Santander extend student bank account £50 switching offer

Santander has announced larger overdraft limits for students in the first two years of their studies.

The bank will allow student in both years one and two a £1,500 overdraft, up from £1,000 in year one and £1,250 in year two.

Santander is also extending its switching offer of £50 to any student who opens a Santander student account or switches their existing student account to Santander by November 30th 2012.

The account offers an interest-free overdraft up to £2,000 by the fifth year of study and students can receive one per cent interest on credit balances up to £500 as long as they pay in £500 a month.

Students can manage their account online or via mobile banking and can set up free text alerts warning them when they are about to go overdrawn or miss a direct debit or standing order payment. 

Reza Attar-Zadeh, banking director at Santander, said: "Going to university is an incredibly exciting time, but it's also expensive.  At Santander we recognise this so we're increasing the arranged overdrafts we offer to students in their first two years of study, and rewarding any student customer who joins us with £50 to help them out with the costs of their studies."

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