The NatWest Scholar checking account can get you probably the greatest overdrafts and £85 in money
Should you’re packing up your baggage and amassing collectively pots and pans for college, you’ll be desirous about discovering a scholar checking account. The NatWest Scholar account doubtlessly affords the best overdraft over the interval of your diploma. You may as well get an £85 money freebie and a 4-year Tastecard.
Right here’s every part that you must know in regards to the NatWest Scholar checking account.
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What’s the NatWest Scholar account?
The NatWest Scholar account is a checking account particularly designed for college students. It’s much like an grownup present account, aside from a big interest-free overdraft and another further options.
With the NatWest Scholar account you may get an interest-free overdraft of as much as £2,000 in your first 12 months, doubtlessly rising to £3,250 in your third 12 months. We cowl this in additional element later.
NatWest can be providing a freebie to new college students within the type of £85 in money and a 4-year Tastecard. The Tastecard will get you reductions at eating places and cinemas. NatWest claims that it’s price £79.99 per 12 months, however keep in mind that that is solely actually the case in the event you’d have purchased it anyway (and with no low cost). We’ve discovered that the Tastecard isn’t actually the easiest way to get discounts on meals out.
Options of the account
You’ll be able to handle your account, together with viewing your steadiness and newest transactions, altering direct debits and transferring cash with the NatWest banking app.
As well as, you may handle your account on-line and in a NatWest department.
The cardboard can be utilized with contactless and might be arrange with Apple Pay, Google Pay and Samsung Pay.
NatWest Scholar account welcome provide
Supply: £85 money once you open a NatWest Scholar account
NatWest is providing £85 in money and a 4-year Tastecard for college students who join its scholar account this 12 months.
How you can get the £85
To get the £85, you want to join a NatWest Scholar Account between 1 July 2025 and when this provide is withdrawn – final 12 months it ran till the tip of November.
You’ll be able to’t get it in the event you’ve obtained a scholar provide from NatWest since 1 July 2021.
When will I get the £85?
So long as you’re eligible, you’ll get the £85 money inside 10 working days of assembly the above standards.
What’s a Tastecard?
The Tastecard will get you a reduction at eating places all 12 months spherical. It contains some 2-for-1 and 50% off reductions, although you may normally get free trials or discover reductions at taking part eating places in different methods.
That is fairly a pleasant little bonus to the account, however wouldn’t be price making a choice on.
Do you get an overdraft with the NatWest Scholar account?
Scholar financial institution accounts typically give a fairly large overdraft, sometimes with not less than £1,000 in your first 12 months and the choice to extend it over the period of your diploma.
With the NatWest scholar account, you may get a assured £500 overdraft in your first time period. You’ll be able to then request a rise in your restrict to doubtlessly stand up to £2,000 in your first 12 months, and once more within the third 12 months to a doable most of £3,250.
An interest-free organized overdraft means that you can run right into a damaging steadiness with none charges. It’s a means of borrowing, so a £1,500 restrict will mean you can go overdrawn by £1,500, exhibiting as -£1,500 in your account. This isn’t free cash, you’ll need to pay it again, and it’s cumulative, so any additional will increase to your overdraft restrict will embrace the cash you already owe.
What overdraft might I get with the NatWest Scholar account?
| 12 months | Overdraft restrict |
| Time period 1 | £500 |
| 12 months 1 | As much as £2,000 |
| 12 months 2 | As much as £2,000 |
| 12 months 3 (and later years) | As much as £3,250 |
While you graduate, you’ll be robotically moved to a NatWest Graduate account. With this account, you’ll get an preliminary overdraft restrict of as much as £3,250, together with your interest-free restrict lowering progressively over the subsequent three years.
NatWest Graduate account overdraft limits
You’ll be robotically moved to the graduate account after you graduate. This account nonetheless has an interest-free overdraft, however this can progressively scale back over time, which we’ve detailed beneath.
| Years after commencement | Overdraft restrict and particulars |
| First 12 months after commencement | As much as £3,250 restrict |
| Second 12 months after commencement | £2,250 at 0% |
| Third 12 months after commencement | £1,250 at 0% |
Do you want a scholar overdraft?
