I've expired this...it appears that the general consensus is that the d**m thing ain't working!
Until 16 March, National Rail is offering Young Persons Railcard's for half price at just £12. These cut a third off your travel bill so, if you're between 16 and 25 and spend over £36 a year on trains (even if it's just one trip), get one. While mature students over 26 in full time education are eligible to get a Young Person's Railcard sadly they can't apply online as they need to show evidence that they're studying.
How to grab one
Use this special railcard link and enter the code SAVING12 when registering. You'll need to upload a passport style photo of yourself, plus you'll need your passport or UK driving licence handy.
The link is a tracking one as we asked National Railcard for permission to give out the offer code; it was fine, but wanted to see how many MoneySavers do it.
What you get
As well as a third off most rail fares, including on the Oyster Pay as you Go capped rate if you're in London (read more on the Transport for London site), there's also currently free Youth Hostel Association membership and discounts on eating out. See the full list of offers available on the Railcard Website.
Are there any catches to the railcard?
The railcard can be used at any time although if you travel before 10am in the week you'll have to pay a minimum fare (this applies all year except in July and August).
Yet very occassionally some special fares (e.g. cheap london to manchester) undercut it so check, but for regular train travel it's great.