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RBS student current account review
The RBS student current account offers a range of benefits that could make life at university a little easier.
If you’re looking for a student current account, you’ll need to compare your options carefully to see which account best matches your needs. Many student accounts come with freebies or other incentives, but it’s important not to be too swayed by these – a sizeable interest-free overdraft is likely to be more useful.
Let’s take a look at what the RBS Student Account has to offer.
Rates, fees and limits
RBS has one current account available for students – the RBS Student Account.
| Product Name | Student Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Mastercard |
| Minimum opening balance | £0.01 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | No minimum funding requirement |
| Daily cash machine limit | £250 |
| At end of term | Account transferred automatically to graduate account |
| Maximum overdraft in year 1 | £2,000 |
| Maximum overdraft in year 2 | £2,000 |
| Maximum overdraft in year 3 | £3,250 |
| Maximum overdraft in year 4 | £3,250 |
| Maximum overdraft in year 5 | £3,250 |
| Overseas card transactions | 2.75% |
| Overseas cash withdrawals | 2.75% |
Who can open the RBS Student Account?
To apply for the RBS Student Account you’ll need to be:
- Aged 17 or over (18 if you want an overdraft)
- Live in the UK
- A full-time undergraduate student on at least a 2-year course at a UK university or college, or
- Completing a full-time postgraduate or nursing course lasting a year or more
How to open an account
You can only open the RBS Student Account online. You can apply if your course has already started or if it is starting within the next 6 months.
To open the account you’ll need:
- A UK passport or driving licence (full or provisional)
- Proof of address such as a driving licence, utility bill or bank statement
- Your UCAS student code, a mobile phone number and email address
What are the benefits of the RBS Student Account?
The RBS Student Account offers a range of benefits, including:
- An interest-free overdraft. If your application is successful, you can apply for an overdraft with the RBS student current account.
- Sign-up incentives. RBS often runs account opening incentives where you can be rewarded for opening an account.
Is opening an account with RBS safe?
Yes, RBS is a fully licensed bank which means it is regulated by the Financial Conduct Authority. Deposits are protected by the Financial Services Compensation Scheme (FSCS) which means that up to £85,000 of your money will be covered in the event the bank went bust.
Pros and cons of the RBS Student Account
Pros
- Interest-free overdraft
- Seasonal sign-up incentives
Cons
- Overdraft is limited in the first term
- This account is not available to international students
Customer service information for RBS
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Our verdict
The RBS Student Account has a lot to offer and its seasonal sign-up incentives will no doubt be attractive to many students. It has a decent interest-free overdraft but it’s limited for the first term, so it’s worth shopping around first to check whether this account is definitely the best option for you.
Frequently asked questions
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