Which student bank account do you use?

I'm with Lloyds and I was able to access the overdraft as soon as my student account was approved which was about a month before I started university or got any student finance. I think this is true of most student accounts.

For HSBC they say you can use your overdraft as soon as your accounts approved

Comparing the above; HSBC are giving away 60£ amazon gift cards for first years opening student accounts. unless you need a railcard then go santander. If you eat out alot then its natwest for the tastecard. Don't understand much about interest and the other banky stuff BUT Halifax gives out the highest overdraft at a glance (£3000)

That's good because it'll come in handy for freshers week, because I might not receive the student loan in time. Hopefully Santander will allow you to use it before you start.
How do you know if you can use the overdraft or not? Do they tell you it's active or something?

I saw that, however reading comments on the interwebs, their "up to" £3000 is rarely handed out,so I went for the safer option of a Co Op bank, with a 2K OD guaranteed

Halifax OD rates tend to be around £1000-£1500 in reality

I thought so, I didn't know 2K was garunteed, as in you'd be able to take it out straight away or 1K for first year then rest 2nd year?

Yeah basically (well what happened with me). I went into my local branch and asked to have my account switched to a student account (bare in mind you need to have your UCAS acceptance letter for approval and proof you will be a full time uni student). They took me through what the student account does and what it meant yadda yadda, some banks will automatically give you the overdraft but I requested mine to make sure I was going to get it. I walked out of the bank 15 minutes later with an overdraft. Once your student account is up and running and your overdraft approved (this is done by the click of a few buttons on the bank managers computer) you can use your overdraft.

Thanks for this information.
So just to be safe, shall I ask them about the overdraft and request it if necessary? Also would I be able to keep my current account and have a student account, or do I have to upgrade my current account to a student account? Because when I finally get a job while at university, I'd like my money to be in a separate account from my loan money, so I know exactly what I've earned and can spend as I see fit.

You may as well request the overdraft as you don't have to use it if you don't want to but it's there in case of emergencies (I got full loan and grant and I still needed it in-between finance payments and for emergencies and unforeseen money payment)

If you are already with the bank they will likely transfer your current account into a student account (this is just for ease as it means you already know your pin, have access to it and it will match the bank details you have given to student finance). If you want a separate current account for work you can make one at ANY time, I literally walked into my bank to create a separate current account for rent payments for second year and it was done within 10 minutes, easy as!

Yeah I think it would be easier to switch it from the current account to the student account, and then create another when I find another job. Preferably another bank to make it easier to identify each card.

Thanks for all your replies, you've been very helpful

How come everybody I know switched to TSB when they split lol, and I was split off to Lloyds!?

I have my student account with Santander and it's great mostly for the free 4 year 16-25 railcard

Is the railcard totally free or subsidised payments. #confused

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It's totally free. I think when you get a student account with them they give you a code and you use the code to buy it for free.


Posted from TSR Mobile

Is the railcard totally free or subsidised payments. #confused

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None. I don't want the overdraft/other crappy benefits so there's no point.

None. I don't want the overdraft/other crappy benefits so there's no point.