NatWest student accounts review

Learn more about the student bank accounts offered by NatWest.

NatWest

This review takes you through the two student bank accounts on offer from NatWest, including eligibility, how to sign up, and the pros and cons of each.

Types of current accounts for students

NatWest has two current accounts available for students – the NatWest Student Bank Account and the NatWest International Student Bank Account.

Below, we’ll explore some of the key details of these accounts.

Compare NatWest’s student bank accounts

Table: sorted by interest rate, promoted deals first
Name Product Account fees Interest (AER) Funding requirement 0% overdraft limit Perks Link Representative example
NatWest
£0
0% AER
No minimum funding requirement
Up to £500
What about the perks? Choose 1 of the following offers - Amazon Prime Student, 1 year free membership and £10 Amazon.co.uk gift card or National Express Coachcard, valid for 4 years giving 1/3 off fares plus 15% off travel to events and festivals or tastecard, valid for 4 years giving 50% off food or 2 for 1 meals plus savings on entertainment.
View details
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
NatWest
£10 per month
0% AER
No minimum funding requirement
Not available
What about the perks? Choose 1 of the following offers - Amazon Prime Student, 1 year free membership and £10 Amazon.co.uk gift card or National Express Coachcard, valid for 4 years giving 1/3 off fares plus 15% off travel to events and festivals or tastecard, valid for 4 years giving 50% off food or 2 for 1 meals plus savings on entertainment.
View details
Representative example: N/A
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Eligibility

To be eligible for a NatWest Student Bank Account, you’ll need to be studying in the UK on a undergraduate course (for at least two years), a postgraduate course (for at least one year) or a nursing course (for at least one year).

You also need to be:

  • aged 17 or over;
  • living in the UK.

To be eligible for an overdraft, you need to be 18 and have lived in the UK for three years. You’ll have to pass a credit check to be approved for an overdraft too.

The eligibility rules for an NatWest International Student Bank Account are similar, although this account is for individuals who have lived in the UK for less than three years. There is no overdraft available with the International Student Bank Account.

How to open an account

You can apply for a NatWest student account within six months of your course start date. Applications can be completed online or in-branch.

As part of your application, you’ll need to share various personal and financial details. You’ll also need to share details of the course you’re on, and prove your student status by sharing your 16-digit UCAS code.

The benefits

  • Large interest-free overdraft. If you successfully apply for an overdraft on this account, you’ll be given £500 interest-free until the end of your first-term. Afterwards, you can increase this to £2,000 until the end of your studies.
  • Choose from one of three gifts. When applying, you’ll be asked to choose your three gifts. Your choices are: a one-year Amazon Prime membership, a free National Express Coachcard, or a Tastecard+.
  • Card security. You can temporarily lock your card if you lose it, then unlock it if you find it again.
  • Emergency cash withdrawals. Withdraw up to £130 per day every at a NatWest ATM without your card.
  • Option to apply for a credit card. Though it’s not something to be entered into lightly, once you hold a NatWest Student Account, you’re eligible to apply for a NatWest Student Credit Card.

None of these features are available with the NatWest International Student Bank Account. The International Student Bank Account also comes with a monthly fee.

Pros and cons

Pros

  • Large interest-free overdraft;
  • A great selection of gifts.

Cons

  • Monthly account fee for international students.

Frequently asked questions

Note these faqs refer to the Student Account and may not be relevant to the International Student Account.

Do I have to get my student loan paid into this NatWest 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 NatWest student debit card overseas?

When you use your card overseas, you'll pay a non-sterling charge of 2.75%. For, example, if you spend the local equivalent of £250, you'll be charged £6.88.

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 NatWest student debit card?

You'll pay a currency conversion fee of 2.75%. For, example, if you take out the equivalent of £150, you'll be charged £4.13. Withdraw 250 euros (that's around £inf) at an ATM in Paris and it'll cost you £inf. Don't forget that the local cash machine provider may charge its own fee too.

Does NatWest's interest-free student overdraft limit increase over time?

No. If you're looking for an account which can offer an increasing overdraft limit as your course progresses, see our full comparison of student accounts.

Verdict

The selection of perks is a standout feature of this account, and will likely attract plenty of students to choose this account. Although the 0%-interest overdraft isn’t as large as other student accounts, it could still prove to be very useful for students throughout their studies.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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