Santander launches student current account with 20 prizes worth £27,750: here’s what you need to know

Santander has launched a prize draw for new Santander Edge student current account customers containing 50 prizes worth up to £27,750.

The banking giant says 20 students will have the chance to win £27,750, the equivalent of three years’ tuition fees.

Meanwhile, 30 students will be queuing up to win £9,250, the equivalent of a year’s tuition.

Students who open a Santander Edge student current account between now and 30 September 2024 and deposit £500 into the account will be eligible to enter the draw.

Sweepstakes winners will be selected at random by October 14th and notified by email by October 21st.

The account must remain open until at least November 10th, as any prizes won will be credited to the Edge student checking account on this date.

This comes at a time when many students are struggling with the financial burden of paying off high-interest student loans.

Figures recently released by the Student Loans Company show that almost 2 million people now owe between £50,000 and £100,000 in student loans, with one person owing a whopping £252,000.

Which students can participate in the drawing?

All eligible students who open a Santander Edge Student account between 15 July and 30 September 2024 will automatically be entered into the draw.

UK undergraduate students and apprentices (levels 4 to 7) are eligible to enter the draw.

Students who are about to start or have started an undergraduate course or Level 4 to 7 apprenticeship, lasting at least two years, are eligible for the Edge Student Current Account.

If you are about to start your course, you must have an “unconditional” or “conditional confirmed” offer, having received your exam results, before you apply.

Students who are not in their first year of college must switch a checking account from another bank as part of their application for the Santander Edge Student Checking Account to be eligible.

This must be done through the Current Account Change Service.

Andrea Melville from Santander said: ‘We all know that every penny matters when it comes to student finances.

‘Whether it’s paying rent, groceries, travel or a night out, it all adds up, and with the new academic term just around the corner, we wanted to give our student customers a little help.

‘That’s why our student account continues to offer the free railcard, making travel easier on the wallet, and for a limited time, we’re giving students the chance to get their tuition fees back.’

What does the Santander student current account offer?

This account was previously the Santander Student Current Account 123.

In addition to the draw, the Santander Edge student current account also includes a free four-year Santander 16-25 Railcard,

Railcard holders get a third off rail travel in England, Scotland, Wales and off-peak travel on the London Underground when the card is linked to an Oyster card.

Railcard users aged 16 to 25 typically have to pay £30 a year for a railcard. Santander said the average Railcard user aged 16 to 25 saves £1,922 a year with the card, which represents a potential average saving of £768 over a four-year period.

The Edge Student Current Account also includes an agreed interest-free overdraft of £1,500 for the first three years of study.

This can increase to £1,800 in the fourth year and up to £2,000 if students remain until the fifth year.

Launch of a nationwide student current account

Nationwide also revealed details of its FlexStudent checking account today.

The building society is offering £100 cashback and 12 months of Just Eat vouchers worth £120.

The account offers an agreed interest-free, fee-free overdraft of up to £3,000 during the third year.

To qualify for the £100 cashback and £10 monthly Just Eat vouchers, students must deposit £500 before 13 December 2024 and meet all eligibility criteria.

Once the £500 deposit has been received, Nationwide says the £100 refund will be paid within 14 days.

Eligibility criteria include not having another student account, having an unconditional offer or conditional place on a full-time UCAS course of at least two years and starting the course at a UK institution in five months or less, or having been on their course for less than 12 months.