Student current account
Make the most of your money at university or college
An interest-free overdraft up to £2000. A handy payment card. Plus all the convenience of mobile phone banking. Our student account takes you and your money seriously.
Our student account comes loaded with useful extras. Here's a small selection:
- An interest free overdraft could make all the difference to your finances
- A student credit card, with a credit limit of up to £500
- More campus branches than any other UK bank
- Backup your mobile phone numbers with our NumberVault™ service; handy if your mobile gets lost, damaged or stolen
This page provides a summary of the rates and charges that apply to NatWest current accounts.
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
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We also have a separate page providing an update on unarranged overdraft charges.
Common definitions
Throughout this page, you'll see various terms being used. Here's what they mean:
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
Effective Annual Rate of Interest (EAR). This is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.
Gross Rate. This means the interest rate you are paid before the deduction of income tax.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Nominal Rate. The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
p.a. per annum (per year).
Interest we pay you
The annual rates of interest paid on credit balances:
| Type of current account | Amount held in account | Gross Rate % | Net Rate % | AER% |
|---|---|---|---|---|
| Student Account | Any amount | 0.10 | 0.08 | 0.10 |
Calculation and application of interest
Interest is calculated on a daily basis and paid into the account once a month. Please see Section 8 of our leaflet: Personal and Private Banking – A Guide to Fees and Interest (PDF File 225KB) for further details.
Interest due on overdrawn balances
1. Arranged overdrafts
Your overdraft is available at a preferential rate while you hold a Student Account. If at any time you cease to be a Student customer for any reason, then the interest rate you pay on your overdraft will revert to the standard rate which applies to Current Plus customers.
Student Account arranged overdrafts are interest free. If you request an arranged overdraft with a limit which exceeds the thresholds set below, you will need to provide additional information to support your application.
| Interest free thresholds | Nominal monthly rate% | Nominal annual rate % | EAR % |
|---|---|---|---|
| Year 1 - £1,250 | 0.00 | 0.00 | 0.00 |
| Year 2 - £1,400 | 0.00 | 0.00 | 0.00 |
| Year 3 - £1,600 | 0.00 | 0.00 | 0.00 |
| Year 4 - £1,800 | 0.00 | 0.00 | 0.00 |
| Year 5 - £2,000 | 0.00 | 0.00 | 0.00 |
| 0.0% EAR Typical | |||
2. Unarranged overdrafts
Any amount overdrawn without an arranged overdraft or in excess of an arranged overdraft limit will be charged at the following rates:
| Type of current account | Nominal monthly rate % | Nominal annual rate % | EAR % Typical variable |
|---|---|---|---|
| Student Account | 1.38 | 16.50 | 17.81 |
Interest on arranged and unarranged overdrafts is calculated on a daily basis and applied to your account once a month on the dates set out in section 8 of our leaflet NatWest Personal and Private Banking - A Guide to Fees and Interest (PDF File 225KB).
Charges - Arranged Overdrafts, Unarranged Overdrafts and Unpaid Items
The charges shown in this section do not normally apply to the other accounts we offer to Personal and Private Banking customers. However, we sometimes allow other accounts (including savings accounts) to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, the charges listed below in the sub-section "Unarranged overdrafts and unpaid items – charges" will apply.
| Fee payable | |
|---|---|
| Student Account and Graduate Accounts | |
| Overdrafts up to the arranged limit | No fee |
| Temporary or increased facilities for all customers | |
| If you wish to increase an existing facility at any time contact your Relationship Manager or your branch. Any fees payable will be advised to you at that time. | |
Unarranged overdrafts and unpaid items – charges
| Fee type | When charged | Fee amount |
|---|---|---|
| Unpaid Item Fee | ||
An Unpaid Item Fee will be payable if:
| At the time we decide not to make the payment | £38 for each item (subject to a maximum of £114 per day) |
| For examples showing how our charges work, please see the section headed Unarranged Overdrafts and Unpaid Items in our leaflet Our Commitment to You (PDF, 131KB). | ||
| Enforcement | ||
| A Default Notice Fee will be payable if we need to serve a default notice on you (for example, if you fail to repay your overdraft on demand or we wish to enforce any security we hold). This is in addition to any other charges that may apply. | Within four days of the Default Notice being served. | £30 per notice |
Additional services
| Stopping payment instructions | |
|---|---|
| Stopping a cheque (unless it has been lost or stolen) | £10 |
| Payments | |
|---|---|
| Obtaining a banker's draft | £12 |
| Obtain a special cheque clearance | £15 |
| CHAPS payments | £23 - between banks £21 - between our branches |
| Obtaining copies of statements | £5 per request |
| Arrangement fee for Advantage Private FlexiLoans | Any fees payable will be advised to you at the time |
| FlexiLoan arrangement fee | 2% of amount borrowed (minimum fee £100 |
| Emergency Cash Service | Any fees payable will be advised at the time |
If the service you are looking for is not shown in the table above, please ask at any branch or call the number on your statement summary sheet.
Important information
Credit facilities: Over 18s only. Calls may be recorded. Details correct at the time of publication. Security may be required.
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
Mobile phone top-up facility available at all NatWest cash machines and those displaying the top-up logo, including those operated by Royal Bank of Scotland and Tesco Personal Finance. Top-up amounts are subject to your debit card daily withdrawal limit and the availability of sufficient funds. Network operator top-up limits may also apply.
Overdrafts
- You have to repay any overdraft upon our request. Overdraft and interest rates may change
- An arranged overdraft of up to £2,000 is available for students in year one after graduation
Sometimes we have to update our systems so our 24-hour telephone and OnLine Banking services may not be available for short periods in the early hours of the morning.
NatWest Student Account Offer terms and conditions
Full terms and conditions, and details of how to access all of the offers are detailed in your Welcome Pack, which will be sent once the account is opened.
Cancellation Rights
If you are dissatisfied with your choice of account and decide to close the account or switch, with our approval, to another account within 14 days of the first payment into the account, no extra charges will be payable. In order to instruct us to do so, you must confirm your decision in writing, addressed to NatWest, Student Account, FREEPOST SCO6044, Glasgow, G2 4WY.
Please also read our website terms and conditions which cover your use of this website.
Apply or upgrade now
Call us on
0800 200 400
Minicom
0800 917 0526
Lines are open: Mon to Fri 8am-8pm, Sat 9am-6pm
(excl. public holidays).
Calls may be recorded