Santander Edge Student account review: free railcard 

Santander’s scholar account will get you a free 4-year 16-25 railcard and overdraft as much as £1,500

When you’re packing your luggage to move off to uni or about to start out a stage 4-7 apprenticeship, it’s time to think about getting a student bank account. The Santander Edge Scholar checking account has an interest-free overdraft and a free 4-year railcard. By opening an account, you’ll even be entered into a contest to win as much as £100,000. All eligible Santander Edge Scholar present account clients will win at the least £20. We have now extra on this beneath.

Right here’s every thing it is advisable know concerning the Santander scholar checking account. 

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What’s the Santander scholar account?

Santander Edge is Santander’s account only for college students. Like most different scholar accounts, its foremost pull is the interest-free overdraft. You may also get a free 4-year Santander railcard, so for those who’re shifting a little bit additional afield in your research, this might be a worthwhile possibility. 

With the Santander scholar account, you’ll get a assured interest-free overdraft of £1,500 in years 1-3, rising to £1,800 for those who examine for an extra 12 months and £2,000 for those who keep on for a fifth 12 months. Extra on this later.

Options of the account

You possibly can financial institution on-line, in-branch and in your cellular with Santander. The cellular app permits you to view your steadiness with out logging in, make funds, arrange standing orders and examine your direct debits. It additionally has “My Cash Supervisor”, a device designed that can assist you handle your cash. 

My Cash Supervisor offers you stats in your spending and perception into your payments and direct debits. It has an identical really feel to challenger banks like Revolut, Chase and Monzo.

You need to use the cardboard with contactless, in addition to arrange Apple Pay, Google Pay and Samsung Pay.

As well as, you may get a free four-year railcard while you open your account, which will get you ⅓ off rail journey.

Is the 16-25 railcard value it?

When you had been to purchase a three-year railcard and a one-year railcard at full value, you’d spend £115, and also you’d spend an additional £25 for those who solely get one-year playing cards. 

There are sometimes offers that may get these costs knocked down by up to 33%, so this supply might be solely value round £90. When you’re pushed by freebies, you’d most likely be higher off with an account that gives a cash incentive, then you’ll be able to spend it nonetheless you want. 

Santander Edge Scholar welcome supply

Do you get an overdraft with the Santander scholar account?

With a scholar checking account, you’ll normally have entry to an interest-free overdraft. This allows you to run right into a unfavourable steadiness as much as a specific amount (often known as your overdraft restrict). A £1,500 restrict will help you go overdrawn by £1,500, displaying -£1,500 in your account. This isn’t free cash, you’ll should pay it again, and it’s cumulative, so any additional will increase to your overdraft restrict will embody the cash you already owe. 

Santander is providing an organized overdraft of £1,500 in your first 12 months via to your third 12 months. When you keep at uni for one more 12 months, you’ll stand up to £1,800 and in your fifth 12 months, you get a £2,000 restrict. 

Not like different scholar accounts, the overdraft restrict is assured so long as you join on-line banking and deposit at the least £500 per time period into the account. Earlier than you’ve executed this, you’ll have an overdraft restrict of £250.

Once you graduate, you’ll be mechanically moved to a Santander Edge Grad Account. With this account, you’ll be given an preliminary £2,000 overdraft restrict which can scale back in later years, providing you with time to pay the cash again. 

Santander Edge Grad account overdraft limits

You’ll be mechanically moved to the graduate account after you graduate. This account nonetheless has an interest-free overdraft, however this may steadily scale back over time, which we’ve detailed beneath. 

Do you want a scholar overdraft?

Whereas learning, you are likely to have a number of totally different streams of revenue, together with your scholar mortgage, cash out of your mother and father, grants and revenue from part-time work. Regardless of this, you typically nonetheless don’t have sufficient to cowl your primary residing bills, so it may be useful to have some extra wiggle room when you’re ready in your scholar mortgage to come back in. 

A scholar overdraft generally is a handy method to borrow presently, so long as you’re wise. You shouldn’t spend greater than you’ll be able to afford to pay again. 

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Learn how to open a Santander scholar account

Am I eligible for a Santander scholar account?

To get the Santander scholar account it is advisable:

• Be 18 or over
• Dwell within the UK completely
• Not have already got an current Santander present account. In case you have a Santander present account, you’ll have to switch it
• Have been accepted onto a full-time UK UCAS course of at the least two years with both an unconditional supply or your conditional place confirmed or be about to start or at present learning a stage 4-7 apprenticeship.
• Use this account as your foremost account
• Be in your first 12 months of examine – anybody in one other 12 months of examine can nonetheless get an account (and the freebie), however you’ll have to switch your account with the present account switching service. 

