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Got rejected for a student bank account HELP

I applied for a student bank account (current/debit, not a credit card) with Santander and I was rejected. They didn't give me a reason. I will be getting 9k in maintenance loans, I have a further 9k in savings, I've never borrowed or been in debt, always pay my rent/bills/phone/gym on time, so I don't understand why I have been rejected?

All of my friends got student bank account with no problem. They'd never heard of anyone being rejected before. Now I'm quite embarrassed and at a loss of what to do because I know applying for other student accounts and getting rejected again could damage my credit score.

I need an overdraft until I manage to find a job otherwise I'll only be living on £30 a week after rent.

Please help!
(edited 7 years ago)
Original post by londonundergrad
I applied for a student bank account (current/debit, not a credit card) with Santander and I was rejected. They didn't give me a reason. I will be getting 9k in maintenance loans, I have a further 9k in savings, I've never borrowed or been in debt, always pay my rent/bills/phone.gym on time, so I don't understand why I have been rejected?

All of my friends got student bank account with no problem. They'd never heard of anyone being rejected before. Now I'm quite embarrassed and at a loss of what to do because I know applying for other student accounts and getting rejected again could damage my credit score.

I need an overdraft until I manage to find a job otherwise I'll only be living on £30 a week after rent.

Please help!

Double check your credit report incase there's an error on it, they could have rejected you because its a bit early in the year though. Also £30 after rent would be liveable if you dont have to pay for travel or anything.
Reply 2
Avatar for alkyone
alkyone
12
Do you think you can ask for the reason? You could also speak to other banks, but perhaps make an appointment with one of their financial advisers to talk to face to face about your options.


Posted from TSR Mobile
Original post by claireestelle
Double check your credit report incase there's an error on it, they could have rejected you because its a bit early in the year though. Also £30 after rent would be liveable if you dont have to pay for travel or anything.


I'll need to pay household bills/phone/travel/food/toiletries/uni supplies/etc with that £30. I'll be living in London so it'll be even more expensive than usual :frown: I plan on getting a job as soon as I move there in August, but I'd still like the overdraft that banks give students in the meantime, and for emergencies.

I'll check my credit report though!

How is it early in the year? I've already paid my deposit for a house and student finance has asked me for my bank details, which I can't yet provide.
Original post by londonundergrad
I'll need to pay household bills/phone/travel/food/toiletries/uni supplies/etc with that £30. I'll be living in London so it'll be even more expensive than usual :frown: I plan on getting a job as soon as I move there in August, but I'd still like the overdraft that banks give students in the meantime, and for emergencies.

I'll check my credit report though!

How is it early in the year? I've already paid my deposit for a house and student finance has asked me for my bank details, which I can't yet provide.


Oh i see, i d assumed you were a non london uni. Some banks wont give you one until your offer is unconditional in august i m afraid, not sure if santander has that rule though. Yeah check your credit report and if theres no errors then go into another bank in branch and ask if they recon you could get one before applying, they cant always say yes but at least then you've asked somewhere else.
Reply 5
Avatar for rxns_00
rxns_00
15
Original post by londonundergrad
I applied for a student bank account (current/debit, not a credit card) with Santander and I was rejected. They didn't give me a reason. I will be getting 9k in maintenance loans, I have a further 9k in savings, I've never borrowed or been in debt, always pay my rent/bills/phone.gym on time, so I don't understand why I have been rejected?

All of my friends got student bank account with no problem. They'd never heard of anyone being rejected before. Now I'm quite embarrassed and at a loss of what to do because I know applying for other student accounts and getting rejected again could damage my credit score.

I need an overdraft until I manage to find a job otherwise I'll only be living on £30 a week after rent.

Please help!


I'm sure you have to have a confirmed place and a letter to confirm it. Ie you can't apply until results day when you get the grades to meet your offer, unless you have an unconditional place?
Original post by rxns_00
I'm sure you have to have a confirmed place and a letter to confirm it. Ie you can't apply until results day when you get the grades to meet your offer, unless you have an unconditional place?


