Students can get a free four-year 16-25 Railcard when they open Santander’s 123 Student Current Account.
What’s the deal exactly?
Many students are heading to university for the first time with others returning ahead of the new academic year.
Students opening a Santander 123 Student Current Account can get a free four-year 16-25 Railcard when they open an account. This gives users a third off most rail journeys in the UK and normally costs £30 a year, meaning the freebie is worth £120.
Why should I care?
Thanks to this offer, Santander proved the most popular bank for new students in 2016. Research by CACI, a marketing and data company, shows the bank took a 41% share of the student market during the year.
The Santander 123 Student Current Account also pays 3% interest on balances from £300 to £2,000. This means if you maintain a balance of £2,000 or more for the full year, you’ll earn £60 in interest. Smaller balances also earn interest.
If you have a balance of between £100 and £200, you’ll earn 1% and balances between £200 and £300 earn 2%.
What’s the catch?
You must be over 18 and an undergraduate student to open this account, register for online banking and subsequently pay at least £500 into the account each academic term – this could be your student loan, for example.
What other options do I have?
Other banks are also offering freebies to students for the new academic year. If you travel between home and university by coach, you may prefer the student bank accounts from NatWest and Royal Bank of Scotland. These accounts both come with a free coach card.
Read the Moneywise guide to the best student bank accounts to find out more.
Where can I find out more?
You can find out more information on the Santander website.