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best STUDENT bank account!?

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Original post by Doskey
I'm thinking Halifax because I wanted Co-Op but there are not enough branches near me. Halifax has a high 'up to' 0% overdraft but you have to be careful not to go over it because the EAR is quite high :s


Also be aware that the Halifax limit is only "up-to" and not all students get the maximum £3,000.

I do research on the student bank accounts every year for Save the Student and a large number of our followers never got the full £3,000.

The other thing to keep in mind is that most students don't need to visit a local branch too many times a year.
Reply 61
Avatar for Jessterz
Jessterz
Original post by RibenaRockstar
I'm staying with Nationwide because I trust them despite their lack of an actual student account.
I've got £250 non-free overdraft, but I think I'm going to take my UCAS confirmation letter into the branch with me and see if I can negotiate a £50 free overdraft, for example. I have lots of savings with them so it should be okay


I'd say open a student account elsewhere but still keep your Nationwide account. Just pretty much every student needs to use the overdraft due to getting things to start uni with. Depending on courses and what equipment you already have obviously
Original post by Jessterz
Uni is Level4 and you need to be studying a level 4 course. AS & A2 are only level 3. Whats not clear haha. Unless you thought I made a typo and meant to put AS is level 4 :P But that wouldn't make sense cause levels go up not down :wink:.

You could try applying for an early bird student account but you won't get any of the perks like interest free overdrafts etc. So kinda pointless until the summer before really. Imo. Find some weekend bar or retail work. Thats generally the best bet for extra cash :smile:


No problem, thank you very much for the advice :smile:
Reply 63
Avatar for A.J10
A.J10
14
Original post by rotterdamhibs
Legally you are only allowed one student account.Best to stick with one,otherwise it becomes fraud :s-smilie:


Damn... that's my plan buggered then.
Original post by Jessterz
I'd say open a student account elsewhere but still keep your Nationwide account. Just pretty much every student needs to use the overdraft due to getting things to start uni with. Depending on courses and what equipment you already have obviously

Not to sound spoilt, but my parents are getting me that stuff, and I have savings too.
i went for Natwest, Local quick and easy to do online and an alright over-draft. Didn't want a to big overdraft because in the end you have to pay it back. what might seem best now you might regret in the future
Reply 66
Avatar for Cybele
Cybele
14
I went with Natwest purely for the railcard. I'm on my 5th and last free railcard :sad: which runs out next summer, but if you get the train a lot then it's so worth it. Not really any problems with them as a bank, I don't use my overdraft but the graduate overdraft has always been generous.
As much as they have a poorer reputation than many, had to go with Halifax today simply because they give you a £1000 interest free overdraft straight from the off. This can also be extended to £3000, but the guy who opened it said I'd more than likely get nearer £2000, all interest free.. works for me!
Reply 68
Avatar for Tim99
Tim99
1
I was thinking TSB however I'm feeling swayed by the co-op.

Need to get it sorted ASAP as I have NO money at the mo, need some cash for Freshers!
The santandare account gives you £50 for opening the account and then i think its £1500 0% overdraft when you deposit £500 or more and its £250 overdraft before u/ student finance deposit any money so sounds the best to me. Even if just for the free £50.

Link below see for yourself. It looks a very good account and it turns into a graduate account so you get 12 months 0% overdraft after you graduate. Gives u time to pay it off.

It also pays 1% interest on debit upto £500 but nothing above that amount. But still more than others are offering. Another free £5 if you keep ur account at £500.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610632421&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2



This was posted from The Student Room's iPhone/iPad App
(edited 11 years ago)
Just to clarify, you can open more than one student account. Your student loan does not need to be paid into your student account. Your money will be paid into whatever bank account you provided on your SFE form when you applied months ago. In theory, you could open 5 different accounts, but I doubt you'd want to be watching over them like a stock trader; keep it simple, have one. You would need to make deposits and transactions every so often in each account otherwise the bank will either shut the account or remove the interest-free overdraft. So if you open a student account with a bank different to the details you provided to SFE, you'll need to move the money over.

Lastly, there really isn't anything in it. I'd go for the one that has least problems; the ones you don't hear about on the news. And from my memory, Lloyds and HSBC have not had a glitch in recent times. Natwest definitely have, they were on the news not too long ago about debit cards not working for 3 days or something. Yeah, they give you a free railcard, but it's only worth £28 a year. you could easily buy one and still save a fortune on the trains, I'd much rather have a consistent, reliable service. Imagine wanting to go clubbing and your card didn't work. LOL
Reply 71
Avatar for catoswyn
catoswyn
15
Original post by PataynaRolaay
Yes, im 19 in two weeks, and im starting A2 in two weeks, can i open up a student account now? And yes i will pay that money back obviously, and i need it for incase i need something instead of taking out pay day loans etc


Unfortunately you can't qualify for a student bank account until higher education (university level) The stage you are at is called 'further education' rather than higher.

Natwest have an adapt account for people in further education I think. Although you don't get an overdraft or anything it is work looking into one as having this account with them before upgrading it into a student account later makes you eligible for their railcards and special offers when you are a student.

Good luck.

