This account is designed for teens, but anyone 8 to 18 can be a joint account holder. Our current account help section has the answers to our most commonly asked questions. If you haven’t registered for the portal yet, check our student offers FAQs page for help. You can read more about the £100 cash, Just Eat and refer a friend offers on our student offers FAQs page. But it’s normal to feel worried about managing your money by yourself. Before you apply, read the full offer terms – PDF, 64KB (opens in a new window).
Your Current Account Terms (28 pages)
Get more from a personalized relationship offering no everyday banking fees, priority service from a dedicated team and special perks and benefits. Connect with a Chase Private Client Banker at your nearest Chase branch to learn about eligibility requirements and all available benefits. With Chase for Business you’ll receive guidance from a team of business professionals who specialize in helping improve cash flow, providing credit solutions, and managing payroll.
- You’ll need to sign up for one of their (free) advantage cards – check out the steps here.
- An overdraft limit is a borrowing facility which allows you to borrow money through your current account.
- Credit unions often provide access to massive ATM networks, such as CO-OP and Allpoint, with no fees.
- The analysis draws on an exclusive metric – the Student Satisfaction scores that each bank recorded in Save the Student’s latest Student Banking Survey.
How parents can teach financial responsibility without micromanaging
While not all 10 accounts are student-specific, they offer features and fee structures that can benefit students. We like this account because it has user-friendly digital banking tools and pays 0.25% APY. It also gives students easy access to cash with a network of more than 80,000 surcharge-free ATMs, and Alliant rebates up to $20 per month in third-party ATM fees. Wells Fargo Clear Access Banking is a straightforward checking account designed for students and young adults. It has no overdraft fees, making it a good choice for those still learning to manage their finances.
- Unlike a traditional checking account, Step is an all-in-one financial platform that lets account holders do everything from tracking their spending to investing.
- Many student bank accounts offer interest-free overdrafts, which allow students to spend more than what they have, up to a certain amount (you can read more about them by scrolling down in the Money blog).
- Federal regulations historically limited savings account withdrawals to six per month, and many banks continue to charge $1 to $5 for each excess transaction, despite recent rule changes.
- It’s not about control; it’s about support, accountability, and learning together.
Students student bank account overdraft ages 18 to 24 can open an account online or at a branch. ¹SpotMe® on debit is an optional service that provides fee-free overdraft if a member meets certain qualification criteria. Many student bank accounts offer interest-free overdrafts, which allow students to spend more than what they have, up to a certain amount (you can read more about them by scrolling down in the Money blog). Once you’re no longer a high school or college student, many banks let you convert your student bank account to a different type of checking account. Since financial institutions want to retain account holders as much as possible, the process of converting to a new account is usually pretty quick and simple. The main selling point for these student accounts is no sneaky fees.
Real World Costs
Comparing SpotMe to any of these other products is not accurate and would diminish integrity of the product’s structure. Its mobile banking app, available on the App Store and on Google Play, is highly rated and an excellent tool for the fast-paced lifestyle of a student. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. Or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
When you first download and open our app, we’ll ask you to
It gives you 25% off the total bill, two-for-one meals or 50% off food, and 25% off barista-made drinks, at thousands of restaurants and coffee shops across the UK. At a time when the cost of living is already making a dent in student budgets, it’s important to make the most of every opportunity and cut unnecessary costs. The amount you pay back each month is determined by how much you earn. In the UK, you pay nothing up front and only have to begin making repayments when you start earning after you graduate. These help students cover day-to-day costs, such as rent and food, while studying. You’ll be sent an inventory at the start of the tenancy, which states the condition of the flat (from any scuffs on the walls to any marks on the floor) and what is in each room.
If you don’t have a UCAS code
But after a few years, if you’re not out of the overdraft, it’ll turn into an interest-charging overdraft and you’ll start to be charged a high level of interest. You’ll definitely see a strong negative impact if you go beyond your arranged overdraft and into an unarranged overdraft. Borrowing money should only be used as a last resort, if you’re really struggling. Student overdrafts can tend to normalise borrowing money – which isn’t necessarily a good thing. This can make it hard to budget and get your money to last until the start of the next term – especially over the long summer holidays.
Some banks and financial apps offer extra banking services and other financial support for high school and college students. You can use our mobile app or online banking to view your account, pay people, transfer money to your other accounts, keep an eye on your spending, and more. If you’re starting at university or planning to soon, you should definitely consider applying for a student account. You can pay money in and withdraw it, just like with a regular account.
Best for Full-Service Banking: Bank of America Advantage SafeBalance Banking
Account fees (e.g., monthly service, overdraft, Small Business Account Analysis fees) may apply to Wells Fargo account(s) with which you use Zelle®. Having a debit card linked to your bank account at a bank or credit union is an essential feature. Debit cards provide access to funds held in your checking account for in-person payments and ATM withdrawals.
If you refer two freshers, you could get a further £40 (two lots of £20) in Just Eat vouchers. We’ve compiled a list of the best deals in the table below, and delved into the deals being offered by high-street banks and building societies further below. On top of student loans, there’s extra cash that doesn’t need to be repaid available to some students depending on where they are in the UK. Former students with a Plan 2 loan will have it written off 30 years after their first repayment.
If you stay an additional year, it increases to £1,800, and if you stay for a fifth, it reaches £2,000. Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date. Switching your current account to Nationwide takes just 7 working days.