Student bank account - which bank should I choose? 2016/17
I have an offer to study Fine Art and UCL next year, and have begun to look into how to finance next year. Basically I am expecting my student loan to just about cover my accommodation, and even with support from my parents I'm looking to plug a whole in my finances and afford the cost of living in London.
So I'm looking to try and get the account which has the biggest overdraft, HSBC and Halifax both offer up to £3000 overdrafts, but apparently most people don't get the full overdraft. I know Halifax guarantees £1000 in the first year so between £1000-£3000 seems more appealing than accounts like Santander which only offer up to £1500.
However, I don't know what the banks' customer service is like, whether HSBC or Halifax are likely to go over £1000 or not, and whether other banks are likely to pay more. Does anyone have any advice on student bank accounts? I am not interested in freebies, mainly the overdraft.
So I'm looking to try and get the account which has the biggest overdraft, HSBC and Halifax both offer up to £3000 overdrafts, but apparently most people don't get the full overdraft. I know Halifax guarantees £1000 in the first year so between £1000-£3000 seems more appealing than accounts like Santander which only offer up to £1500.
However, I don't know what the banks' customer service is like, whether HSBC or Halifax are likely to go over £1000 or not, and whether other banks are likely to pay more. Does anyone have any advice on student bank accounts? I am not interested in freebies, mainly the overdraft.
Original post by Artstudentstress
I have an offer to study Fine Art and UCL next year, and have begun to look into how to finance next year. Basically I am expecting my student loan to just about cover my accommodation, and even with support from my parents I'm looking to plug a whole in my finances and afford the cost of living in London.
So I'm looking to try and get the account which has the biggest overdraft, HSBC and Halifax both offer up to £3000 overdrafts, but apparently most people don't get the full overdraft. I know Halifax guarantees £1000 in the first year so between £1000-£3000 seems more appealing than accounts like Santander which only offer up to £1500.
However, I don't know what the banks' customer service is like, whether HSBC or Halifax are likely to go over £1000 or not, and whether other banks are likely to pay more. Does anyone have any advice on student bank accounts? I am not interested in freebies, mainly the overdraft.
So I'm looking to try and get the account which has the biggest overdraft, HSBC and Halifax both offer up to £3000 overdrafts, but apparently most people don't get the full overdraft. I know Halifax guarantees £1000 in the first year so between £1000-£3000 seems more appealing than accounts like Santander which only offer up to £1500.
However, I don't know what the banks' customer service is like, whether HSBC or Halifax are likely to go over £1000 or not, and whether other banks are likely to pay more. Does anyone have any advice on student bank accounts? I am not interested in freebies, mainly the overdraft.
Lloyds gave me £1k by the second term and extended it to £1.5k for me in year 2 and i could have gone up to 2k if i wanted to in year 3.
I went with Lloyds and whilst they did give me £3k, this only happened in my final year. It's pretty standard across all the high street banks to offer you £1k and then they will look to extend based on how you run your account. i.e. if in the first week you max it out, they wont extend. If you keep going over your overdraft limit an incurring charges they wont extend.
If you want t get the max, the best way is to try and manage your finances sensibly. 1. Don't incur charges 2. Try and get a part time job so you show you have money going in as well. 3. Time. This is important. The bank will be assessing you for risk. The longer they have a relationship with you, the safer bet you become (unless you've done any of the things mentioned above).
Personally I would choose an account that offers other perks alongside the overdraft. Also re Customer service, it really depends what you want. Barclays and First Direct have great online banking experiences (from personal experience)
Good luck whoever you go with
If you want t get the max, the best way is to try and manage your finances sensibly. 1. Don't incur charges 2. Try and get a part time job so you show you have money going in as well. 3. Time. This is important. The bank will be assessing you for risk. The longer they have a relationship with you, the safer bet you become (unless you've done any of the things mentioned above).
Personally I would choose an account that offers other perks alongside the overdraft. Also re Customer service, it really depends what you want. Barclays and First Direct have great online banking experiences (from personal experience)
Good luck whoever you go with
I'm having the same issue , My own bank nationwide doesn't offer a student account so i'm looking to move, i got rejected from lloyds because they said i didn't have a good enough credit score. despite looking on credit rating sites to find that my credit score was totally fine and its just something that happens to some students that don't have a very big "banking footprint" so i'm worried moving forward.
i'm now looking between Halifax and HSBC for the overdraft options but i'm leaning towards HSBC because their banking app has won multiple awards and has (i think) been voted one of the best in the uk which is a huge incentive for me
http://www.moneysavingexpert.com/students/Student-bank-account
http://www.savethestudent.org/money/student-banking/student-bank-accounts.html
have a look on these it might help as it rates the main banks student account and shows all the offers
i'm now looking between Halifax and HSBC for the overdraft options but i'm leaning towards HSBC because their banking app has won multiple awards and has (i think) been voted one of the best in the uk which is a huge incentive for me
http://www.moneysavingexpert.com/students/Student-bank-account
http://www.savethestudent.org/money/student-banking/student-bank-accounts.html
have a look on these it might help as it rates the main banks student account and shows all the offers
Quick Reply
Related discussions
- Choosing a student bank account
- Best bank account for university students
- Breaking Down Student Bank Accounts: Which One Is The Best?
- After 6 years of having cifas marker, can I open an account with any bank?
- De-banked for expressing alternative social views
- Rent is due soon - should I take out a loan?
- SLC - Your academic year 2022/23 Student Finance application – Decision
- Cifas Marker
- savings accounts???
- Will i get into LSE.
- Student bank account struggles
- Opening a bank account for maintenance loan
- Warwick vs exeter for bsc accounting and finance
- Manchester BSc in International Business, Finance and Economics
- Bank demanding repayment of overdraft
- SFE and student bank accounts
- Student Finance Proof of Unearned Income
- Bank account
- HSBC vs Natwest
- Best Banks for European International Students.
Latest
Trending
Last reply 1 week ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 3 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAMTrending
Last reply 1 week ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 3 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAM
