NatWest launches student bank account offering free £100 and half-price food | Personal Finance | Finance
NatWest is launching a new Student Account offering £100 cash and a range of other perks to accountholders “make the most” of their student experience.
The account comes with an overdraft of up to £3,250 and a four-year tastecard offering discounted meals, cinema tickets and shopping.
The offer is available to new and existing customers opening a student account, and the £100 cash incentive will be paid within 10 working days.
Commenting on the new product, Jaimala Patel, head of NatWest Student Accounts said, “We want to help our students get started studying and are offering a range of financial tools, a £100, an interest-free overdraft of up to £3,250 and a tastecard to help reduce the cost of student life.”
The interest-free overdraft of up to £3,250 will be available from the third year of study. In the first year of university, a student will be able to apply for an overdraft of up to £2,000.
The free tastecard offers a number of discounts, such as money off meals at hundreds of restaurants and takeaways including Black Sheep Coffee, Dominoes and Krispy Kreme. This is in addition to discounted cinema tickets and shopping offers.
Students can also benefit from a range of money management tools offered by NatWest, including a free expense tracker feature in NatWest’s mobile app called Spending.
Other features include Split Bill and PayMe, which make it easier to request money from friends and family, and Round Ups, which helps start a savings habit with its six percent interest Digital Regular Saver.
For students who are house-sharing for the first time, NatWest’s Housemate app can help accountholders split bills between housemates.
To be eligible for the account, a student must be studying a full-time graduate course and be completing a full-time course lasting at least two years.
Applicants must be aged 17 and over, and have been living in the UK for at least three years.
New customers will also need to register for online or mobile banking within 30 days of account opening. They will then receive the £100 cash incentive and the four-year tastecard membership within 10 days of this.
Commenting on the product, Rachel Springall, a finance expert at Moneyfactscompare.co.uk, told Express.co.uk: “One of the most popular features of a student bank account is the interest-free overdraft and 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.”
Ms Springall noted that 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, she said: “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 is essential students seek support to improve their mindset and financial situation.”
Comparing products, Ms Springall said: “HSBC and Nationwide also have generous overdrafts, but of up to £3,000. Santander has a railcard and prize draw this year. TSB has some discount perks and five percent credit interest. Barclays and HSBC have not revealed any new free cash or new perks.”
