The bank will pay £50 within 10 days of the account opening and hopes this will help students prepare for their new life at university.

The tastecard membership is designed to help students make the most of their university experience and enjoy going out again without breaking the bank, offering discounted meals at hundreds of restaurants and takeaways including Zizzi, Café Rouge and Pizza Hut. This is in addition to discounted cinema tickets and shopping offers.

The bank’s student account also comes with a £2000 interest free overdraft, available in the first year of study, which will help students manage their money and spread the cost of studying.

Andy Nicholson, RBS’s student account expert, said: “The last year has been one of the toughest for young people and we want to help students to celebrate what they have achieved and help prepare them for life at university.

“It is the first time we have offered a cash incentive on our student account and this combined with the tastecard membership will hopefully help every student make the most of their university experience.”

To be eligible for the account a student must be studying at a UK university or college and be completing a full-time course lasting at least two years. The account is also open to customers training to be a nurse.

Within 30 days of account opening new customers need to register for online or mobile banking and opt to receive paperless statements and will then receive £50 cash and a four-year Tastecard membership.