Pay attention students!
Nationwide has made a few changes to its student account, making it fee-free.
FlexStudent offers the following:
• No monthly fee
• No fees on cash withdrawals abroad
• Interest-free and fee-free overdraft up to £3,000 (subject to status and depending on the year of study: £1,000 in year one, £2,000 in year two, £3,000 in year three)
• Credit interest of 1% on credit balance up to £1,000.
• Access to cashback on some purchases via Nationwide’s Simply Rewards scheme
• Access to FlexGraduate account after graduation.
Why I like this account
This account looks pretty good all round for students but the fee-free cash withdrawals particularly caught my eye. The debit card will be handy for students going off travelling in the holidays or spending part of their course studying abroad.
The £3,000 interest-free overdraft isn’t bad either. The account it set up so you can’t stray into unauthorised overdraft so no unexpected charges there either, unlike some accounts.
• You need to be a uni student (obviously) and over 18
• You need to pay in at least £500 per term.
About student accounts
Banks tend to have a new student account offering each year. Some accounts offer freebies (like a NUS card or railcard) and most offer some kind of interest-free overdraft. The overdraft is normally the most important thing – the more you can get at 0% the better.
It’s too early to do a full student bank account comparison yet – they’re not all out yet. But Nationwide’s FlexStudent looks a good bet if you want either a 0% overdraft or plan to use your debit card abroad. You can normally only open one student account so choose wisely.
Happy studying everyone!