College students have lots of totally different streams of earnings, together with your scholar mortgage, cash out of your mother and father, grants and earnings from any part-time work.
Regardless of this, and partly due to the haphazard means that your earnings is available in, you continue to may not have sufficient to cowl your fundamental residing bills.
An overdraft will get you some leeway in your funds whilst you wait on your subsequent scholar mortgage or paycheck.
This isn’t an excuse for a procuring journey – you’ll nonetheless must be wise. You shouldn’t spend greater than you may afford to pay again.
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How you can open a NatWest Scholar account
Am I eligible for a NatWest Scholar account?
To get the NatWest Scholar Account that you must:
- Be 17 or over – you may solely have an overdraft in the event you’re over 18
- Dwell within the UK and have lived within the UK for the previous 3 years
- Have been accepted onto a full-time course at a UK college or faculty
- Not have one other scholar account elsewhere
How you can apply for the NatWest Scholar account
Opening a scholar account with NatWest is very easy. Earlier than you start, you’ll must have the next prepared:
- Proof of your deal with
- Particulars of your earnings and the way you’ll cowl your bills – these don’t must be intensive, you’re not anticipated to be incomes six figures and have an in depth monetary plan
- Proof of your id
- Proof that you just’re a scholar – this might embrace your UCAS standing code or a letter
- Particulars of your course and the place you’re finding out
Right here’s what that you must do to get a NatWest Scholar Account:
- Go to the NatWest web site and choose “Prepared to use”
- You undergo just a few questions, similar to how lengthy you’ve lived within the UK and a few authorized particulars
- Choose “Begin your software”
- Fill within the kind – you’ll must reply questions on your course, your earnings and tax standing
- You’ll be requested to document a brief video throughout the course of
- Submit your software
- Bear in mind to vary your financial institution particulars on the Scholar Loans Firm web site to get your scholar mortgage paid into your new account
- You’ll be capable to add an overdraft to your account as soon as your course has began
When are you able to open a NatWest Scholar account?
You’ll be able to join the NatWest Scholar account immediately, although in the event you’re ready on your outcomes, you could want to attend for them in the event you don’t have an unconditional provide.
This provide could also be withdrawn, so that you’ll wish to get in as quickly as you may in the event you’re .
Can my scholar mortgage be paid into my NatWest Scholar account?
Yep, you may completely have your scholar mortgage paid right into a NatWest Scholar account.
You’ll have put your previous account into your software on your scholar mortgage so that you’ll must log into your Scholar Mortgage Firm (SLC) account and alter your financial institution particulars. You’ll want your new NatWest type code and account quantity handy.
How a lot does the NatWest Scholar account value?
The NatWest Scholar account is free, so there are not any month-to-month charges or overdraft charges.
There are charges to make use of the account abroad, which we element beneath.
You gained’t be charged in the event you go over your organized overdraft – although funds might be stopped till you add cash to the account and also you’ll be charged £2.15 per transaction in the event you attempt to withdraw extra funds or make extra transactions.
Can I take advantage of my NatWest scholar account abroad?
You should use the account abroad, however you’ll pay charges. You’ll have to pay a 2.75% charge in the event you withdraw money or make transactions overseas.
Should you’re on the lookout for a scholar account that’s fee-free overseas, Nationwide is an efficient alternative, as you should utilize the debit card overseas and withdraw money overseas at no cost. You possibly can additionally take a look at having another account to use abroad that has extra beneficial charges.
Is there a credit score verify for the NatWest Scholar account?
There’s a credit score verify for the NatWest Scholar account. It will embrace a tough credit score verify once you open the account and anytime you ask for credit score, similar to once you request an overdraft. There could also be a small dip in your total rating once you open the account for round 3 months and whilst you construct up a superb observe document.
There’s no want to fret about this! Should you’ve by no means borrowed cash earlier than, you’ll doubtless 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 decide you. So long as you don’t have a operating historical past of missed funds on a bank card or mortgage, you ought to be okay.
