Finder rating: ★★★★★
Find out more about Santander’s student bank account option in our review, including how to apply for an account, what features and benefits it comes with, and what interest-free overdraft is available.
Santander has one current account available for students – the Santander 123 Student Current Account.
| Product Name | 123 Student Current Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Mastercard |
| Minimum opening balance | £0.01 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | Min. £500 per term |
| Daily cash machine limit | £300 |
| 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 | £1,800 |
| Maximum overdraft in year 5 | £2,000 |
| Overseas card transactions | 2.95% |
| Overseas cash withdrawals | 2.95% |
| Account offer | Free 16-25 Railcard for new customers. Valid for four years, with students saving up to one third on most rail fares. Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. Customer must be signed up to online and mobile banking to qualify. |
To be eligible for a Santander 123 Student Current Account, you’ll need to be studying for an undergraduate course (for at least two years) or an apprenticeship (level 4 to 7).
You’ll also need to:
You can apply for an account once you’ve received an unconditional or a “confirmed conditional” offer.
You can open an account online or in-branch.
When registering an account, you’ll need to provide a few personal details, financial details and proof of your course, including your UCAS number.
No, however the funding requirements of the account are min. £500 per term.
When you use your card overseas, you'll pay a non-sterling charge of 2.95%. For, example, if you spend the local equivalent of £250, you'll be charged £7.38.
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.
You'll pay a currency conversion fee of 2.95%. For, example, if you take out the equivalent of £150, you'll be charged £4.43. Withdraw 250 euros (that's around £217.47) at an ATM in Paris and it'll cost you £6.42. Don't forget that the local cash machine provider may charge its own fee too.
Yes. While the opening interest-free overdraft limit is capped at £1,500, this increases to a maximum of £2,000 in year five (£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.
The Santander 123 Student Account is a great all-round choice for students. It offers an interest-free overdraft and a sign up incentives. Get started by visiting Santander's website and open an account. If you have read this review and decided that this account is not for you, you can also compare other student bank accounts here.
