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Pros and Cons on Student Account?

So I don't want to open a student account because I'm scared of being in debt in the future.
Opening a student account, is it actually worth it? What are the pros and cons?

I'm really struggling with this :frown: any help would be great :smile: thanks!


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Original post by SHINeexo
So I don't want to open a student account because I'm scared of being in debt in the future.
Opening a student account, is it actually worth it? What are the pros and cons?

I'm really struggling with this :frown: any help would be great :smile: thanks!


Posted from TSR Mobile


Opening a student account doesn't put you in debt. The overdraft is totally optional, you don't even have to take it or if you do take it, you don't have to use it.
Reply 2
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SHINeexo
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Original post by Hedgeman49
Opening a student account doesn't put you in debt. The overdraft is totally optional, you don't even have to take it or if you do take it, you don't have to use it.


Oh okay, thanks for the help :smile:


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Only con is you can only usually have one current account per bank. I have lots of money so I wanted to join club lloyds but it's not compatible with my student account. Problem resolved: I opened accounts with nationwide and first direct to get my interest.
Reply 4
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SHINeexo
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Original post by wannabeaca
Only con is you can only usually have one current account per bank. I have lots of money so I wanted to join club lloyds but it's not compatible with my student account. Problem resolved: I opened accounts with nationwide and first direct to get my interest.


Oh okay, I see what you mean. Thanks for your reply :smile:


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Reply 5
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SHINeexo
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Yeah, I think that's what frightens me the most lol - overdraft. But thanks for the reply, I'll take student account into consideration :smile:


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Reply 6
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SHINeexo
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Yeah, I'm aware of that :smile: Thank you. I think I know what I want now :smile:


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Unless it's changed, I had to apply for my overdraft for my student account. It wasn't given automatically. I then had to tell them how much I wanted.
Reply 8
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SHINeexo
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Original post by OU Student
Unless it's changed, I had to apply for my overdraft for my student account. It wasn't given automatically. I then had to tell them how much I wanted.


Oh that's quite good then isn't it? I think it has changed, I don't think you need to request for an overdraft any longer.


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Original post by SHINeexo
Oh that's quite good then isn't it? I think it has changed, I don't think you need to request for an overdraft any longer.


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You definitely have to request an overdraft
Reply 10
Avatar for OllieDS
OllieDS
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Definitely get yourself at least one Student Account.

- If you open a Student Account with Natwest, they give you a 'Tastecard' - This gets you 50% off food almost everywhere.

- If you open a Student Account with Santander, they give you a 'Railcard' - This gets you third off all your train tickets which is extremely useful if you'll be travelling back home a lot.

Both give overdrafts too, which is also nice as an emergency fund/safety net.
Reply 11
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SHINeexo
OP
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Original post by OllieDS
Definitely get yourself at least one Student Account.

- If you open a Student Account with Natwest, they give you a 'Tastecard' - This gets you 50% off food almost everywhere.

- If you open a Student Account with Santander, they give you a 'Railcard' - This gets you third off all your train tickets which is extremely useful if you'll be travelling back home a lot.

Both give overdrafts too, which is also nice as an emergency fund/safety net.


Thanks for the help, this was very useful. :smile:


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Reply 12
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OllieDS
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Original post by SHINeexo
Thanks for the help, this was very useful. :smile:


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