Nationwide student account review: get £100 and up to £180 in Just Eat vouchers 

Nationwide is providing cash and cash off takeaways with its FlexStudent present account

Earlier than you begin celebrating the tip of your A-levels and plan your transfer into halls, think about getting your self a scholar checking account.

Nationwide’s scholar checking account can nab you £100 in money and a yr of £10 Simply Eat vouchers once you enroll, in addition to a possible additional £60 in vouchers for being referred by a pal and referring one other two. Plus, you may be capable of get an interest-free overdraft of as much as £3,000 by yr three and can be eligible for the Nationwide Fairer Share bonus if it’s supplied once more subsequent yr

Listed below are the main points on Nationwide’s FlexStudent present account and the way to enroll.

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What’s the Nationwide scholar account?

FlexStudent is Nationwide’s scholar checking account, aimed toward supplying you with a little bit of wiggle room in your funds whilst you’re at uni.

Nationwide is a Constructing Society quite than a financial institution. Which means it’s run for the advantage of its members. There aren’t exterior shareholders in search of piles of revenue, making it a extra moral choice for purchasers. 

The scholar account is a fee-free present account with an interest-free overdraft. You may stand up to £1,000 in yr 1, £2,000 within the second yr and £3,000 within the third yr.

Options of the account

Nationwide has a cell banking app which helps you to test your balances, ship cash and set spending targets. Your debit card can be utilized with contactless. It may be arrange with Apple Pay, Google Pay and Samsung Pay. 

There’s additionally a welcome provide for brand spanking new account holders, which is £100 money and £120 in Simply Eat vouchers, paid in £10 increments over a yr. And, new this yr, when you refer two pals to the account, you will get one other £40 in vouchers. When you get a pal to refer you within the first place, they’ll offer you one other £20 in vouchers on high, too.

As well as, you may be capable of get the Nationwide Fairer Share bonus – this has been paid to Nationwide clients three years in a row in June, so when you open one now, you will get all of the perks then, doubtlessly, one other £100 bonus in June.

Plus, you’ll get entry to Nationwide financial savings accounts, such because the Flex Instantaneous Saver, nevertheless, this may not be the best savings account in the marketplace. 

It’s also possible to get textual content alerts once you go into your organized overdraft and once you’re close to your restrict, to maintain you in charge of your cash.

Nationwide FlexStudent welcome provide

Get the very best of our cash saving content material each Monday & Thursday, straight to your inbox

Plus an unique £20 welcome bonus for brand spanking new Quidco members (Phrases apply)

Do you get an overdraft with the Nationwide scholar account?

Scholar financial institution accounts sometimes provide 0% overdrafts. That is the place you borrow cash in your present account, so it’s going to take your account right into a detrimental steadiness as much as your overdraft restrict. 

So when you’ve got a £1,000 restrict, you possibly can go overdrawn by as much as £1,000. A 0% overdraft is just not free cash, you’ll must pay it again. It’s not a chance to go on a procuring spree, as tempting as that’s. 

Nationwide is providing an organized overdraft of as much as £1,000 in your first yr, then this may improve annually. That is cumulative, so when you get the total £2,000 overdraft in yr two, that features the cash you’ve already borrowed in yr one.

The restrict you’ll get annually will rely upon a number of issues, together with how a lot you’ll count on to deposit into the account and what yr you’re in. 

A rise to your restrict doesn’t occur robotically, you must ask for it.

Whenever you graduate, Nationwide will transfer you to a FlexGraduate account, which staggers a discount in your overdraft over time, permitting you time to pay it again. 

FlexGraduate overdraft limits

After you graduate, Nationwide will robotically change you to its FlexGraduate account, the place your overdraft will lower over time that can assist you pay it again. 

Right here’s the way it will lower after you graduate. In all instances, the change will happen on the finish of the yr in query:

Do you want a scholar overdraft?

Whereas at college, you are likely to have a bunch of earnings streams — your scholar mortgage, cash out of your mother and father, grants and earnings from part-time work. 

This haphazard method of getting cash paid into your account can imply that you simply may end up in need of money throughout your research whilst you’re ready on your mortgage to drop. Moreover, it’s possible you’ll end up with extra outgoings than earnings, so that you’ll want a solution to cowl your residing prices. 

A scholar overdraft could be a handy solution to borrow presently, so long as you’re wise. You shouldn’t spend greater than you possibly can afford to pay again. 

Tips on how to open a Nationwide scholar account

Am I eligible for a Nationwide scholar account?

