NatWest student account review

Learn more about the student bank account offered by NatWest.

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By

Matthew Boyle

Updated

Fact checked

If you’re 17 or over and heading to university, NatWest’s Student Bank account offers discounts and an interest-free overdraft.

From time to time NatWest has a cashback offer for students which you might be able to take advantage of too.

Plus, the bank is well-established, has an easy-to-use app and hundreds of bank branches around the UK.

Types of current account for students

NatWest has 1 current account available for students – the NatWest Student Bank Account.

Below, we’ll explore some of the key details of this account.

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
  • have been living in the UK for at least 3 years

Student arranged overdrafts are available to NatWest Student current account holders aged 18 or over. You’ll have to pass a credit check to be approved for an overdraft too. You must use your Student account as your main account by depositing your wages or other regular income into it.

How to open an account

You can apply for a NatWest Student Bank Account within 6 months of your course start date. Applications can only be completed online.

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

    • Interest-free overdraft. If your application is successful, you can apply for an overdraft with the NatWest Student Bank account.
    • Account opening incentives. NatWest often runs account opening incentives where you can be rewarded for opening an account.
    • Housemate app. Housemate by NatWest lets you split household bills and pay each other back. You don’t have to bank with NatWest to use it. You just need to be aged over 17 and have a UK bank account.

Pros and cons

Pros

  • Interest-free overdraft.
  • Account opening incentives.

Cons

  • This account is not available to international students.
  • Overdraft is limited for the first term.

Frequently asked questions

Do I have to get my student loan paid into this NatWest account?

No. This account comes with no regular funding requirements.

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 Mastercard, you'll find it's accepted pretty much anywhere that takes card payments.

You may still be charged overseas fees however. For example, some cash machine operators when abroad may apply a direct charge for withdrawals from their cash machines (this should be advised on screen at the time of withdrawal).

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 £214.02) at an ATM in Paris and it'll cost you £5.89. 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?

Yes. While the opening interest-free overdraft limit is capped at £2,000, this increases to a maximum of £3,250 in year four (£2,000 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.

Our verdict: Is a student account from NatWest worth it?

With its extra perks and an interest-free overdraft, NatWest offers a standout student account.

The bank has focused on creating features that will help students live their life, including being able to link the Housemate app to your account to make it easier to split bills. But if you’re after different types of student perks like a free railcard then it might be best to look at other student accounts.

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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