Free four-year 16-25 Railcard with Santander 123 Student current account
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Free four-year 16-25 Railcard with Santander 123 Student current account

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Found 31st Jul 2017
Santander is offering a four-year 16-25 Railcard if you open a student current account (obviously you need to be a student to do so).

The Railcard normally costs £30 a year or £70 for a three-year Railcard.
So this freebie is worth £100.

Railcard holders get a third off a wide range of train tickets and you get some discounts on certain hotels and restaurants too.

If you’re a student heading to uni away from home and plan to visit your parents/friends at other unis via train, a 16-25 Railcard is definitely worth having.

But there is one big caveat… read on.

Are perks the most important thing?
Each year banks try to lure students in with student bank accounts offering a range of perks or benefits such as railcards, coach cards or discount cards. They do this in the hope you’ll end up being a customer for life (it worked with me, I am still with Natwest after opening an account in 1992).

However, it’s important not to be swayed by these without checking out all the accounts properly.

For many students, being able to borrow as much as possible interest-free will prove to be the biggest financial benefit.

Santander DOES NOT offer the best overdraft on student accounts this year. It offers an interest-free and fee-free arranged overdraft up to £1,500 in years one to three, then up to £2,000 if you stay on to year five (overdrafts are “subject to status” so these amounts aren’t guaranteed).

Halifax offers up to £3,000 per year as you can see in this post. So if a decent 0% overdraft is really important to you, Halifax might be your best bet.

Santander 123 Student account
This is what Santander’s 123 student account offers:
• Four-year 16-15 Railcard, as above. A unique code will be sent via secure message to your online banking within five working days of account opening
• 1% credit interest on balances from £100 to £200; 2% on balances from £200 to £300; and 3% AER interest on balances from £300 to £2,000.
• Access to 123 World offers, including preferential rates and special deals on other Santander products.
• A Visa Debit card for making purchases and accessing your money at cash machines.
• Contactless payments with your mobile by linking your Santander debit or credit card to your Apple, Android or Samsung device.
• When you open your account you'll get an arranged overdraft limit of £250 as soon as Santander has checked you’re an eligible student. To increase this to £1,500 you need to pay in £500 and continue to pay in at least £500 per academic term.

In short, if you’re not fussed about the overdraft but you will make use of the Railcard, then this is a deal worth going for.

If you need a big overdraft, check out Halifax’s student account.

If you don’t need a big overdraft or a 16-25 Railcard but do use Amazon, check out HSBC’s student account – it offers a free Amazon gift card.
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3 Comments
No love for mature students
16-25railcard.co.uk/usi….ds actually mature students can qualify for this railcard as long as you have a university tutor fill in part of the form
What if I already have a student account with...lets say HSBC. Can I still go ahead and make another student account?
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