:smile:
Reply 72
Avatar for catoswyn
catoswyn
15
Original post by Tim99
I was thinking TSB however I'm feeling swayed by the co-op.

Need to get it sorted ASAP as I have NO money at the mo, need some cash for Freshers!


TSB is rated low this year for student accounts on the moneysaving.com website so maybe consider someone else. Co-op comes top right now on that site.

:smile:
Reply 73
Avatar for catoswyn
catoswyn
15
Original post by A.J10
Tempted to open an account at all the major banks, keep my current lloyds one as it already has all my money in it, and just take the interest free overdrafts out of the others and put it in a savings account. At the end of the course, I'll put it all back and be up a few quid :jive:

Any problems with this? I also gets all the freebies :biggrin:


They specify you should only have one student bank account and you sign to agree. Having said this many people ignored the condition in the past. This has led to the banks putting in various measures to try to make sure that people are really using their student account as their main account as they were unable to actually check who had which account with whom. So now Co-Op for instance wants the actual grant check paid in. Nat West is saying you must use your card for three transactions per period and pay in £750 every three months etc etc.

If you check on moneysavingexpert.com you'll find details of what the banks are offering and any criteria such as this you'd have to meet.

There is nothing to stop you applying for a couple of bank accounts initially as my experience is that some are so slow at arranging things that they aren't ready in time for the start of term! Obviously at the point of applying you are holding no student accounts at all.

You can decide then to close any you are not going to use. You are unlikely to get the freebies unless you meet the conditions in place re: putting some money in etc.

Good luck

:smile:
(edited 11 years ago)
Reply 74
Avatar for catoswyn
catoswyn
15
Original post by gonnabesomething
Just to clarify, you can open more than one student account. Your student loan does not need to be paid into your student account. Your money will be paid into whatever bank account you provided on your SFE form when you applied months ago. In theory, you could open 5 different accounts, but I doubt you'd want to be watching over them like a stock trader; keep it simple, have one. You would need to make deposits and transactions every so often in each account otherwise the bank will either shut the account or remove the interest-free overdraft. So if you open a student account with a bank different to the details you provided to SFE, you'll need to move the money over.

Lastly, there really isn't anything in it. I'd go for the one that has least problems; the ones you don't hear about on the news. And from my memory, Lloyds and HSBC have not had a glitch in recent times. Natwest definitely have, they were on the news not too long ago about debit cards not working for 3 days or something. Yeah, they give you a free railcard, but it's only worth £28 a year. you could easily buy one and still save a fortune on the trains, I'd much rather have a consistent, reliable service. Imagine wanting to go clubbing and your card didn't work. LOL


Out of interest the Nat west railcard offer is only available to people who have held a bank account with them for the previous two years. :frown:

:smile:
Reply 75
Avatar for catoswyn
catoswyn
15
Original post by gonnabesomething
Just to clarify, you can open more than one student account. Your student loan does not need to be paid into your student account. Your money will be paid into whatever bank account you provided on your SFE form when you applied months ago. In theory, you could open 5 different accounts, but I doubt you'd want to be watching over them like a stock trader; keep it simple, have one. You would need to make deposits and transactions every so often in each account otherwise the bank will either shut the account or remove the interest-free overdraft. So if you open a student account with a bank different to the details you provided to SFE, you'll need to move the money over.

Lastly, there really isn't anything in it. I'd go for the one that has least problems; the ones you don't hear about on the news. And from my memory, Lloyds and HSBC have not had a glitch in recent times. Natwest definitely have, they were on the news not too long ago about debit cards not working for 3 days or something. Yeah, they give you a free railcard, but it's only worth £28 a year. you could easily buy one and still save a fortune on the trains, I'd much rather have a consistent, reliable service. Imagine wanting to go clubbing and your card didn't work. LOL


Out of interest the Nat west railcard offer is only available to people who have held a bank account with them before. :frown:

:smile:
Original post by catoswyn
TSB is rated low this year for student accounts on the moneysaving.com website so maybe consider someone else. Co-op comes top right now on that site.

:smile:


How well is HSBC rated? Do they give a good student deal?

I'm considering them. I'm currently with Lloyds for U19 and have a basic HSBC account. Looking at Lloyds, it looked pretty crap. £500 overdraft interest free limit for the first 6 months and some poxy NUS card that you could buy anyway.

:smile:
Original post by catoswyn
Out of interest the Nat west railcard offer is only available to people who have held a bank account with them before. :frown:

:smile:


Yeah I know lol :tongue: It's nice, but I've had better service with Lloyds since I was 16. I always hear bad stuff about NatWest, glitches and what not.

Rather bank elsewhere and buy a 3 years railcard for £65 AND be able to use my card when I like without fearing a glitch :biggrin:
Santander for me :smile: £50 to spend on societies right away, bristol is only £30 away, plus my parents got me one, they have a £1500 instant access loan while others say £3000 aren't actually available till the 2nd or 3rd year... also a safer bank
Original post by pshewitt1
Santander for me :smile: £50 to spend on societies right away, bristol is only £30 away, plus my parents got me one, they have a £1500 instant access loan while others say £3000 aren't actually available till the 2nd or 3rd year... also a safer bank


Not best known for their customer service though.

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