To get the Nationwide scholar account it is advisable to:

• be 18 or over
• have been a UK resident for 3 or extra years
• not have one other scholar account or a present account with an organized overdraft. You may be capable of switch to Nationwide if so
• have been accepted onto a full-time UK UCAS course of at the very least 2 years with both an unconditional provide or your conditional place confirmed

Tips on how to apply for Nationwide FlexStudent

Earlier than you start, you’ll must have the next helpful:

• Particulars of the way you’ll cowl your residing bills whereas at uni
• A legitimate passport or full UK driving licence
• Particulars of your course and the place you’re learning
• Your four-digit UCAS standing code. When you don’t have this, you’ll must cellphone Nationwide or go to a department. 

Right here’s what it is advisable to do to get a Nationwide scholar account:

1. Go to the Nationwide web site and choose “Apply for FlexStudent account”
2. In case you have your four-digit UCAS standing code, choose “Sure”
3. Choose “Begin utility” and enter your particulars. It is advisable reply questions on your course, your earnings and tax standing. That is the place you’ll be capable of ask for an organized overdraft and organise a change.
4. Submit your utility.
5. Keep in mind to vary your financial institution particulars on the Scholar Loans Firm web site.

When are you able to open a Nationwide scholar account?

You may enroll proper now! Functions have been accepted since 1 July. You need to get in earlier than the provide is withdrawn – we don’t know when that’ll be but.

You’ll additionally want to use not more than 5 months earlier than or 12 months after your course begin date.

Can my scholar mortgage be paid into my Nationwide scholar account?

Yep! You’ll simply must log into your Scholar Mortgage Firm (SLC) account and alter your financial institution particulars. You’ll want your new Nationwide kind code and account quantity at hand.

Your scholar mortgage can rely in direction of the £500 per time period it is advisable to pay into the account. 

How a lot does the Nationwide scholar account price?

Nationwide’s scholar account is a fee-free account. You don’t must pay a payment to make use of the account or any charges for utilizing the organized overdraft, so long as you stick inside your limits. 

You received’t be charged when you go over your organized overdraft – although funds might be stopped till you add cash to the account.

Can I exploit my Nationwide scholar account abroad?

You should use your Nationwide scholar account abroad – you received’t be charged to make a withdrawal or use your debit card out of the country. 

Is there a credit score test for the Nationwide scholar account?

There might be a tough credit score test once you open the account and anytime you ask for credit score, akin to once you request an overdraft and any requests to extend your overdraft restrict.

This shouldn’t be something to fret about. When you’ve by no means borrowed cash earlier than, you’ll probably have a really skinny credit score report, which signifies that you haven’t borrowed sufficient cash for the credit score bureaus to have the ability to choose you. So long as you don’t have a working historical past of missed funds on a bank card or mortgage, you ought to be okay.

What are the professionals and cons of a Nationwide scholar account?

Professionals

• One of many bigger interest-free organized overdrafts
• Get £100 money once you enroll – who doesn’t love a sign-up bonus?
• £10 off Simply Eat each month
• A further £40 in Simply Eat vouchers once you refer two pals and one other £20 once you’re referred

Cons

• First-year college students solely – you possibly can’t enroll in later years 
• You don’t robotically qualify for the very best overdraft – that is depending on Nationwide’s view of your funds

Is the Nationwide scholar account any good?

The Nationwide FlexStudent is a good choice for brand spanking new college students. You will get a £1,000 interest-free overdraft with the account, with the choice to extend it by £1,000 annually till your third yr, making it tied with HSBC as the scholar account with the biggest preliminary overdraft.

You don’t get charged charges to make use of it, as with a present account. There aren’t any charges to make use of your debit card overseas.

The £100 money bonus could be a good enhance to start out off the primary yr, supplying you with one thing to spend heading in the right direction books or pimping up your new room. 

Are there higher scholar accounts?

Nationwide FlexStudent is only one scholar account of many. A number of excessive road banks provide scholar accounts, every with various overdrafts and perks obtainable.

You’ll need to examine the overdrafts supplied, at the beginning. Don’t get pulled in by vouchers or money, however you possibly can make {that a} tie-break. 

When you like to go to your financial institution in-branch, you might also need to check out which banks nonetheless have branches within the city or metropolis you’ll be learning in and select between these. It is best to be capable of do most issues on-line these days, however might end up stumped when you’re given a cheque, for instance. 

You may learn our round-up guide on student bank accounts, or learn particular person opinions by way of the hyperlinks beneath. 

Nevertheless, our high picks are both the Nationwide FlexDirect account, the NatWest scholar account or the Santander Edge Scholar account.

Nationwide scholar account vs Santander scholar account

Santander’s overdraft is decrease however is assured so long as you register for on-line banking and pay in £500 each 4 months. In contrast to Nationwide’s scholar account, you possibly can truly change to Santander’s anytime in your diploma. This implies you possibly can get the Nationwide cashback then change to Santander and nab your self a four-year railcard, though you’d lose the possibility to enter the prize draw and assured win of at the very least £20.