NatWest additionally has an eligibility checker which helps you to discover out your probabilities of approval for an overdraft in the event you’re involved about this.
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What are the professionals and cons of a NatWest Scholar Account?
Execs
- Overdraft of as much as £3,250 by your third 12 months
- £85 in money once you join
- Free 4-year Tastecard
- Change to NatWest anytime throughout your diploma
Cons
- Overdraft restrict isn’t assured
- Not for worldwide college students
- Charges to make use of the account overseas
Is the NatWest Scholar account any good?
The NatWest Scholar account was our prime decide for scholar accounts in 2024, with the best potential overdraft, each within the first 12 months and total within the diploma. It’s nonetheless bought the best potential overdraft supplied by any scholar checking account in 2025.
The overdraft isn’t assured, however it may enhance 12 months by 12 months. In order for you a assured overdraft, the Santander Student Account could also be a greater choice.
You may get a £2,000 interest-free overdraft with the account in your first 12 months, with the choice to extend it to as much as £3,250 in your third 12 months. The Nationwide and HSBC Scholar accounts each provide as much as £1,000 within the first 12 months and the choice to extend it by as much as £1,000 every year till your third 12 months.
After all, it dropped the money incentive from £100 to £85 this 12 months, however whereas it’s good to get the money once you open the account, it’s best to take into account different options over freebies. Nevertheless, the money can get you some necessities, similar to that first fridge stuffed with procuring and your books.
NatWest Scholar Account
| 0% overdraft | As much as £2,000 in 12 months 1 As much as £3,025 in 12 months 3 |
| Eligibility | Should be 17 or over, and over 18 if you would like an overdraft |
| For uni college students solely | |
| Not for worldwide college students | |
| Financial savings accounts | Entry to the Digital Common Saver, though you could get a greater charge by evaluating different accounts |
| Perks | £85 money and a free 4-year Tastecard |
Are there higher scholar accounts?
The NatWest Scholar account has the most important potential overdraft providing of the bunch – although you’re not assured to get the complete quantity. HSBC and Nationwide each provide the subsequent largest, with each providing as much as £1,000 within the first 12 months, rising by £1,000 every year.
A money incentive can be out there from different banks, though they’re providing extra. It’s good to have the Tastecard thrown in, too.
If you wish to use your card overseas, the NatWest Scholar account isn’t your best option – however you may all the time have a secondary account to use abroad.
The easiest way to match scholar accounts is to take a look at the scale of the overdraft, each within the first 12 months and in later years. In a tie, you may take into account a signup bonus or freebie.
Should you choose banking in-branch relatively than on-line or utilizing an app, you may analysis which banks nonetheless have branches within the city or metropolis you’ll be finding out in and select between these.
You must be capable to do most issues on-line these days, however might end up stumped in the event you’re given a cheque, for instance.
You’ll be able to learn our round-up information on scholar financial institution accounts, or learn particular person critiques through the hyperlinks beneath.
HSBC Scholar Account vs Santander scholar account
| NatWest Scholar account | Santander Edge Scholar | |
| Apply | Anytime throughout research | Anytime throughout research |
| 0% overdraft years 1-3 | As much as £2,000 in 12 months 1 As much as £3,250 in 12 months 3 |
Assured £1,500 |
| Abroad use | 2.75% charge for withdrawals overseas | Free withdrawals overseas from Santander money machines |
| Perks | £85 money and a 4-year Tastecard | Free 4-year Santander 16-25 railcard and likelihood to win as much as £100,000 (with a assured win of not less than £20) |
Santander has a decrease overdraft total, however it’s assured so long as you register for on-line banking and pay in £500 each 4 months. You’ll be able to join each Santander and NatWest anytime throughout your diploma, although you’ll want to change after 12 months 1. Theoretically, you may get the NatWest cashback then change to Santander and nab your self a four-year railcard after the primary 12 months, though you’d miss out on a big overdraft and doubtlessly the prize draw and assured £20.
