Student Bank Accounts 2026: Can You Have Two?

Q: Can I keep my student account and claim another bank’s offer?

Nationwide, Lloyds and NatWest all say you can only have one student account at a time, so you’d need to move yours to the new bank to claim its offer. If you’re still waiting for free cash from the account you have now, let it land first.

Q: Do Lloyds and Bank of Scotland count separately?

Lloyds and Bank of Scotland run the same £100 student offer, so you can only get it once between them. Halifax is in the same group but has no student cash offer. A student or graduate account with any of the three since 1 August 2021 rules you out, even one you’ve since closed.

Q: Do NatWest and RBS count separately?

NatWest, RBS and Ulster Bank are one banking group, and you can hold just one student account across the three at a time. NatWest also only pays its £100 once, even if you open more than one student account. You can’t get it at all if you’ve had one of its student offers since 1 July 2022.

Q: Can I get the Nationwide offer in my second year?

Nationwide’s terms rule out anyone in their second year of study or beyond. You also need to have started your course less than 12 months ago, or be starting it within 5 months of opening the account. The 2026 offers from Lloyds and NatWest have no year of study rule, so look at those instead.

Setting up a student bank account is an easy way to £100 free cash, plus a very helpful overdraft.

Right now, Nationwide, Lloyds and NatWest are all paying £100 free cash.

Pick the right one first, and you could claim two or more before you graduate. Enjoy!

Can you have two student accounts?

In general, no. All three banks say you can only have one at a time.

What each bank says

Here’s how each bank puts it:

Nationwide: you can’t hold a student account with another bank, and you’ll be asked to switch it over when you apply.
Lloyds: you’re limited to one student bank account at a time.
NatWest: you can hold just one across NatWest Group at a time, and its account terms say it has to be your main account, where your regular income goes.

Why it matters for your free cash

It’s unlikely any of the banks will give you the £100 free cash if, when they run their checks, they see you already have a student account with another bank.

How to claim more than one offer

Do them one at a time. Claim one offer, then move your student account to the next bank and claim another. You could do this each year of your course, as long as there’s an offer running.

What each offer asks for

Each one pays £100 free cash, but the steps and timing are different:

Bank	What you need to do
Nationwide First years only	Open the account, then pay in £500 and make 5 debit card payments by 11 December 2026 Paid within 14 days of doing both
Lloyds Also at Bank of Scotland	Open the account and pay in £500 by 30 October 2026 Paid in November
NatWest Also at RBS	Open the account Paid within 10 working days of opening

Offer terms as of 15 September 2026. Each bank links to its step-by-step guide.

Which one to do first

In your first year? I’d start with Nationwide, as it’s the only offer of the three that’s just for first years.

Past first year already? I’d start with whichever offer ends soonest. Right now that’s Lloyds, which closes on 30 October 2026. NatWest hasn’t set an end date, so I’d do that one next.

Before you move your account

Get these right first, or moving could cost you:

Wait for your free cash: move before it lands and you could lose it.
Agree your new overdraft: your old limit won’t come with you, so arrange one with the new bank before you switch.
Check the new bank’s exclusions: a past student account can rule you out. A Halifax student account at any time since 1 August 2021 means no Lloyds offer, for example.

Let’s make some free cash

You’re all set to get £100 free cash from a student account, nice!

Your next step is to start the offer that suits your year:

Student Offers

Happy earning!

Common questions

Nationwide, Lloyds and NatWest all say you can only have one student account at a time, so you’d need to move yours to the new bank to claim its offer.

If you’re still waiting for free cash from the account you have now, let it land first.

Lloyds and Bank of Scotland run the same £100 student offer, so you can only get it once between them.

Halifax is in the same group but has no student cash offer. A student or graduate account with any of the three since 1 August 2021 rules you out, even one you’ve since closed.

NatWest, RBS and Ulster Bank are one banking group, and you can hold just one student account across the three at a time.

NatWest also only pays its £100 once, even if you open more than one student account. You can’t get it at all if you’ve had one of its student offers since 1 July 2022.

Nationwide’s terms rule out anyone in their second year of study or beyond. You also need to have started your course less than 12 months ago, or be starting it within 5 months of opening the account.

The 2026 offers from Lloyds and NatWest have no year of study rule, so look at those instead.

Your overdraft limit doesn’t move with you, so check what the new bank offers for your year of study.

Some banks, including NatWest, told Which? they’ll move what you owe across if your new limit covers it, as long as you arrange it before you switch.

Banks have run student offers for years, but the amounts and rules change, so next year’s could look different.

This year’s £100 offers are live now, so there’s no reason to wait.

Some switch offers rule out anyone who already has a current account with that bank, and a student account is a current account.

Before you apply for one, check who’s ruled out in its guide on Bank Switching Offers.