Which is the best Student Account to open? And what&#x27;s the point in them?

Original post by IGotAQuestion

oh right. i thought having a "flexible" ISA bent this rule :rolleyes:

thanks for the reply -

one more Q - if it says "Interest paid Annually only" - does that mean yearly?, and is an ISA better than a savings account for a student with no more than 5k?

Jesus wept!
Just how little money do you think you'll have left after paying for accommodation and living costs to gain any bloody interest?

Reply 42

Original post by IGotAQuestion

oh right. i thought having a "flexible" ISA bent this rule :rolleyes:

thanks for the reply -

one more Q - if it says "Interest paid Annually only" - does that mean yearly?, and is an ISA better than a savings account for a student with no more than 5k?

Flexible just means you can take money out without losing interest. Fixed ISAs lose interest or charge a fee if you want to withdraw money from the ISA before the end of the fixed term.

Annually is another way of saying yearly yes. If it's better or not depends on the interest you can get and how long you plan on keeping the money. The Money Saving Expert site has all the advice you need http://www.moneysavingexpert.com/banking

(edited 12 years ago)

Reply 43

IGotAQuestion

Original post by hypocriticaljap

Jesus wept!
Just how little money do you think you'll have left after paying for accommodation and living costs to gain any bloody interest?

i wanna earn easy money :colone:

haha .maybe shares are the only way :redface:

Reply 44

Original post by hypocriticaljap

Natwest put you on a graduate account automatically.

so basically you were talking crap.

Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.

Reply 45

Original post by IGotAQuestion

i wanna earn easy money :colone:

haha .maybe shares are the only way :redface:

Shares are a good way of earning easy money..... unless something happens, in which case you lose it all.

Reply 46

IGotAQuestion

Original post by Rascacielos

Shares are a good way of earning easy money..... unless something happens, in which case you lose it all.

yep catch 22.. which is why i keep annoying flipshot and jap on here lol

Reply 47

Original post by Rascacielos

Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.

That's not what their terms and conditions say: http://www.lloydstsb.com/media/lloydstsb2004/pdfs/student_welcome_pack.pdf

When you are no longer eligible for the Student Account, for
example you graduate from your course or after a maximum of
six years, we will convert your account to a Graduate Account,
unless you make alternative arrangements with us

Reply 48

Original post by Rascacielos

Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.

as the previous post illustrates you don't know what you are talking about.
End of.

Reply 49

Original post by flipshot

That's not what their terms and conditions say: http://www.lloydstsb.com/media/lloydstsb2004/pdfs/student_welcome_pack.pdf

The transition isn't done automatically with Lloyds - you have to apply for it if your course ends before the 6 years.

And, again, transferring to a graduate bank account doesn't guarantee you a continuation of 0% interest overdraft. After you graduate, Lloyds start charging you interest after you use more than a £10 overdraft.... which I believe is the main point of this discussion.

Original post by hypocriticaljap

as the previous post illustrates you don't know what you are talking about.
End of.

Read up.

(edited 12 years ago)

Reply 50

Original post by Rascacielos

The transition isn't done automatically - you have to apply for it if your course ends before the 6 years.

Read up.

So why would they say in the terms and conditions that they will convert it unless you make other arrangements. Why would you need to make other arrangements for them not to convert it if its not done automatically.

Reply 51

Original post by flipshot

Just repeating what I was told when I opened my student bank account at Lloyds.
(You've also conveniently ignored my other point).

(edited 12 years ago)

Reply 52

Original post by Rascacielos

Just repeating what I was told when I opened my student bank account at Lloyds.
(You've also conveniently ignored my other point).

Would that be the point that you edited into your post 1 minute after I made my reply? This board does have post times you know I posted at 23:04 and you edited at 23:05.

Says you get an tiered interest free overdraft on the student account too, doesn't explicity state you automatically start getting charged on any student overdraft that gets transferred.

Reply 53

is the hole that you've dug for yourself big enough yet Rascacielos?
LOL!

Reply 54

areonite

Original post by Rascacielos

Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.

Hello. I am with Lloyds TSB and was automatically converted to a graduate account. And they don't charge me ANY interest on my overdraft. So yeah, you don't know what you're talking about.

Reply 55

areonite

Original post by IGotAQuestion

thanks a lot! I think i'll source the bank giving the highest interest since I will be extra careful not to takeout an overdraft!

There is not really any point looking at interest on current/ student accounts as it will be next to nothing. Unless you are just taking out the loan for the sake of making money on it, and can fund yourself through uni some other way, the majority of your loan will go on accommodation and living costs. There won't be a lot left to accumulate interest - it will be negligible.

Also, the student loan company will give you your loan in instalments - you will get a third of your yearly maintenance loan each term, which prevents you from getting a lump sum, putting it away and earning interest on it.

I'd recommend getting a student account and overdraft even if you think you won't need it. You might be surprised at how much money you end up needing. It also helps when you graduate - if you struggle finding a job, you will still have your interest free overdraft as part of your graduate account.

Reply 56