Which student bank account do you use?

Not any everyone is gonna be debt when they leave uni know. I mean you can use schloarships and grants to pay for it and use your job wages to pay for living costs.

To me in order to eat food, go drinking you have earn the right through studying, working and that that it's not luxtury.

Anyway back to original post I would go for the student account that gives you the best deal for your circumstances and only use an overdraft as a last resort/emergency. (Purse wallet got nicked, can't find keys to get into accommodation)

Nightworld1066

Reply 83

Original post by littleeggy

But... It's interest free money that is there for you just in case. That is a huge benefit. If you use overdrafts sensibly they are fantastic.

Posted from TSR Mobile

But the interest adds up when you finish your degree

Reply 84

iloveteddy14

I only usually my overdraft on my current account when it's a necessity and it's urgent not when I fancy a pair of shoes.

Nightworld1066

Reply 85

Original post by OHNOGEM

But the interest adds up when you finish your degree

Most student accounts (if not all) are converted to a graduate account when you finish your degree this gives you up to 3 years extra to pay back your overdraft interest free.

If you can't use an overdraft properly and cannot pay back the small amount of money they even allow in overdrafts within that time then that's the problem of the customer not the banks as it should not be that hard to pay back up to £3000 in that amount of time, that's only £1000 a year even with a minimum wage job that should be achievable (and £3000 overdraft isn't even the norm that's the most it will be).

Reply 86

Original post by SophieSmall

Most student accounts (if not all) are converted to a graduate account when you finish your degree this gives you up to 3 years extra to pay back your overdraft interest free.

If you can't use an overdraft properly and cannot pay back the small amount of money they even allow in overdrafts within that time then that's the problem of the customer not the banks as it should not be that hard to pay back up to £3000 in that amount of time, that's only £1000 a year even with a minimum wage job that should be achievable (and £3000 overdraft isn't even the norm that's the most it will be).

Yup, I get a 2,000 pound interest free overdraft the first year I graduate and then a 1,000 pound interest free overdraft in the second year.

Reply 87

The_Internet

20

Original post by OHNOGEM

But the interest adds up when you finish your degree

Not if you stash it away at TSB Plus, and then say "Thank you bank for giving me this free money. Here have your money back" Whilst you make profit

I did the maths above as well. You can make a bit of money by dong an hour or two's work

I LOVE my freebies! And extra cash! :biggrin:

(edited 9 years ago)

Reply 88

Original post by Samus2

Yup, I get a 2,000 pound interest free overdraft the first year I graduate and then a 1,000 pound interest free overdraft in the second year.

Which provider are you with? If you don't mind me asking :smile:

I could only get up to 1500 by the end of first year. Though I'm pretty happy with that amount.

Reply 89

Original post by SophieSmall

Which provider are you with? If you don't mind me asking :smile:

I could only get up to 1500 by the end of first year. Though I'm pretty happy with that amount.

I'm with RBS - the 2000 overdraft is after your graduate :smile:

Reply 90

Original post by Samus2

I'm with RBS - the 2000 overdraft is after your graduate :smile:

Ahh so the overdraft gradually decreases over the years, I think that's pretty good. Stops you using it when you shouldn't.

Reply 91

Original post by SophieSmall

Ahh so the overdraft gradually decreases over the years, I think that's pretty good. Stops you using it when you shouldn't.

In your first year you start with a 1000 overdraft and it increases by 250 each year which is handy! And then yeah, when my account switches to a graduate account it'll go up to £2000 which will be helpful when I'm looking for jobs ect.

Reply 92

iloveteddy14

But surely they are designed to get people into more debt

Nightworld1066

Reply 93

Original post by SophieSmall

Most student accounts (if not all) are converted to a graduate account when you finish your degree this gives you up to 3 years extra to pay back your overdraft interest free.

If you can't use an overdraft properly and cannot pay back the small amount of money they even allow in overdrafts within that time then that's the problem of the customer not the banks as it should not be that hard to pay back up to £3000 in that amount of time, that's only £1000 a year even with a minimum wage job that should be achievable (and £3000 overdraft isn't even the norm that's the most it will be).

I understand what you're saying but paying 3000 back on min wage wouldn't allow you to gave enough for other things rent ect. But I'm gonna look into that grad account, I'm shocked it seems far too generous for banks :redface:

Reply 94

Original post by OHNOGEM

I understand what you're saying but paying 3000 back on min wage wouldn't allow you to gave enough for other things rent ect. But I'm gonna look into that grad account, I'm shocked it seems far too generous for banks :redface:

I suppose it also depends what your other expenses are, you may struggle if you live in London but other than that if your rent is reasonable and you are good at budgeting and prioritising it shouldn't be very difficult, also I think the interest fees on graduates once you move past interest free are very reasonable (from what I've seen).

Reply 95

Original post by de_monies

Not if you stash it away at TSB Plus, and then say "Thank you bank for giving me this free money. Here have your money back" Whilst you make profit

I did the maths above as well. You can make a bit of money by dong an hour or two's work

I LOVE my freebies! And extra cash! :biggrin:

Haha yeah I saw the, that's a smart idea but I'm afraid I'd mess it up as I'm not organised enough for that :tongue:

Reply 96

Original post by OHNOGEM

I understand what you're saying but paying 3000 back on min wage wouldn't allow you to gave enough for other things rent ect. But I'm gonna look into that grad account, I'm shocked it seems far too generous for banks :redface:

Like I posted above - I'm with RBS who have the same accounts as Natwest and the graduate account is awesome.

Reply 97

Original post by SophieSmall

I suppose it also depends what your other expenses are, you may struggle if you live in London but other than that if your rent is reasonable and you are good at budgeting and prioritising it shouldn't be very difficult, also I think the interest fees on graduates once you move past interest free are very reasonable (from what I've seen).

Well I don't plan on having min wage lol, but it's just the the feel of added debt tution+loan+overdraft right after you graduate is pretty heavy

Reply 98

Original post by OHNOGEM

Well I don't plan on having min wage lol, but it's just the the feel of added debt tution+loan+overdraft right after you graduate is pretty heavy

Yeah I understand that feeling, I don't plan to be very far (if at all) into my overdraft when I graduate but I know that even if I am, I will be able to cope because I'm pretty good with money.

Reply 99