Which Are The Best Student Banks In The World 2024 – UniAcco

Which Are The Best Student Banks In The World 2021

When relocating to another country for higher education, one of the most crucial things to consider is creating a bank account that will serve as your everyday bank account and can be used for international money transfers, bill payments, and managing your student accommodation. But with our detailed guide on Which Are The Best Student Banks In The World 2021, you’ll be able to find the best bank that caters to all your requirements. So, let’s get started!

What Is A Student Bank Account?

A student account is reserved for university students only. They are based on normal bank accounts, but students are given additional perks such as freebies and interest-free overdrafts.

Which Are The Best Student Banks In The World 2021

Top Tips For Selecting Your Student Bank Account

Beware Of Freebies

This year, there’s a lot to choose from, but don’t be fooled by freebies! Free items, vacation discounts, cash incentives, and other “exclusive” bargains may seem appealing, but you must exercise caution. A student bank account offering a freebie worth £20 is pitiful compared to a large interest-free overdraft for three years or more!

Aim For Large Student Overdraft

A planned overdraft is a popular technique to borrow money from your checking account. The best part about student bank accounts is that money borrowed via an overdraft incurs no interest. With an interest-free overdraft, you just pay back the amount borrowed. This is a one-of-a-kind feature available just to student bank accounts, so make sure you take full advantage of it!

Is The Overdraft ‘Up To’ Or ‘Guaranteed’?

The stated student 0% interest overdraft is the maximum amount available (hence the “up to” wording). For many banks, this sum is only available to students in their last year of university and only to those who have a good credit score.

Be Well-Versed With The Repayment Conditions

Sure, you won’t have to pay back your overdraft until after graduation, but the unexpected demand for £3,000 could be quite a shock! So, don’t treat it as free money and instead plan ahead, which starts with understanding the conditions. When you graduate from university, most student bank accounts automatically convert to graduate bank accounts. This will make you responsible for repaying the overdraft over a certain length of time.

Know Your Credit Rating

Because student account overdrafts are considered a form of borrowing, you will be given a credit score when you apply. The amount of overdraft you’ll be granted is determined by the quality of your score. Knowing your credit score and taking efforts to improve it might help you increase your chances of being approved.

Best Student Banks In The UK

Which Are The Best Student Banks In The World 2021


Lloyds is one of the most well-known banks in the United Kingdom. It is also regarded as one of the desired “Big Four” clearing banks in the United Kingdom. Lloyds has long been one of the most appealing banks for students to utilise since their student accounts all provide very appealing incentives for students to take advantage of. The Lloyds Student Current Account 0% overdraft limit is tiered: £500 for the first six months; £1,000 in months seven to nine; and £1,500 beyond that.


NatWest is one of the UK’s fastest-growing banks, having been founded only a few years ago. Natwest has been around since 1968, making it relatively new to the UK banking industry. The NatWest Student Current Account is the best bank account for students. NatWest has two sign up incentives on offer. Not only can you get £50 cash but also a four-year tastecard (worth around £140).


Santander has long been one of the world’s most popular banks. One of the most popular banks for those searching for student accounts, and one that has been there for students for many years. Student accounts from Santander have long been a strong student favourite bank. The Santander 123 Student Account offers a 0% overdraft of £250 which will increase up to £1,500 within your first year. If your course is longer then you can get up to £2,000 by your fifth year.

Don’t forget to read – How To Open A Student Bank Account In The UK

Best Student Banks In The USA

Bank of America

The Bank of America Advantage Banking is one of the best student bank accounts for international students. As a student, you do not have to worry about the monthly service fee. Other perks include Online and mobile banking, Debit card lock/unlock and a $0 Liability guarantee. Students under 24 years and enrolled in a university can open a bank account here by paying a minimum initial deposit of $25. 


The Chase College Checking Account can be opened very easily by paying $25 as a minimum initial deposit. The perks of opening a student account here are that you get $100 when you open a new account, access to 16,000 ATMs and nearly 5,000 branches, Chase QuickPay with Zelle, Chase Mobile app and zero liability protection. However, to get started, you will have to pay a $6 monthly service fee.

Wells Fargo

The Wells Fargo Student Checking Account is meant for 17- 24-year-old college students. There is no service fee for students enrolled in college. With a Wells Fargo Student Checking Account, students can gain access to more than 13,000 ATMs, use the Wells Fargo Mobile app, enjoy zero liability protection, get 24/7 Fraud monitoring and use chip technology.

Best Student Banks In Australia

Which Are The Best Student Banks In The World 2021


The Westpac Choice Student Account is one of the best bank accounts for full-time students looking for a fee-free account with a major bank in Australia. You may start an account online up to a year before you arrive, transfer money from anywhere in the globe, shop safely online with a Debit Mastercard connected to your Choice account, and also manage your money on the go with their award-winning mobile banking services.


The ANZ Student Access Advantage Account keeps your money safe while being easily accessible for everyday spending. It is the best bank account in Australia for a teenager since it has no account fees. You must be a full-time student and produce a valid student card to an ANZ representative at the start of each year to be eligible. You may use your debit card to make withdrawals from international ATMs, but keep in mind that there is a $5 ATM charge and a 3% foreign currency commission.

Commonwealth Bank

Commonwealth Bank is one of Australia’s oldest and largest banks. The Commonwealth Bank Student Smart Access Account allows you to open an account if you are arriving in Australia within 3 months. This account features a $0 monthly charge, making it ideal for students looking for a transaction account. You can securely use your debit card to shop in stores or online with free access to exclusive offers and competitions.

Read: How To Open A Bank Account In Australia?

Best Student Banks In Canada


The Scotiabank Student Banking Advantage Plan is a no-fee student bank account that comes with unlimited debit transactions and Interac e-Transfers. Students can earn points (Scotia Rewards or SCENE Rewards) on everyday purchases and can redeem their points for free movies, food, travel, and more. Moreover, you can enjoy access to more than 4,000 branches and ATMs across Canada.


The Canadian Bank of Commerce and the Imperial Bank of Canada merged to create the Canadian Bank of Commerce and the Imperial Bank of Canada in 1961. The CIBC Smart for Students Bank Account has no monthly service fee and offers unlimited transactions and Interac e-Transfers. A free SPC membership and access to hundreds of special deals and savings from companies like Apple, Foot Locker, Samsung, and others are included with the Smart for Students account.

Bank of Montreal (BMO)

Founded in 1817, BMO is the fourth-largest bank in Canada by market capitalization. BMO Student Chequing Account (Plus Plan) comes with 25 free transactions per month and free Interac e-Transfers. This account typically costs $10.95 per month, but you won’t have to pay it as long as you’re a student. 

We hope you enjoyed reading this blog on Which Are The Best Student Banks In The World 2021. Don’t forget to read some of our other blogs like –

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Which Are The Best Student Banks In The World 2021

Which Are The Best Student Banks In The World 2024 – UniAcco

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