Finder rating: ★★★★★
Bank of Scotland student accounts review
Our verdict
Discover an account which offers a tiered interest-free overdraft, even when you've graduated.
Bank of Scotland offers a decent all-round student account. With it, you'll receive cashback when shopping at Bank of Scotland’s retail partners on the “Everyday Offers” programme. Plus you'll have access to handy saving features, such as Save the Change. The 0% interest overdraft may not be as large as those offered by some other student accounts, but it could still prove very useful for students.
Check out our guide to best bank accounts in the UK.
Pros
-
Earn up to 15% cashback with Bank of Scotland’s retail partners.
Cons
-
This account isn’t available to international students;
-
There are other student accounts offering larger overdrafts.
Our review of Bank of Scotland’s student account looks at how you can apply, what kind of overdraft it offers, and the pros and cons of signing up.
Types of current accounts for students
Bank of Scotland has one current account available for students – the Bank of Scotland Student Current Account.
In the review below, you’ll learn about all the benefits and perks of this account.
| Product Name | Bank of Scotland Student Current Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Visa |
| Minimum opening balance | £1 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | No minimum funding requirement |
| Daily cash machine limit | £800 |
| At end of term | Account transferred automatically to graduate account |
| Maximum overdraft in year 1 | £1,500 |
| Maximum overdraft in year 2 | £1,500 |
| Maximum overdraft in year 3 | £1,500 |
| Maximum overdraft in year 4 | £2,000 |
| Maximum overdraft in year 5 | £2,000 |
| Overseas card transactions | 2.99% plus flat fee of £0.50 |
| Overseas cash withdrawals | Europe: 2.99% Elsewhere: 2.99% conversion fee plus a cash fee of £1.50 |
Eligibility
To be eligible for a Bank of Scotland Student Current Account, you’ll need to be studying on a full-time degree course (or equivalent) that lasts at least two years, or a one-year course that leads to a full-time degree.
You’ll also need to:
- be aged 17 or over (although to apply for an arranged overdraft, you’ll need to be aged 18 or over);
- have been living in a permanent UK address for at least three years.
You can apply as soon as you receive an unconditional offer for your course.
How to open an account
You can apply to open a student account online or in-branch, and you’ll need the following documents:
- proof of identity – such as a passport or driving licence;
- proof of address – anything official with your name on it that’s less than three months old, but not a mobile phone bill;
- your 4-digit UCAS code confirming your place on your course.
The benefits
- Interest-free overdraft. Your interest-free overdraft will have a maximum limit of £1,500 for the first three years of your studies. If you’re studying for more than three years, you can apply for an increase to £2,000 in your fourth year and beyond.
- Earn cashback with Bank of Scotland’s retail partners. With this account, you can earn up to 15% cashback when shopping at Bank of Scotland’s retail partners on the “Everyday Offers” programme. Simply activate the deal using your online banking or the Bank of Scotland app before you make a purchase using your debit card.
Pros and cons
Pros
- Earn up to 15% cashback with Bank of Scotland’s retail partners.
Cons
- This account isn’t available to international students.
- There are other student accounts offering larger overdrafts.
Customer service information for Bank of Scotland
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Frequently asked questions
Do I have to get my student loan paid into this Bank of Scotland account?
No. This account comes with no regular funding requirements.
How much does it cost to use the Bank of Scotland student debit card overseas?
When you use your card overseas, you'll pay a non-sterling charge of 2.99% plus a flat fee of £0.50. For, example, if you spend the local equivalent of £250, you'll be charged £7.48 plus the flat fee of £0.50.
Because it's a Visa, you'll find it's accepted pretty much anywhere that takes card payments.
You may still be charged overseas fees however. For example, some cash machine operators when abroad may apply a direct charge for withdrawals from their cash machines (this should be advised on screen at the time of withdrawal).
Compare options for keeping costs down when spending abroad.
How much does it cost to withdraw cash overseas using the Bank of Scotland student debit card?
Within Europe, you'll pay a currency conversion fee of 2.99% (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion). Outside Europe, you'll pay a currency conversion fee of 2.99% plus a cash fee of £1.50 (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion plus the cash fee of £1.50). Don't forget that the local cash machine provider may charge its own fee too.
Does Bank of Scotland's interest-free student overdraft limit increase over time?
Yes. While the opening interest-free overdraft limit is capped at £1,500, this increases to a maximum of £2,000 in year four (£1,500 in year three). Check out our full comparison of student accounts to see the interest-free overdrafts available to UK students with a breakdown of each account's limit in each year of your course.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Your reviews
No reviews yet.
Write a review
More resources on Finder
Student banking guides
We compare the following student account providers