Received my free 5 year rail-card from HSBC today. It's available to undergraduates who have a HSBC account.
I've got an Maestro (which was previously Switch) account which allows me up to £1000 interest-free overdraft. It increases by £250 each year untill I finish Uni, I'll try not to use it though.
Anyway back to the rail-card. It allows you a third off rail travel for 5 years; to apply you need to fill in a form available from the bank and send off two passport sized photographs along with a Ucas confirmation letter of your Uni entry.
Basically they are saving you £100 as the card costs £20 each year. If I remember correctly HSBC had this offer available untill the 25th of August, if you want one Natwest has the same offer available and they havnt set an expiry date. You'll need the same documents so get it now if you want one!