Santander launches student current account with 20 prizes of £27,750 - here's what you need to know
- Students opening an Edge student current account will be entered into a draw
- There are 50 prizes worth between £9,250 and £27,750
- 20 students are in with a chance to win a prize worth up to three years of fees
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 be in with the chance to win £27,750, the equivalent of three years' worth of tuition fees.
Meanwhile 30 students will be in line to win £9,250, the equivalent of one year of tuition fees.
![Cashing in: Santander has launched a prize draw for new Edge student current account customers. It has 20 top prizes worth £27,750](https://i.dailymail.co.uk/1s/2024/07/16/11/87392307-13638961-Cashing_in_Santander_has_launched_a_prize_draw_for_new_Edge_stud-a-1_1721125569461.jpg)
Cashing in: Santander has launched a prize draw for new Edge student current account customers. It has 20 top prizes worth £27,750
Students who open a Santander Edge student current account between today and 30 September 2024 and deposit £500 into the account will be eligible to be entered into the draw.
The winners of the prize draw will be randomly selected by 14 October and will be notified by email before 21 October.
The account must stay open until at least 10 November as any prize won will be paid into the Edge student current account on this date.
It comes as many students are struggling with the financial burden of pay off student loans which are racking up high interest.
Figures released recently by the Student Loans Company show nearly 2million people now owe between £50,000 and £100,000 in student loan debt, with one person owing a huge £252,000.
Which students are eligible for the draw?
All students eligible for Santander's Edge Student account who open it between 15 July and 30 September 2024 will be automatically entered into the draw.
UK undergraduates and and apprentices (levels 4-7) are eligible to be entered into the prize draw.
Students who about to begin or have started an undergraduate course or a level 4-7 apprenticeship - that is at least two years in length - are eligible for the Edge student current account.
If you're about to begin your course, you must have an 'unconditional' or 'confirmed conditional' offer, having received your exam results, before you apply.
Students who are not in their first year of university must switch a current account from another bank as part of their application for the Santander Edge student current account to be eligible.
This must be done through the Current Account Switch Service.
Andrea Melville, of Santander, said: 'We all know that every penny matters when it comes to students' finances.
'Whether it's paying for rent, groceries, travel, or a night out, it all adds up - and as the new academic term is around the corner, we wanted to give our student customers a little helping hand.
'That's why, our student account continues to offer the free railcard, making travel easier on the wallet, and for a limited time, we'll be giving students the chance to win their tuition fees back.'
What does Santander's student current account offer?
This account was formerly Santander's 123 Student Current Account.
Along with the prize draw, the Santander Edge student current account also comes with a free four-year Santander 16-25 Railcard,
Rail card holders get a third off train travel across England, Scotland, Wales, and on off-peak travel on the London Underground if the card is linked to an Oyster card.
Those aged 16-25 usually have to pay £30 a year for a rail card. Santander said the average 16-25 Railcard user saves £1,922 a year with the card, meaning a potential average saving of £768 over the four-year term.
The Edge student current account also comes with an arranged interest-free overdraft of £1,500 for the first three years of study.
This can increase up to £1,800 in the fourth year and up to £2,000 if students stay on to their fifth year.
![New deal: Nationwide has also launched a new student offer today](https://i.dailymail.co.uk/1s/2024/07/16/11/87393577-13638961-image-a-2_1721125988538.jpg)
New deal: Nationwide has also launched a new student offer today
Nationwide launch student current account
Nationwide has also revealed details of its FlexStudent current account today.
The building society is offering £100 cashback and 12 months of Just Eat vouchers worth £120.
The account offers an interest-free and fee-free arranged overdraft of up to £3,000 by the third year.
To get the £100 cashback and £10 monthly Just Eat vouchers, students deposit £500 by 13 December 2024 and meet all eligibility criteria.
Once £500 is deposit is received, Nationwide says the £100 cashback will be paid within 14 days.
The eligibility criteria includes not having another student account, having an unconditional offer or a conditional place on a full-time UCAS course of at least two years and be starting the course at a UK institution in five months or less, or have been on your course for less than 12 months.
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