HSBC or Santander: Which is the better Student Bank Account?

Every time you apply for credit you take a hit on your score. This is why you space out several applications over a long time. This is because it is a measure of risk worthiness and desperate ess for credit.

That's getting a reduction in credit score due to a high frequency of applying for credit, not due to applying for a credit line in itself. Equally if you pay off those credit lines at faster than expected rates it's going to boost your credit score significantly as it shows you're a good customer.

Do you want to bet? Each bank has a different set of criteria for lending, and the three main agencies Experian and equifax and callcredit also use the same metadata, to create their own scores. It is a fallacy to think that there is only a single score. And you are right, that if you owe over 25% of your total limit, it most likely will have a detrimental affect on your credit rating. But things such as applying for credit, being registered to vote and actually voting, as well as the credit lines of your spouses, do have an impact. It is true that i can't prove this information, as the banks are very good at keeping these cards close to their chest. But the fact that most dynamic credit cards will allow you to ask for an increase to that credit line every 6/8 months, which is when the (credit) applications expire on experian, would seem to be a pretty reliable indicator wouldn't it?

Let me make this clear for you:

Every. Single. Time. You apply for credit. Your score gets reduced.

Higher frequency makes an even bigger impact.

guys how much do people have to spend on food/going out/clothes/toiletries/anything else per week? I only have 50 quid but I'm in catered halls so its okays, my friend has like 100 and I was wondering how much other people have? Like having worked it out from their maintenance loan??

Don't you need to put in X amount ea month for the railcard to activatw

I had a santander current account so just had to book an appointment to swap it over to a student 123 account, it was very simple and I got the maximum overdraft available. Free railcard is also a massive bonus if you're moving away from home and are likely to be visiting home.

guys how much do people have to spend on food/going out/clothes/toiletries/anything else per week? I only have 50 quid but I'm in catered halls so its okays, my friend has like 100 and I was wondering how much other people have? Like having worked it out from their maintenance loan??

I'm going with Santander as I'll be living at home during uni (woo no rent and bills!) so I don't care so much about over draft (even tho santander's is decent).

I'm going to budget myself each month and make full use of the 3% interest on balances up to £2000 (in comparison with HSBC's 1.5% on the first £1000) so that would give me an annual interest income of £60 - the equivalent of the Amazon gift card, and Amazon prime is already discounted for students anyway.

I'm also going to keep my regular current account that I have with Lloyds and keep it for my day to day spending to make sure I don't over spend and eat into my savings.

I guess it all depends on what you need from your account. (Also while I wont use the railcard a massive amount, when I start attending courses in other cities, it'll be helpful to have the savings from the railcard)

I am living at home and not using the train. Which student bank account should j join?