Bank of Scotland student accounts review
Find out more about what you'd get with Bank of Scotland's student current account.
Finder rating: ★★★★★
Our review of Bank of Scotland’s student account looks at how you can apply, what kind of overdraft it offers and the pros and cons of signing up.
Types of current accounts for students
Bank of Scotland has one current account available for students – the Bank of Scotland Student Current Account.
In the review below, you’ll learn about all the benefits and perks of this account.
|Product Name||Student Account|
|Card type||Cash / Debit|
|Minimum opening balance||£1|
|Interest (AER)||0% AER|
|Funding requirement||No minimum funding requirement|
|Daily cash machine limit||£500|
|At end of term||Account transferred automatically to graduate account|
|Maximum overdraft in year 1||£1,500|
|Maximum overdraft in year 2||£1,500|
|Maximum overdraft in year 3||£1,500|
|Maximum overdraft in year 4||£2,000|
|Maximum overdraft in year 5||£2,000|
|Overseas card transactions||2.99% plus flat fee of £0.50|
|Overseas cash withdrawals||Europe: 2.99%|
Elsewhere: 2.99% conversion fee plus £1.50 cash fee
|Account offer||Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card. Customers must be over 18, register for internet banking and activate the offer to be eligible.|
To be eligible for a Bank of Scotland Student Current Account, you’ll need to be studying on a full-time degree course (or equivalent) that lasts at least two years, or a one-year course that leads to a full-time degree.
You’ll also need to:
- be aged 17 or over (although to apply for an arranged overdraft, you’ll need to be aged 18 or over);
- have been living in a permanent UK address for at least three years.
You can apply as soon as you receive an unconditional offer for your course.
How to open an account
You can apply to open an account online or in-branch.
However, if you apply online, you’ll still need to go into a Bank of Scotland branch to provide the following documents:
- proof of identity – such as a passport or driving licence;
- proof of address – anything official with your name on it that’s less than three months old, but not a mobile phone bill;
- your 4-digit UCAS code confirming your place on your course.
- Interest-free overdraft. Your interest-free overdraft will have a maximum limit of £1,500 for the first three years of your studies. If you’re studying for more than three years, you can apply for an increase to £2,000 in your fourth year and beyond.
- Free TOTUM discount card for up to three years. This card gives you access to discounts at over 350 UK companies, including retailers and entertainment venues.
- Earn cashback with Bank of Scotland’s retail partners. With this account, you can earn up to 15% cashback when shopping at Bank of Scotland’s retail partners on the “Everyday Offers” programme. Simply activate the deal using your online banking or the Bank of Scotland app before you make a purchase using your debit card.
Pros and cons
- Free TOTUM discount card for up to three years.
- Earn up to 15% cashback with Bank of Scotland’s retail partners.
- This account isn’t available to international students.
- There are other student accounts offering larger overdrafts.
- You’ll have to visit a branch to open the account.
Frequently asked questions
Do I have to get my student loan paid into this Bank of Scotland account?
No. This account comes with no regular funding requirements. See how that compares in our comparison of student accounts.
How much does it cost to use the Bank of Scotland student debit card overseas?
When you use your card overseas, you'll pay a non-sterling charge of 2.99% plus a flat fee of £0.50. For, example, if you spend the local equivalent of £250, you'll be charged £7.48 plus the flat fee of £0.50.
Because it's a Visa, you'll find it's accepted pretty much anywhere that takes card payments.
Compare options for keeping costs down when spending abroad.
How much does it cost to withdraw cash overseas using the Bank of Scotland student debit card?
Within Europe, you'll pay a currency conversion fee of 2.99% (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion). Outside Europe, you'll pay a currency conversion fee of 2.99% plus a cash fee of £1.50 (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion plus the cash fee of £1.50). Don't forget that the local cash machine provider may charge its own fee too.
Does Bank of Scotland's interest-free student overdraft limit increase over time?
Yes. While the opening interest-free overdraft limit is capped at £1,500, this increases to a maximum of £2,000 in year six (£1,500 in year three). Check out our full comparison of student accounts to see the interest-free overdrafts available to UK students with a breakdown of each account's limit in each year of your course.
Bank of Scotland offers a decent all-round student account. With it, you’ll get a free TOTUM discount card, plus cashback when shopping at participating retailers. The 0% interest overdraft may not be as large as those offered by some other student accounts, but it could still prove very useful for students.