I have an unconditional offer at Goldsmiths
Original post by claireestelle
Oh i see, i d assumed you were a non london uni. Some banks wont give you one until your offer is unconditional in august i m afraid, not sure if santander has that rule though. Yeah check your credit report and if theres no errors then go into another bank in branch and ask if they recon you could get one before applying, they cant always say yes but at least then you've asked somewhere else.


I already have an unconditional offer, but should I just wait and try again in August? I assumed everyone would already need an account by now for student finance and setting up standing orders for rent payments?
Original post by alkyone
Do you think you can ask for the reason? You could also speak to other banks, but perhaps make an appointment with one of their financial advisers to talk to face to face about your options.


Posted from TSR Mobile


Thanks, I think I'll go into a branch and ask them because I was rejected online
Original post by londonundergrad
I already have an unconditional offer, but should I just wait and try again in August? I assumed everyone would already need an account by now for student finance and setting up standing orders for rent payments?


Yeah try again in august. Student finance applications can be submitted without bank account details, and rent doesnt need setting up this early for most people as long as the 1st payment reaches them on time they wont be bothered.
Original post by londonundergrad
I have an unconditional offer at Goldsmiths


Are you 18 also?
Double check you meet all the requirements, or just call them to enquire about the rejection
Original post by claireestelle
Yeah try again in august. Student finance applications can be submitted without bank account details, and rent doesnt need setting up this early for most people as long as the 1st payment reaches them on time they wont be bothered.


Thanks, I will. Will submitting SF without bank details take them longer to get the loan in my bank? And actually my landlord requires I set up a standing order before the 7th June, in 2 days time.
Original post by londonundergrad
Thanks, I will. Will submitting SF without bank details take them longer to get the loan in my bank? And actually my landlord requires I set up a standing order before the 7th June, in 2 days time.


nope, as long as you put the bank details in before the end of august you've nothing to worry about. That's a bit strict if you arent starting rent there until august.
Original post by claireestelle
nope, as long as you put the bank details in before the end of august you've nothing to worry about. That's a bit strict if you arent starting rent there until august.


Oh that's great new, thanks! I wish they made that clear while you're filling out the form!

It's London, I don't think landlords like to mess around haha. I've already paid £100 admin fees and £200 of my deposit. I need to pay the remaining £700 of my deposit and first months rent before the 1st August (I move in on the 4th) but I have to set up my standing order now. Thankfully I have savings to pay for my deposit and rent before my student loan comes in in September!
Original post by rxns_00
Are you 18 also?
Double check you meet all the requirements, or just call them to enquire about the rejection


I'm nearly 20 :s-smilie:

But thanks, I plan on going into a branch to speak to a human on Monday
I have an unconditional and opened my student account with Santander with no problems so it definitely isn't too early to apply as long as you have a UCAS confirmation letter.

The rejection definitely was based on credit score so best choice would be to use a free credit check website to look at yours. Any small things that seem off and inconsistent could make them not want to give you an account. Bit strange though, considering I'm only 18 and they've given me the full £1500 overdraft. If anything I'm of a risk than you are lol. Hope you get it sorted :smile:
Original post by londonundergrad
I applied for a student bank account (current/debit, not a credit card) with Santander and I was rejected. They didn't give me a reason. I will be getting 9k in maintenance loans, I have a further 9k in savings, I've never borrowed or been in debt, always pay my rent/bills/phone/gym on time, so I don't understand why I have been rejected?

All of my friends got student bank account with no problem. They'd never heard of anyone being rejected before. Now I'm quite embarrassed and at a loss of what to do because I know applying for other student accounts and getting rejected again could damage my credit score.

I need an overdraft until I manage to find a job otherwise I'll only be living on £30 a week after rent.

Please help!


Ring up santander and ask them? It may just be an error on there part plus it is a bit early for applying for a student bank account (I did mine online in August after my results day and got an account approved without any documents needing to be sent except just saying I was going to leeds and what my course was which was strange as surely I could of made it up aha and I had no credit history at all)
I would go in and ask. I applied to upgrade my current account to a student one, but my bank rejected it because I went overdrawn by 10p I think it was in February. I was told to wait six months and of my account didn't go overdrawn again (which it hasn't) then I would probably be accepted. Check your credit history, and speak to the bank they'll advise you. It could be something as simple as you clicking the wrong box online 😊

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