Nationwide Student Account vs the Top 5 Student Bank Accounts

Managing your own finances is hard, especially if uni's the first time you've actually done it. Students get by on very little and often need to top up their grants and loans with part-time work. The margin for error? Pretty slim.

Choosing the right bank and student bank account is essential. For many students, their bank is the safety net when money gets tight (and you'd be surprised how often that happens).

One in four students already bank with Nationwide. Below, we're breaking down how its student account compares to four other major players.

At-a-glance: how Nationwide compares

Here's the lineup. Each of these accounts offers 0% interest on their overdraft facilities as well as selected other perks:

• Nationwide FlexStudent: Get up to £3,000 interest-free overdraft by year three, starting at up to £1,000 in year one. They also offer a £100 cash bonus for signing up plus around £120 of Just Eat vouchers.
• Santander Edge Student: Bag yourself an overdraft of up to £2,000 over longer courses. For the first three years, you get a guaranteed limit of up to £1,500. The bank also gifts you a free four-year 16–25 Railcard and entry into a prize draw.
• NatWest/RBS Student Account: Land a massive £3,250 overdraft from year three with up to £2,000 in the first year. You also get a Tastecard for lower restaurant bills and 25% off coffee at outlets like Caffè Nero, Black Sheep Coffee, and Cinnabon.
• HSBC Student Bank Account: Up to £3,000 overdraft by year three, usually starting with £1,000 in year one. There aren't really any freebies but if you save, you can earn 5.00% AER if you top up your savings account by £25–£250 a month.

What do you actually get with Nationwide FlexStudent?

The Nationwide FlexStudent account is looking like a real win for students.

Who can apply?

Nationwide's FlexStudent account is for full-time UK students (or those about to start) on courses lasting at least two years.

You'll need to:

• Be 18+
• Have lived in the UK for several years
• Prove your student status with a UCAS code or enrolment proof

It's the standard stuff.

The overdraft situation

The big draw is the interest-free arranged overdraft. You can apply for up to:

• £1,000 in year one
• £2,000 in year two
• £3,000 in year three

There's no interest or fees to pay while you're on the student account. That puts Nationwide right up there with NatWest/RBS and HSBC at the top of the overdraft chart.

Quick reality check though. It's "up to", not guaranteed.

You need to keep making payments of at least £500 a term into your account to maintain the overdraft. So, don't go on any crazy spending sprees and make sure any wages, grants or other payments are paid into your student account!

Plus, your credit history may affect whether you get an overdraft and how much the limit will be.

The freebies and incentives

Nationwide's gone big on sign-up incentives lately, part of what's attracted so many students to join up.

For the 2025/26 intake, they bundled a £100 cash bonus with a year's worth of monthly £10 Just Eat vouchers. This offer closed on 29 October 2025, but it gives you an idea of the kind of perks Nationwide typically offers.

They'll also pay you a £40 bonus for every friend you refer who signs up!

Day-to-day banking features

Day-to-day banking? Solid. Here's what you get:

• Well-rated app with card-freeze and budgeting tools
• Over 600 branches if you prefer to talk to actual humans
• No extra Nationwide fees for spending or withdrawing cash abroad

That last one's handy for holidays, placements, or if you're doing a year abroad (lucky you).

Why Nationwide wins (sometimes)

Compared with the other big players, here's where Nationwide stands out:

Big, usable overdraft

Santander's total overdraft is smaller overall. NatWest and RBS offer the most but they cap your limit in the first year.

Nationwide's step-up from £1,000 to £3,000 over the three years gives you plenty of breathing space. It'll also help you build better budgeting habits over time.

Freebies you'll actually use

A chunk of cash plus food vouchers? Nice to have, but it’s not as generous as it looks.

It's a tenner a month and, when you add up Just Eat’s service fees and delivery, this might not get you very far. Unless you’re already ordering food, this perk may end up costing you more in the long run.

Strong all-round package

Nationwide wins on many fronts: overdraft, app quality, fee-free overseas usage. The branch network is great when you’re new to banking or want extra support.

When you should pick someone else

Nationwide's great, but some of their rivals could be more suitable in these two situations:

1. You take trains regularly

Santander Edge Student's four-year 16–25 Railcard can save you roughly a third on train fares across your entire degree.

If you're travelling home loads or bouncing between cities, those savings may add up to thousands of pounds. That can be a lot more useful to you than a slightly larger overdraft.

2. You know you'll lean hard on your overdraft

NatWest and RBS offer the highest advertised 0% overdraft at up to £3,250 from year three. That extra buffer will come in handy if:

• Your rent is sky-high
• You think you'll be near the limit most months
• You’re supporting yourself without much help from home

So... is Nationwide the "best" student account?

Want a large 0% overdraft, an easy-to-use app and strong branch coverage? Rather do business with a mutual than a faceless megacorporation? Then, FlexStudent deserves a spot at the top of your shortlist.

But here's the thing: "best" means “best for you”. If you need a bigger overdraft, NatWest or RBS makes more sense. If you are a frequent train traveller, Santander's free four-year Railcard will save you more money.

Try to ignore the flashy sign-up offers and focus on what you'll actually use long-term. Whichever way you go, remember this: an overdraft is still debt. Use it as a safety net, not a spending target (seriously).

Always double-check the latest terms on the bank's own site before you apply.