Fact checked! This material was written by an expert

6 min read 23.11.2021 635
Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet
The best student bank account for 2022

The best student bank account for 2022

In a world where technology is a large part of everyday life, banking for students has changed. For many years, going into a brick and mortar bank was the only option for student banking. But now with the rise of smartphones and tablets, students can easily access their money from anywhere they go. In fact, due to the increased popularity of banking apps on mobile devices, traditional banks are beginning to adjust their strategies in order to keep up with this new way of banking.

With student bank accounts, you will have a number of options. Should you get a basic account, or should you get an account that offers rewards? If you go for an account that offers rewards, how can you be sure that they are worthwhile?
You need to compare the features of all the accounts available and then pick one that has all the features that you want. You also want to make sure that the bank is good and reliable before signing up for their services.

This article will give you step-by-step instructions on how to choose the best student bank accounts for your needs.

The best Student Banks for 2022 

N26 Standard — Free Student Bank Account

As a student, how do you save money? Yes, it is possible—thanks to N26 Standard! This N26 student bank account is completely mobile and completely free. Begin spending with your digital N26 Mastercard as soon as you create an account, and enjoy smart features and incentives tailored to your hectic lifestyle. 

Nationwide FlexStudent Account 

Nationwide's current account offers a flexible, interest-free and fee-free planned overdraft. In year one, you'll have a £1,000 planned overdraft limit, which will increase to £2,000 in year two and £3,000 in year three. On balances up to £1000, you will also receive 1% AER/gross p.a. (variable).

HSBC Student Bank Account

When you sign up for an account with HSBC as a first-year student, you will receive a £100 bonus, as well as a slew of additional Student Exclusives. On account opening, you'll receive an arranged overdraft offer of at least £1000 interest free, with the opportunity to raise your arranged overdraft as your studies progress.

Natwest Student Bank Account

With Natwest, you'll get an interest-free overdraft of up to £2,000 (£500 in your first term) as well as your choice of a special promotion, which might include Tastecard (where you can eat out and save 50% or receive two meals for the price of one). You may also save money on amusement, such as going to the movies. The card is good for four years and needs the use of a smartphone).

What to consider when choosing a Student bank account 

Informed Spending

If you’re just starting out in college, you don’t want your finances getting in your way. The temptation will be there to overspend, but you can avoid that if you know what options are available. The best student bank accounts offer perks like interest-free overdraft protection for no annual fee, as well as a variety of ways to keep track of spending and see where every dollar is going. Check out a few accounts below and find one that matches with your needs!

Zero Hidden Fees

Of course, free is nice — but having no fees? That’s even better. Many student bank accounts come with different levels of monthly service charges or ATM fees. Avoid these charges by choosing a bank that doesn’t charge any extra costs for using its services or ATMs. Find out how each account will be impacted by ATM withdrawal fees before signing up.

Unlimited Local and International Transfers

While most student bank accounts let you transfer money between your own accounts, not all of them let you transfer funds out of your account. Having unlimited transfers means more options for how and when you get your money. If necessary, you can use online banking or mobile apps on iPhone or Android to quickly send money between accounts—whether it’s yours or a friend’s who needs cash for lunch. And while some bank accounts offer free ATM use, others only reimburse ATM fees incurred by their own ATMs. Look into both options before choosing a bank account that offers either perk.

No Maintenance Fees

Overdraft fees can eat away at your checking account. Make sure you choose a bank that doesn’t charge these fees. Some banks will let you overdraw your account by a few dollars without charging you, but make sure it’s not a common occurrence if you do it often. Look for an account with free ATM withdrawals as well as online and mobile banking access so that managing your funds is convenient and easy.

Bonus Offers from Partners

Most banks offer sign-up bonuses in exchange for getting customers to open accounts. They may offer rewards for direct deposits, referring friends, using ATMs or signing up for automatic bill pay. These are often small amounts that can add up over time. Banks want you as a customer so they are willing to cut deals with students just starting out in their careers.

Access to Other Banking Services

If you’re looking for a place to save your money, but don’t have much in it right now, then you probably want an account that comes with other banking services as well. Most student bank accounts come with a debit card and online banking access. The drawback is that they usually come with very low balances. That said, if you need just one account for all your financial needs, then a bank account will do fine.

Final Thoughts 

There are a lot of things to consider when choosing the best student bank account. You want to find an account that will be helpful, but not expensive. Make sure you have your priorities straight before you start looking for accounts. When in doubt, reach out to professionals who can help you choose the right account for your needs. 

We hope we've helped you find the best student bank for your needs. To learn more about this, and other financial topics, please visit our website and subscribe to our blog for regular updates!