[El_Matador]

I was advised Natwest/RBS because of the rail card + overdraft deal. It turns out you have to be an existing customer since 2011 which rules me out.

All the deals basically look the same, there's no good bonuses I can spot so I came here to hear first hand if there's any choice I should make.

Overdraft amounts are not paramount for me but some nices extras and interest would be nice.

Any advice?

[Fooldimis]

Thanks for starting this thread, I'm interested in knowing as well.

[Sun!]

Nothing major really seperates the big banks.

I am with Halifax and I am quite happy. I have a £2000 overdraft and could have had more if I had asked (Upto £3k), but not everyone gets this. I am not sure why though as most students have a similar income and credit rating.

I have heared good things about Natwest and the Co-Op bank.

It may be easier to stay with the bank you are with now; if you have a saving/ teenagers account.

[LouiseOrd]

(Original post by El_Matador)
It turns out you have to be an existing customer since 2011 which rules me out.

That's based on people opening student accounts last year, "These offers are only available to customers of NatWest who will be 1st year undergraduates commencing their first year Higher Education course in 2011 who upgrade to a NatWest Student Account between 15 July and 2 October 2011. The Railcard offer is only available to existing current account customers who have held their account prior to 1st June 2011 and upgrade to a Student Account between 15 July and 2 October 2011." it's basically that, although 2011 would be 2012 .

I've opened my account with NatWest ready to be upgraded to a student account because everyone likes an interest free over-draft. I remember reading that Halifax's interest rates were quite high, especially in terms of a student.

[canŵio]

I'm with Natwest and have been for 3 years but I've already got a 3 year railcard so that doesn't help!

I'm planning on staying with Natwest though because I know how they work and I'm comfortable with them. Plus, they're such a big bank that they have big branches at most the uni campuses.

The only other one I've thought seemed good was Co-op, but as they're a smaller bank they're not as easy to find and I just prefer staying with the same people, because I don't know much about banking!

The only difference between the banks seems to be how much free overdraft they'll willing to give. Out of my options it's like this:

Natwest: http://www.natwest.com/personal/stud...#tabs=section1
(up to)
Year 1 - £1,000
Year 2 - £1,250
Year 3 - £1,500
Year 4 - £1,750
Year 5 - £2,000

Co-op: http://www.co-operativebank.co.uk/se...ts?WT.svl=copy
Year 1 - £1,400
Year 2 - £1,700
Year 3 - £2,000

I can't find anything for years 4/5+

The thing is, I really don't understand what all the charges and everything mean. For example, on the Co-op site they have a list of charges etc, and it says:

Overdraft Services
Debit Interest Rate
Student Account -
Formal overdraft service above the free overdraft for the current year of study - 0.79% per month 9.9% EAR.

why are there two percentages? i get that this is the charge if you go over the arranged overdraft, but how much is the charge?!

[Repressor]

http://www.moneysavingexpert.com/stu...t-bank-account should provide some sort of template. It's last years though. Maybe it'll get updated in August again?

[alibee]

The benefit the Co-op gives you over the other accounts is that the size of the overdraft is guaranteed if you're accepted for the account. Unlike at other banks where I'm sure a lot of you will discover that "Up to £3000" really means £500

[spicetheice]

(Original post by El_Matador)
I was advised Natwest/RBS because of the rail card + overdraft deal. It turns out you have to be an existing customer since 2011 which rules me out.

All the deals basically look the same, there's no good bonuses I can spot so I came here to hear first hand if there's any choice I should make.

Overdraft amounts are not paramount for me but some nices extras and interest would be nice.

Any advice?

Halifax and Natwest are considered to be among the best. A friend was with Halifax for over three years and was really impressed by their service and facilities. He went to Texas a year ago though and had to discontinue the service. Which banks do you have in your locality? Its always good to open an account with a bank which is located in your neighbourhood but which also has a good national presence (at least in the big cities)

[alibee]

(Original post by canŵio)
The thing is, I really don't understand what all the charges and everything mean. For example, on the Co-op site they have a list of charges etc, and it says:

Overdraft Services
Debit Interest Rate
Student Account -
Formal overdraft service above the free overdraft for the current year of study - 0.79% per month 9.9% EAR.

why are there two percentages? i get that this is the charge if you go over the arranged overdraft, but how much is the charge?!

The first one is monthly and the second is annual. When you compound the first rate, you get the second. The basic message is don't go over your arranged overdraft as on top of the interest, there will be fees as well.

[canŵio]

(Original post by alibee)
The first one is monthly and the second is annual. When you compound the first rate, you get the second. The basic message is don't go over your arranged overdraft as on top of the interest, there will be fees as well.

thanks for explaining! i think my ignorance is probably a good thing, because i don't understand what happens when i spend more money than i have so i never go into the negative!

[bananacake14]

I found that halifax and natwest were good, but I soon found out that you can only change to a student account if you're an existing customer, so annoying!

[El_Matador]

(Original post by LouiseOrd)
That's based on people opening student accounts last year, "These offers are only available to customers of NatWest who will be 1st year undergraduates commencing their first year Higher Education course in 2011 who upgrade to a NatWest Student Account between 15 July and 2 October 2011. The Railcard offer is only available to existing current account customers who have held their account prior to 1st June 2011 and upgrade to a Student Account between 15 July and 2 October 2011." it's basically that, although 2011 would be 2012 .

I've opened my account with NatWest ready to be upgraded to a student account because everyone likes an interest free over-draft. I remember reading that Halifax's interest rates were quite high, especially in terms of a student.

So is it possible to get a standard account and then "upgrade" to student account with railcard? Even though when that happens it won't be my first year then .


Thanks for the replies everyone. I see a lot about overdraft which I figure can be handy to some. However, I would just rather budget amazingly and never even have the risk of having spiralling debts.