Best student bank accounts including £100 free cash and a free four-year railcard
HEADING to uni and looking for a bank account? If so, try not to be tempted by freebies.
Rail cards, discounted meals and free cash are just some of the offers available to students.
But you should weigh up what you need before choosing an account that’s right for you while you are studying.
Rachel Springall, from Moneyfactscompare.co.uk, said: “It is worth keeping in mind that any discounts need to be used frequently to maximise the benefits.”
And there is a sneaky reason why banks offer perks.
Myron Jobson, senior personal finance analyst at Interactive Investor, said: “It is a case of getting them while they are young. Bank customers are notorious for staying with their bank, even though they can get a better deal elsewhere.
“This fact is not lost on banking chiefs, who recognise the potential of students as long-term customers.”
Instead of going for freebies, the most important thing to consider is the interest-free overdraft on any account.
If you prefer in-person banking, make sure there is a branch close by.
Also check reviews of apps to find out how they perform.
This week, Ruth Jackson-Kirby and Olivia Marshall analyse the best student bank accounts available.
Best for overspenders
STUDENT bank accounts offer generous interest-free overdrafts – but beware of getting into debt because you don’t want the burden of money worries later.
NatWest and RBS offer up to £2,000 in your first year, then up to £3,250 by year three.
Meanwhile, Nationwide and HSBC offer £1,000 in year one, £2,000 in year two and £3,000 in year three.
Best for savers
IF you’re savvy enough to be able to grow your savings while studying, the HSBC student account comes with a linked regular saver account paying five per cent.
TSB also pays five per cent on balances of up to £500, which is a great way to build up a nest egg if you can afford it.
Best for travellers
CUSTOMERS of Nationwide can use their card abroad for free.
You won’t be charged when making purchases or withdrawing cash at ATMs outside the UK.
Santander gives its customers a free four-year, 16-25 railcard worth £120.
It offers you a third off most rail fares.
This is one to consider if you are studying away from home and will need to go back to visit via train often.
Best for free cash
IF you plan on keeping fit while studying, then TSB is offering a 35 per cent discount on a Hussle Monthly+ gym pass
Membership usually costs from £21.99 per month, but the discount cuts it to £14.30.
Make sure to check there is a location near your college or uni before signing up.
You may be able to find cheaper gym classes or passes.
Best for takeaway fans
NATIONWIDE gives students who open new accounts 12 months of Just Eat vouchers worth £120, paid at a rate of £10 a month.
NatWest and RBS provide a free four-year Tastecard worth £120, which gives you 50 per cent off food or two-for-one meals at hundreds of restaurants.
Best for free cash
GET £100 free cash from either of two banks.
Nationwide pays it if you deposit £500 before December 13, and NatWest within ten days of you registering for online or mobile banking.
Santander is entering customers into a draw where students could win £27,750 – about three years’ tuition fees.
Its Boosts scheme pays cashback with hundreds of retailers.
Lloyds , Bank of Scotland and Halifax also do cash with retailers.
PENSION PAYOUT LAGGING
TENS of thousands of retirees are due cash boosts after a state pension error led to £1.15billion being underpaid.
The mistake has seen an estimated 194,000 people miss out on retirement cash, mostly stay-at-home mums.
HMRC wrote to those affected last autumn, but a report by the Department for Work and Pensions reveals that just 419 cases had been assessed by March 31.
Just £2.2million in arrears has so far been paid out.
The DWP report says that work to fix the problem could continue until 2027/28.
Those affected are people who claimed child benefit before May 2000 as they could have gaps in their National Insurance record, which affects the pension they receive.
How much you get is based on NI contributions and the number of “qualifying years” you have.
From 1978 to 2010, protection was provided for parents to avoid these gaps by a system known as Home Responsibilities Protection credits.
This system was replaced in 2010 by the one we have now, called NI credits.
If someone claimed before May 2000 and didn’t provide their NI number on the form, it’s possible their credits weren’t transferred.
Anyone who has received child benefit since 1978 should check their NI record.
If the payment is missing, they can fill out a CF411 form to get the information added to their record.
Ellie Smitherman
MOANS NOW AND AGAIN
NOW TV was the most complained-about broadband and landline provider during the first quarter of the year, according to regulator Ofcom.
Between January and March, it received 22 complaints per 100,000 customers – well above the industry average of 11 – for its broadband services.
The firm also received 12 complaints per 100,000 customers for landline phone services.
A Now TV spokesperson told The Sun: “Although this represents a small proportion of our customers, we’re still disappointed by this number. We’re absolutely committed to ensuring our customers have the best broadband experience.”
Now TV was followed by EE and Virgin Media in the table of most complained-about broadband providers.
They both had 11 complaints per 100,000.
A Virgin Media O2 spokesperson said: “We have a clear plan that has already led to a reduction in complaints.”
O2 remains the most complained-about mobile operator, which is mostly driven by the way client issues are handled.
Tesco Mobile, Sky Mobile, EE and Vodafone received the fewest complaints in the mobile category.
Rocio Concha, director of policy and advocacy at Which?, said: “While it’s positive that the overall number of broadband complaints has fallen, Ofcom’s figures show there is still room for improvement.
“Any firms falling short must improve their customer service and give consumers the support they deserve.”
Laura McGuire