Nationwide is offering students £220 in cash and freebies when they open a new FlexStudent account. The deal includes £100 in cash and £120 in Just Eat vouchers over a year, matching offers from competitors like Lloyds Bank and NatWest, which are also providing £100 cash bonuses.
To receive the £100 cash, students must pay at least £500 into the account and make five debit card payments within 14 days of opening the account. The £10 monthly Just Eat vouchers are also provided after meeting these conditions, with registration codes issued within 14 days.
Potential Additional Payment
Students may also be eligible for Nationwide's "Fairer Share" payment, potentially worth £100. To qualify, students would need to open a Nationwide savings account and maintain a £100 balance on a specific date in March, with the bonus typically paid in June. While Nationwide has made this payment for the past four years, it is not guaranteed for 2027. Eligibility can also be met through the FlexStudent account and a Nationwide mortgage, though this is less common for students.
Competitive Landscape
The Nationwide offer is comparable to other major banks. Lloyds Bank offers £100 cash and up to £120 in Deliveroo vouchers, alongside a cashback and rewards scheme. NatWest provides £100 cash and a four-year Tastecard. Santander offers £100 cash and a four-year Railcard.
Considerations for Students
Financial experts advise students to consider the overall suitability of an account beyond sign-up bonuses. A generous interest-free overdraft is a key feature for student accounts, providing a safety net for emergencies. While overdrafts offer flexibility, they represent borrowed money that must eventually be repaid.
Free discount cards, such as NatWest's Tastecard or Santander's Railcard, can offer significant long-term savings. The Tastecard provides discounts on dining for four years, while the Railcard reduces train fares by a third for the same period. Students should assess whether their spending habits align more with dining out or travel when choosing an account with these benefits.
It is also worth noting that other banks may introduce new offers, and students might consider waiting to see if more competitive deals become available before committing to an account. Last year, Lloyds Bank offered £190 in freebies, including £100 cash and £15 Deliveroo vouchers for six months.