Student Bank Account

Hi

I was wondering if anyone knew if it was possible to set up a bank account through the Uni or would you have to go into town and set one up with an actually bank?

Thanks.

Reply 1

LSUFever

Hey Sodon,
you should set up your student bank account through a bank. In the years that I've checked, there aren't huge differences between them. If you plan to travel much I'd highly recommend getting one which throws in a free student railcard, though. Also double check that they have a Loughborough branch if you decide on a particularly obscure bank. I believe Santander has a small branch on campus, but that may change during your time here (I vaguely think it might have been a Natwest in my first year) so don't let that be a deciding factor.

Loughborough University

Loughborough

Reply 2

pizzanomics

Original post by LSUFever

Santander is the bank that has the railcard this year though (4 years)! I went with them. I remember seeing their branch on campus when I visited on an open day which was also helped with my decision.

The only downside with Santander is that their overdraft limit is one of the smallest on offer (£1,500) however I shouldn't need to dip into it too much hopefully.....

Reply 3

Gazzaaa

Everyone's on about the Santander bank account because of the free railcard. Cmon guys. The small print clearly states that you must be putting £500 in the account each term. So in a ways it's not that free...

Reply 4

pizzanomics

Original post by Gazzaaa

Well first of all, the railcard is free. You can apply for it as soon as your account is opened without depositing any money.

Secondly, you need to deposit at least £500 to increase your overdraft from £250 up to £1,500, but money from your student loan will cover that. It was clearly explained by the person who helped me open my account too, it wasn't exactly hidden and kept a secret from me. Unless you're someone who is getting a miniscule loan, I don't really see the problem..

Reply 5

Gazzaaa

Original post by pizzanomics

I'm getting a miniscule grant mate haha. Too bad Gideon will be scrapping them from next year.

Reply 6

pizzanomics

Original post by Gazzaaa

I'm getting a miniscule grant mate haha. Too bad Gideon will be scrapping them from next year.

Fair enough, in that case, yeah I wouldn't go with Santander.

Reply 7

sodon

Thanks everyone for the reply. It was a great help. I did find some information on the Uni website. I'll attach the URL for anyone that is interested. http://www.moneysavingexpert.com/students/Student-bank-account#topstudentaccount

Yeah Santander seemed good up until the point, where I would have to be depositing at least £500 each month. I'm a self funded post grad so I won't be getting any loans or grants. So I'll need to find a job too. So I highly doubt I'll be earning that much.

Reply 8

LSUFever

Original post by sodon

Does Natwest no longer do railcards? I mean it's not the be all and end all of an account by any means, but I saved a lot of money with mine. There just isn't much that differentiates them so far as I remember. Hopefully you shouldn't need a very large overdraft - it may be interest free while you're a student but I've never been too comfortable using mine if i can avoid it.

Where work is concerned, did you see the note taking post I linked you to previously?

Reply 9

sodon

Hey, yeah I checked out the link thanks. Seems interesting and I'll check it out. But my first problem is getting a National Insurane Number. I was hoping to apply for it before I moved over. However, I have to be in the UK to apply for it which is annoying as the process takes a few weeks.