Which student bank account do you use?

Are you a student currently in your 1st, 2nd or 3rd year? Or have you just finished your A-levels and already opened an account?

Which high-street bank did you choose and what's your general experience of that bank's quality and customer service?

Please vote in our poll and if you click 'Other', please let us know which bank you're with :smile:

*Sorry for not including TSB - my bad, and I can't edit the poll now! Please if you're with TSB, mark 'Other' and do make sure you mention it's 'TSB' in the comments, as -------- kindly has done!

(edited 3 years ago)

Reply 2

<*(((><

5

I wanted to know more about this too. I went into Natwest and asked but they said they haven't sorted out the accounts yet and they usually promote the new student accounts at the end of August.

Reply 3

KBradders

To me Student Accounts are a con. I'll stick with what I have.

Reply 4

Sgt.Incontro

20

Original post by KBradders

To me Student Accounts are a con. I'll stick with what I have.

This.

Unless you need the overdraft they are pointless IMO.

Reply 5

Original post by KBradders

To me Student Accounts are a con. I'll stick with what I have.

What do you have?

I'm also intrigued about why you think it's a con. I have one and the overdraft gives you so much flexibility. You can work all summer to break even while not having to necessarily work as much during term time. For me it's so helpful when you're making the transition between a life being financially dependent on your parents to being financially independent.

Original post by Sgt.Incontro

Unless you need the overdraft they are pointless IMO.

What if you need to take the train like I do and you're offered a free four-year 16-25 railcard.

(edited 9 years ago)

Reply 6

KBradders

Original post by Sgt.Incontro

This.

Unless you need the overdraft they are pointless IMO.

And then once you're ££££ in debt they rip you off once graduated with interest.

Reply 7

Original post by KBradders

And then once you're ££££ in debt they rip you off once graduated with interest.

I see it as the only time in your entire life that you can have free money.

In second year, I've been charged an almighty deposit of £550 which I'm sure I'm going to get back but, instead of using my savings in my fixed ISA which is gaining interest, I want the bank to pay for it!

When I put a second deposit down on a house next week and don't get the other one back until August, that's £850 out of my account. This is where I feel the student overdraft really comes in handy and should be used :smile:

Of course they put interest on when you graduate, but it's clearly advertised as a STUDENT overdraft - so I don't feel it's exploitative!

Reply 8

KBradders

Original post by Numberwang

I see it as the only time in your entire life that you can have free money.

In second year, I've been charged an almighty deposit of £550 which I'm sure I'm going to get back but, instead of using my savings in my fixed ISA which is gaining interest, I want the bank to pay for it!

When I put a second deposit down on a house next week and don't get the other one back until August, that's £850 out of my account. This is where I feel the student overdraft really comes in handy and should be used :smile:

Of course they put interest on when you graduate, but it's clearly advertised as a STUDENT overdraft - so I don't feel it's exploitative!

But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.

Reply 9

Original post by KBradders

But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.

I'd call it a useful safety net which you're never going to have again. I might be putting a positive spin on it, but I've had a great experience with student banking so why shouldn't I...

Reply 10

Motorbiker

Natwest for the railcard.

Graduate in 4 days though.

Reply 11

mmnoodles

4

Santander is really good :redface:

Posted from TSR Mobile

Reply 12

Original post by mmnoodles

Santander is really good :redface:

Posted from TSR Mobile

I went with Santander too and, while I got £50 for switching and a decent (?) £1,500 overdraft, I feel I've been left short-changed in other ways.

I've found their customer service to be quite poor - their staff across the counter can be really rude and inconsistent.

I've lost a couple of cards and it takes literally AGES (weeks) to get a new one through the post. New pins which are sent out often don't work.

Reply 13

victoriajackson

11

Original post by Numberwang

Are you a student currently in your 1st, 2nd or 3rd year? Or have you just finished your A-levels and already opened an account?

Which high-street bank did you choose and what's your general experience of that bank's quality and customer service?

Please vote in our poll and if you click 'Other', please let us know which bank you're with :smile:

I went with santander. Had some problems with them before I went to uni but they gave me compensation. I was a bit worried after I'd heard some customer service horror stories but I've never had any trouble with them they've always gone above and beyond to help. Went over my overdraft for the first time accidentally and they initially charged me (and rightly so) but they said because it's the first time they'll reverse the charges.

Reply 14

SophieSmall

Original post by KBradders

But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.

As far as I am aware most (if not all) student bank account get converted into a graduate account once you have finished university and I think this allows you one or two years extra for interest free overdraft so you can pay it back before it starts to charge interest. As most student overdrafts don't exceed £2000 I'd have to say you'd need to be pretty poor with money handling skills to not be able to to pay that back within this time.

If you can't pay it back it's frankly the graduates fault not the banks, they offer you a service and you're supposed to be responsible with it.

Reply 15

RumpeIstiltskin

10

I Originally intended to use HSBC but for some stupid reason they wouldn't accept a provisional drivers license as ID so went to Santander instead. Haven't had any issues or anything and I'm definitely glad to have access to an interest free overdraft since I have to pay my first instalment for accomodation in September a few weeks before I receive my student loan payment.

Reply 16

8472

HSBC!!!!!!! Woop woop.

Reply 17

SophieSmall