Can You Get Multiple UK Student Bank Bonuses?
Banks offer significant incentives to attract students, such as cash bonuses, railcards, and interest-free overdrafts, hoping to secure lifelong customers. For example, Nationwide offers £100, while Lloyds offers £110. But can you benefit from multiple bonuses?
Many banks require that your student loan is paid into their account, limiting you to one student current account. However, some students have had success opening accounts with different banking groups. Banks like Lloyds, Halifax, and Bank of Scotland are part of the same umbrella (Lloyds Banking Group) and share information. NatWest and Royal Bank of Scotland (RBS) also fall under the same group. This can restrict your ability to open multiple accounts within the same group, but opening accounts with different banking groups can allow you to benefit from more than one offer.
Another way to maximise bonuses is by switching. Even if you only have one student loan, you can open an account, claim the bonus, then switch to another provider to collect a second reward. Switching can be an easy way to take advantage of new offers without losing out.
The 0% overdraft offered by student accounts is another perk worth considering. This feature allows you to borrow money interest-free, which can be a useful financial buffer. Some students use a method called "stoozing," where they borrow from the overdraft and invest it in a high-interest savings account, earning interest while borrowing for free. However, this method requires careful budgeting to avoid using the overdraft unnecessarily.
University is a unique time when banks provide you with generous offers and perks, which you won’t find later in life. While it may not always be possible to stack multiple bonuses from one bank, switching and opening accounts across different banking groups can help you maximise your rewards.
