deliveroo vouchers, worth £90," adds Rachel.
"Not to go unnoticed, Nationwide Building Society has a generous overdraft and offers Just Eat vouchers worth £120 and £100 in free cash. It is worth pointing out with all these perks that they are only really good value if used frequently.
'It can seem daunting to sign up to years of study, and this might be the first time students have been far away from home. Money management is then essential to get right, as it can be a little too easy to build up debts to cover necessities."
Using a mobile banking app and any budgeting tools is a great way to keep on top of the finances, as is taking advantage of any cost-saving perks or student exclusive offers.
"Students do not need to suffer in silence over money stresses, they could book a call with their bank or approach their university for support and tips," adds Rachel.
"These avenues could make all the difference to students who might drop out of university, with Experian reporting last year that 78% of students said money worries were causing them significant stress and 46% were too anxious to check their bank balance altogether.
"Students need ongoing support to help them thrive during their education.'
Which student bank accounts offer the best deals and freebies?
Lloyds Bank's student account freebies have intensified compared to a year ago, as students can now get £100 from the start of August until the end of October. In addition, it is offering six months of Deliveroo vouchers, worth £90, subject to meeting a set number of eligible account transactions each month.
Nationwide Building Society is once again offering Just Eat vouchers worth £120 and £100 free cash, as it did this time last year.
Barclays Bank is not offering any specific free upfront sweeteners for students right now, but students can sign up to Blue Rewards for £5pm, and get an Apple TV subscription as part of the perks.
The package from HSBC hasn't been enhanced, but it still offers discounts and exclusive offers through HSBC Home & Away.
NatWest's student account bundles in a free tastecard, as it did last year, but its cashback of £85 is lower than the £100 given a year ago.
Santander has once again renewed its Railcard offer (worth £30 for one year or £70 for three years) and customers can sign up to Santander Boosts to earn cashback.
TSB continues to offer a generous credit interest rate of 5% AER/4.89% gross.
The most generous overdraft tariffs are with NatWest, HSBC and Nationwide Building Society, which were also on offer a year ago.
With tuition fees for full-time students rising to £9,535 a year from this year, some students are also looking at using cash more carefully, as Ross Borkett, Banking Director at Post Office explains: 'With tuition fees rising, it's important for students in England and Wales to stay in control of their finances.
"Cash is a simple, effective way to budget, helping to set limits and avoid the temptation to overspend, especially when digital payments make it easy to lose track of costs.
"Ahead of the new academic year, we encourage students to explore how combining cash with digital tools, such as budgeting apps, can offer the best of both worlds.'
It's also worth claiming everything you're entitled to, including Disabled Students' Allowance, which many students miss out on, because they don't know about it, say Compare the Market.
Recommended reading:
What is the Disabled Students' Allowance?
Disabled Students' Allowance (or DSA) is a grant which gives students in the UK extra financial support while studying an undergraduate, postgraduate, or doctorate degree. This aid is available in England, Scotland, Wales, and Northern Ireland, and is not included as part of your maintenance loan or tuition fee.
That means when your program of study is over, any money you received from the DSA does not have to be paid back. The exception to this rule is if you leave your course early, where you'll have to return any money you haven't spent yet.
As part of the DSA, you might also be eligible to apply for a new computer (outside of financial support). You will need to pay towards the first £200 of this cost, with the rest covered by the DSA scheme.
For Wales, England, and Northern Ireland, the 2023-24 caps are clear:
£26,291 per year if you're from England
£33,146 per year if you're from Wales
£25,000 per year if you're from Northern Ireland
Things are a little more complicated in Scotland, where the exact costs are categorised and broken down in the following way:
£1,725 per year for general costs
£5,160 across your whole course for 'large items' of specialist equipment
£20,520 per year for non-medical personal help
Remember, these are the most you can get in each country, not what you should expect to receive.
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