Best student bank accounts 2024: best packages with free cash and perks from Santander, Natwest and Nationwide

• Moneyfactscompare.co.uk has revealed enticing perks including free cash and exclusive offers
• NatWest, HSBC and Nationwide Building Society offer the most generous overdraft packages
• Several other banks have updated their student account benefits to include new perks and incentives

The best new student account packages have been unveiled for 2024, offering enticing benefits including free cash.

As the new academic year approaches, the latest analysis by Moneyfactscompare.co.uk highlights several attractive cost-saving features.

This year, the most generous overdraft options come from NatWest, HSBC and Nationwide Building Society.

HSBC now also provides discounts and exclusive offers through HSBC Home & Away, a shift from last year's £100 in free cash and a one-year subscription to Headspace.

NatWest continues to offer £100 cashback upfront, a four-year tastecard (typically costing £39.99 after the first year), and an appealing interest-free overdraft.

Nationwide offers £100 in free cash, no charges for using its debit card abroad and 12 months of Just Eat vouchers worth £120.

Elsewhere, Santander has renewed its Railcard offer, valued at £30 for one year or £70 for three years, and customers can enter a prize draw to help cover their tuition fees.

TSB maintains a competitive 5% AER/4.89% gross interest rate on credit, alongside discounts on breakdown cover, a Hussle Monthly+ gym pass and moving services with AnyVan.

Barclays Bank has not yet announced a new freebie for this year, but in 2023, it offered free access to Perlego for 12 months.

What are the best student account perks?

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, offers her advice and guidance on the best student account perks:

“One of the most popular features of a student bank account is the interest-free overdraft. This year NatWest offers the most generous tariff and will also give applicants £100 in free cash and a tastecard as sweeteners.

“There are a few other brands now confirming their latest student account perks which could entice those looking to save some cash when travelling or eating out. It is worth keeping in mind that any discounts need to be used frequently to maximise the benefits.

“One of the most lucrative offers comes from Santander, with its Railcard, but not only this, it is now putting on a prize draw where 20 students could win a big sum of cash to pay off an equivalent of three years of tuition fees.

“In addition, customers can sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers, so along with the interest-free overdraft of £1,500 in years one to three, the Edge Student Account could then be an attractive choice overall.

How can I keep on top of my student finances?

“Money management is a key life skill and for some students this will be the first time they have been away from home, which can be daunting.

“However, there are various ways for students to keep on top of their finances, such as with online or mobile banking and by using budgeting apps.

“It’s also worthwhile for them to look into other ways to save some cash, such as with student discount offers and cashback when they spend.

“A generous interest-free overdraft could be a lifeline for some students, but it is worth noting that this must be paid back when they finish their studies.

“If this is a worrying thought, then it’s essential students seek support to improve their mindset and financial situation.”

We'd love to hear your thoughts! Have you found a student account package that stands out to you? Share your experiences and any tips you have for making the most of these perks in the comments section.