HSBC or Santander: Which is the better Student Bank Account?
These are the ones I hear most people use, so I am considering getting one of them. I tried looking up info on both of them and tbh I'm getting confused by all the jargon so if anyone could break things down that would be really helpful.
(Also if there are any other good options I'd be grateful to hear about those too!)
(Also if there are any other good options I'd be grateful to hear about those too!)
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Original post by Supersaps
Santander: Free railcard - good if you use trains
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
How do you know whether you'd qualify? Do they all have different ones or if you don't qualify for one would it be the same for the rest?
Original post by wickedisgood
How do you know whether you'd qualify? Do they all have different ones or if you don't qualify for one would it be the same for the rest?
They normally have it you receive x amount in the first year and it goes higher and higher each year. You'll receive the minimum overdraft for the first year and probably the max in your last year.
Original post by wickedisgood
How do you know whether you'd qualify? Do they all have different ones or if you don't qualify for one would it be the same for the rest?
Initially, it depends on your credit rating, which most young people don't have as you can't get credit til you're 18.
So, it's normally £500 initially and then rises in your subsequent years.
Original post by Jheeeeez
the best way to do it would be to get a santander account first. once you have your railcard, cancel the account and then open an account with HSBC. This way you get both the railcard and amazon voucher.
Don't you need to put in X amount ea month for the railcard to activatw
Original post by TrojanH
Don't you need to put in X amount ea month for the railcard to activatw
it is not as if you have to scan your railcard, you just show it so they would not know the difference
Original post by Jheeeeez
the best way to do it would be to get a santander account first. once you have your railcard, cancel the account and then open an account with HSBC. This way you get both the railcard and amazon voucher.
Would they not be able to know that I did that though? Like is that a valid loophole that is okay or would it be looked down on as 'cheating' and screw me over later?
Original post by wickedisgood
Would they not be able to know that I did that though? Like is that a valid loophole that is okay or would it be looked down on as 'cheating' and screw me over later?
It's only £90. £30 difference with HSBC so just get the larger overdraft.
Original post by Jheeeeez
the best way to do it would be to get a santander account first. once you have your railcard, cancel the account and then open an account with HSBC. This way you get both the railcard and amazon voucher.
Don't do this. You are only allowed to have one student account, and if they find out you have two, they may shut them both! Plus they will most likely take away the privileges when they do. Plus every time you apply for credit, your credit score takes a major hit, of between 30 and 60 points (experian). Best to apply for only one or two every six months or so.
Plus i have a credit card with marbles, who are owned by new day, who also owns santander, so i think it is more likely you will be accepted for the santander account, if that is any help? *Mods, this isn't advertising, i am trying to help someone out in need*!!!!
Original post by Supersaps
Santander: Free railcard - good if you use trains
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
The qualification criteria for the max overdraft of the santander account is paying in £500 per semester so it's pretty easy to get it.
Original post by john2054
Plus every time you apply for credit, your credit score takes a major hit, of between 30 and 60 points (experian). Best to apply for only one or two every six months or so.
That's not accurate, your credit score is pretty much entirely based upon how much you owe and how well you pay back what you've owed, with most of the focus on the latter. Merely applying for a credit line isn't going to take off 30-60 points, that's a massive amount. Student overdrafts also rarely have an effect on your credit score.
Original post by Supersaps
Santander: Free railcard - good if you use trains
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
Original post by Helloworld_95
That's not accurate, your credit score is pretty much entirely based upon how much you owe and how well you pay back what you've owed, with most of the focus on the latter. Merely applying for a credit line isn't going to take off 30-60 points, that's a massive amount. Student overdrafts also rarely have an effect on your credit score.
Do you want to bet? Each bank has a different set of criteria for lending, and the three main agencies Experian and equifax and callcredit also use the same metadata, to create their own scores. It is a fallacy to think that there is only a single score. And you are right, that if you owe over 25% of your total limit, it most likely will have a detrimental affect on your credit rating. But things such as applying for credit, being registered to vote and actually voting, as well as the credit lines of your spouses, do have an impact. It is true that i can't prove this information, as the banks are very good at keeping these cards close to their chest. But the fact that most dynamic credit cards will allow you to ask for an increase to that credit line every 6/8 months, which is when the (credit) applications expire on experian, would seem to be a pretty reliable indicator wouldn't it?
Original post by Supersaps
Santander: Free railcard - good if you use trains
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
HSBC: £60 Amazon voucher + amazon prime.
Both have good interest free overdrafts but you probably won't qualify for the maximum amount.
When you say free railcard, is this for your whole student life?
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Original post by Helloworld_95
That's not accurate, your credit score is pretty much entirely based upon how much you owe and how well you pay back what you've owed, with most of the focus on the latter. Merely applying for a credit line isn't going to take off 30-60 points, that's a massive amount. Student overdrafts also rarely have an effect on your credit score.
Every time you apply for credit you take a hit on your score. This is why you space out several applications over a long time. This is because it is a measure of risk worthiness and desperate ess for credit.
Original post by Bloom77
You could have literally googled this and found out in less than 5 seconds.
Original post by TrojanH
Every time you apply for credit you take a hit on your score. This is why you space out several applications over a long time. This is because it is a measure of risk worthiness and desperate ess for credit.
I can confirm this is true after tracking mine for several years.
Companies don't like it if you're constantly looking around for ways to borrow money.
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