Sadly, worldwide college students aren’t eligible for the Santander scholar account. 

Learn how to apply for the Santander Edge Scholar account

Opening a scholar account with Santander is very easy. Earlier than you start, you’ll have to have the next helpful:

• Particulars of the way you’ll cowl your residing bills 
• A legitimate passport or full UK driving licence
• Particulars of your course and the place you’re learning
• Your four-digit UCAS standing code 

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

1. Go to the Santander web site and choose “Apply”
2. When you’re a brand new buyer, you’ll be prompted to reply a number of questions, together with affirmation that you simply’ve received a suggestion from a college. 
3. Choose “Proceed” and enter your particulars. It’s worthwhile to reply questions on your course, your revenue and tax standing. That is the place you’ll be capable of ask for an organized overdraft and organise a swap.
4. Submit your software.
5. Bear in mind to alter your financial institution particulars on the Scholar Loans Firm web site and deposit at the least £500 within the first 4 months and each 4 months going ahead.

Is there a credit score examine for the Santander scholar account?

There’s a credit score examine for the Santander scholar account – this features a exhausting credit score examine while you open the account and anytime you ask for credit score, akin to while you request an overdraft.

This would possibly freak you out however don’t be alarmed. When you’ve by no means borrowed cash earlier than, you’ll possible 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, try to be okay.

When are you able to open a Santander scholar account?

You possibly can join the Santander Edge Scholar account proper now.

This supply could also be withdrawn, so that you’ll need to get in as quickly as you’ll be able to for those who’re .

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

Your scholar mortgage will be paid into no matter account you need. Once you initially utilized, you’ll have put your previous account into your software, so that you’ll have to log into your Scholar Mortgage Firm (SLC) account and alter your financial institution particulars. Preserve your new Santander kind code and account quantity handy for this.

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

How a lot does the Santander scholar account price?

As you’d count on, Santander’s scholar account doesn’t cost something in charges. That’s proper, no month-to-month charge and no overdraft charges, not even for withdrawing money overseas.

There aren’t any ongoing account charges or charges to make use of your overdraft. 

You gained’t be charged for those who go over your organized overdraft – although funds will probably be stopped till you add cash to the account.

Can I take advantage of my Santander scholar account abroad?

You need to use your Santander Scholar card free of charge at a Santander cashpoint overseas. Different cashpoints will price you a 2.95% charge, you’ll be charged this charge for those who use your debit card in shops as effectively. There are better fee-free cards you would possibly need to contemplate for going overseas.

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

Execs

• Assured £1,500 overdraft
• Free 4-year 16-25 railcard – nice for those who’ll be making a number of prepare journeys
• Change anytime in your diploma
• Win at the least £20 in prize draw

Cons

• Overdraft doesn’t improve for many college students
• Different banks supply exhausting money as a freebie
• Not for worldwide college students

Is the Santander scholar account any good?

The Santander Edge Scholar account is an efficient possibility for college students, however may not be the most suitable choice for those who assume you’ll want a bigger overdraft in later years. The truth that the overdraft is assured is a large bonus of the account, because it might be a superb possibility to modify to for those who’re supplied much less by one other financial institution. 

You may get a £1,500 interest-free overdraft with the account, however there is no such thing as a possibility to extend this except you do a fourth or fifth 12 months, at which level you continue to get lower than with the Nationwide or HSBC scholar accounts.  

The free 16-25 railcard generally is a good perk for those who assume you’ll use it. I went to uni 250 miles from my hometown, so mine was commonly used, however anybody going to uni only a few miles away or planning to journey by automobile or coach gained’t profit from this perk. On this occasion, chances are you’ll favor an account that provides a money perk as an alternative.

Are there higher scholar accounts?

The Santander Edge Scholar account is simply one of many scholar accounts supplied by a variety of high-street banks. The easiest way to check these accounts is to have a look at the dimensions of the overdraft. In a tie, you’ll be able to contemplate a signup bonus or freebie.

When you favor banking in-branch somewhat than on-line or utilizing an app, you can analysis 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 for those who’re given a cheque, for instance. 

You possibly can learn our round-up information on scholar financial institution accounts, or learn particular person opinions through the hyperlinks beneath. 

Santander scholar account vs Nationwide scholar account

Santander has a decrease overdraft, but it surely’s assured so long as you register for on-line banking and pay in £500 each 4 months. Not like Nationwide’s student account, you’ll be able to truly join Santander’s anytime in your diploma (although you’ll want to modify after 12 months 1). This implies you can get the Nationwide cashback then swap to Santander and nab your self a four-year railcard after the primary 12 months.