If you’re looking for a student current account, you’ll need to compare your options carefully to see which account best matches your needs. Many student accounts come with freebies or other incentives, but it’s important not to be too swayed by these – a sizeable interest-free overdraft is likely to be more useful.
Let’s take a look at what the RBS Student Account has to offer.
Rates, fees and limits
RBS has one current account available for students – the RBS Student Account.
Product Name
Royal Bank of Scotland Student Account
Card type
Cash / Debit
Debit network
Mastercard
Minimum opening balance
£0.01
Account fees
£0
Interest (AER)
0% AER
Funding requirement
No minimum funding requirement
Daily cash machine limit
£250
At end of term
Account transferred automatically to graduate account
Maximum overdraft in year 1
£2,000
Maximum overdraft in year 2
£2,000
Maximum overdraft in year 3
£3,250
Maximum overdraft in year 4
£3,250
Maximum overdraft in year 5
£3,250
Overseas card transactions
2.75%
Overseas cash withdrawals
2.75%
Who can open the RBS Student Account?
To apply for the RBS Student Account you’ll need to be:
Aged 17 or over (18 if you want an overdraft)
Live in the UK
A full-time undergraduate student on at least a 2-year course at a UK university or college, or
Completing a full-time postgraduate or nursing course lasting a year or more
How to open an account
You can only open the RBS Student Account online. You can apply if your course has already started or if it is starting within the next 6 months.
To open the account you’ll need:
A UK passport or driving licence (full or provisional)
Proof of address such as a driving licence, utility bill or bank statement
Your UCAS student code, a mobile phone number and email address
What are the benefits of the RBS Student Account?
The RBS Student Account offers a range of benefits, including:
An interest-free overdraft. If your application is successful, you can apply for an overdraft with the RBS student current account.
Sign-up incentives. RBS often runs account opening incentives where you can be rewarded for opening an account.
Is opening an account with RBS safe?
Yes, RBS is a fully licensed bank which means it is regulated by the Financial Conduct Authority. Deposits are protected by the Financial Services Compensation Scheme (FSCS) which means that up to £85,000 of your money will be covered in the event the bank went bust.
Pros and cons of the RBS Student Account
Pros
Interest-free overdraft
Seasonal sign-up incentives
Cons
Overdraft is limited in the first term
This account is not available to international students
Customer service information for RBS
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
The RBS Student Account has a lot to offer and its seasonal sign-up incentives will no doubt be attractive to many students. It has a decent interest-free overdraft but it’s limited for the first term, so it’s worth shopping around first to check whether this account is definitely the best option for you.
Frequently asked questions
No. There are no regular funding requirements for the RBS Student Account. See how this compares in our comparison of student accounts.
After you graduate, your student account will be switched to a graduate account. You'll be notified around 60 days in advance so you'll know what to expect.
You can only have one student account with RBS at any one time. If you try to open more than one student account with RBS, you will only receive the benefits of the account once.
Yes, you can use your card wherever you see the Visa sign, but note there will be a foreign transaction fee each time you use it.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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