Starling Bank has launched a current account for university students - the first dedicated student account from a digital bank. The free account offers an interest-free overdraft, 4.00% AER bonus savings rate and a £50 Amazon.co.uk Gift Card.

The account includes an AI-powered assistant built specifically for students, and gives all cardholders a chance to win a year’s tuition fees on Starling. Starling’s student account launches as the bank’s research reveals student living costs have surged by 47% in ten years, greater than the rate of UK inflation (41%) and maintenance loan increases (32%) in that time.

“University should give you the keys to a good career and a good salary, but increasingly, the cost of studying is leaving students saddled with debt. We want to give students the opportunity to have their fees paid for, as well as perks and savvy spending tools that set them up with good money habits that they’ll lean on for life,” said Bernadette Smith, Chief Customer and Banking Officer at Starling Bank.

Applications are open from today, and will be available to all in the coming week. The application process is carried out entirely via the Starling app. Benefits of the account include:

Students can apply for a personal account on the Starling app in minutes, with the process 100% digital. Once a personal account is opened, they must verify their student credentials in the app. International students with a registered UK address can also apply.