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Santander student account

·         Students spend £600 a year on their university commute

·         One in eight off-campus students now travels more than 40 miles in a day to attend university

·         Average off-campus student faces a 22 mile round trip to lectures

Students are spending a collective £640 million per year commuting to and from university, according to new research from Santander Current Accounts.

According to the figures, only a fifth (21 per cent) of students live on their university campus and the remainder travel an average of 22 miles (11 miles each way) to attend lectures or tutorials.

With one in eight (13 per cent) students facing a round trip of 40 miles or more, it’s no surprise that the average off-campus student spends around £600 a year on travel to and from university alone.

Santander, which is offering a four-year Railcard to those in full time education who open a student current account with the bank, found that one in seven (17 per cent) off-campus students now commute to university by train.

The average cost of student travel to and from university is around £50 per student per month equating to £600 a year and rises to almost £100 per month for 13 per cent of off-campus students.

Despite these costs and distances, 20 per cent of students who live away from home say they are considering accommodation that is further away from their university campus for next year, in order to save money.

Hetal Parmar, Head of Banking at Santander, said: "The cost of attending university puts most students under a great deal of financial pressure, so having to cover the rising cost of transport is likely to be a real burden.  Not all students can afford to live near their university and many face a time-consuming and costly commute.

"Many students rely on rail travel for getting to university and for travelling home to see family.  Santander’s exclusive 16-25 Railcard is free to all new Student Current Account customers, who meet the eligibility criteria, helping them cut their rail travel cost by up to a third.  What’s more, the Railcard is valid for four years, making this an unmissable offer.”

David Mapp, Commercial Director of the Association of Train Operating Companies (ATOC), said:   "The 16-25 Railcard is one of our most popular discount cards, thanks to the considerable savings it offers to young people.  Train companies know that many people today and students in particular, need to cut costs wherever possible.  With an average saving of £174 a year, the four-year Santander 16-25 Railcard will allow holders to save hundreds of pounds when travelling to lectures, enjoying a day out or visiting family and friends.”

Santander’s Student Current Account offers:

·         0% EAR (variable) overdraft starting at £1,500 in years 1, 2 and 3 and then increasing up to a maximum of £2,000 in year 5, with no Arranged Overdraft  Usage Fees.

·         1% AER/gross (variable) credit interest on balances up to £500.  No interest is paid on any credit amount over £500.

·         A Visa Debit card for secure purchases and free cash withdrawals up to £300 per day from any Santander or LINK cash machine.

·         Easy account management via branches, telephone, internet, mobile or tablet.

·         Free text and e-mail alerts service to help you keep on top of your money.

Applications can be made online at or at your local Santander branch.