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Which student bank account do you use? Watch

  • View Poll Results: Which student bank account do you use?
    Lloyds
    34
    17.00%
    Natwest
    29
    14.50%
    Santander
    60
    30.00%
    Co-op
    11
    5.50%
    HSBC
    37
    18.50%
    Halifax
    13
    6.50%
    Other
    16
    8.00%

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    I'll be going with Santander once I have my confirmation letter through. I've been a customer with them for 4 years already and I've never had a big problem with them. One poster above said their card took ages to come in the post but I've had a few replacements and they've came relatively quickly. The free 4 year railcard is very tempting too.
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    I'm in first year and I have a Natwest account. However, NatWest stopped giving out railcards last year and I got a stupid tastecard.
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    (Original post by Motorbiker)
    Natwest for the railcard.

    Graduate in 4 days though.
    I graduated last year and got another free railcard in the post last week.

    I'm positive I told them I graduated.
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    (Original post by cambo211)
    I graduated last year and got another free railcard in the post last week.

    I'm positive I told them I graduated.
    Now that's what I call customer service 2k14 :cool:
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    (Original post by KBradders)
    To me Student Accounts are a con. I'll stick with what I have.
    What?

    I have a Co Op account which gives a guaranteed £2000 overdraft. I've taken out that money, and put it in my Santander 123 account. I've now opened a TSB PLus account as well, so that £2000 will go in to my TSB plus account

    Before, I was gaining 3% from the "loaned" money from Co Op and now I'm gaining 5% once I meet the minimum requirements of the TSB plus account

    Basically Co Op give me £2000 at 0%

    I take that £2000

    I throw it in to a current account (better rates than most saving accounts INCLUDING ISA's.. )

    Profit

    Give Co Op the money back when requested

    Meanwhile, Co Op technically lose money, due to inflation

    (Original post by <*(((><)
    I wanted to know more about this too. I went into Natwest and asked but they said they haven't sorted out the accounts yet and they usually promote the new student accounts at the end of August.
    I first went for the NatWest account, and I closed it down. I was promised a free student rail card, within a week of opening the account. I didn't receive it. I used the online service, for the card. It decided it didn't want to give me a card...

    I thought if they're not up holding their side of the bargain, I'm not upholding my side, so I closed the account. BEsides, the money earnt on the £2000 more than covers a 3/4 year rail card...

    The only thing that I actually like about NatWest is that they tend to give better currency rates for "buy back rates" BUT by posting my euros to Covent Gardens FX in London, I'm only like 6p worse off.. (and I have the correct plastic for foreign use as well any way)

    (Original post by Sgt.Incontro)
    This.

    Unless you need the overdraft they are pointless IMO.
    Not true

    The best "saving" rates atm are at:

    TSB Plus
    First direct

    TSB Plus allow you to put in £2000 max (provided you pay in £500/month), which gives you 5% interest (As students, not many people pay tax, so the 5% is 5%)

    First direct is probably off limit for most students, but the interest rate is 6% Assuming you pay no tax

    To do the maths (Im using Co Op as the example here)

    £1400 first year
    £1700 second year
    £2000 third - fourth year

    With a TSB Plus account

    First year: £1400*1.05 = £1470

    Second year: £1470*1.05 = £1543.50
    £300*1.05 (because of the £300 difference between £1400 and £1700) = £315
    Total: £1858.50

    Third year:

    £1858.50*1.05 = £1951.425
    £300*1.05 (because of the £300 difference between £1700 and £2000) = £315
    Total: £2166.425

    Fourth year:
    £2166.425*1.05 = £2274.75

    With a First Direct account

    First year: £1400*1.06 = £1484

    Second year: £1484*1.06 = £1573.04
    £300*1.06 (because of the £300 difference between £1400 and £1700) = £318
    Total: £1891.04

    Third year:

    £1891.04 *1.06 = £2004.50
    £300*1.06 (because of the £300 difference between £1700 and £2000) = £318
    Total: £2322.5024

    Fourth year:
    £2322.50*1.06 = £2461.85

    A profit of either £274.75 or £461.85

    (Original post by Numberwang)
    What do you have?

    I'm also intrigued about why you think it's a con. I have one and the overdraft gives you so much flexibility. You can work all summer to break even while not having to necessarily work as much during term time. For me it's so helpful when you're making the transition between a life being financially dependent on your parents to being financially independent.



    What if you need to take the train like I do and you're offered a free four-year 16-25 railcard.
    (Original post by KBradders)
    And then once you're ££££ in debt they rip you off once graduated with interest.
    I think the game here for the banks is definitely to rope you in, and to make you pay for debt that you can't afford, however if you play the game, you can actually make money from them

    And then close the account if it's no need afterwards

    (Original post by Ebuwa)
    I'm in first year and I have a Natwest account. However, NatWest stopped giving out railcards last year and I got a stupid tastecard.
    I'd rather have a Club Lloyds account and choose the free gourmet society membership if I was to get that!

    Will upgrade my Lloyds account relatively soon (Just got to make sure I meet the minimum criteria), upgrade, profit

    (Gonna get the 6 vue free cinema tickets/year though!)

    (Original post by Numberwang)
    I went with Santander too and, while I got £50 for switching and a decent (?) £1,500 overdraft, I feel I've been left short-changed in other ways.

    I've found their customer service to be quite poor - their staff across the counter can be really rude and inconsistent.

    I've lost a couple of cards and it takes literally AGES (weeks) to get a new one through the post. New pins which are sent out often don't work.
    (Original post by Dumachi)
    You forgot TSB I got a current account with them never really thought of upgrading it to a student account.
    I wouldn't. I'd get a TSB Plus account instead

    Both Lloyds and TSB are pretty dire in what they can offer for student bank accounts

    Hence why I want a Club Lloyds account,and why I've gone and got myself a TSB Plus account

    (Original post by samba)
    How come everybody I know switched to TSB when they split lol, and I was split off to Lloyds!?
    THat depends.My bank was Lloyds bank before, and it's Lloyds bank after. It all depends on where you opened the account. Something to do with how we organise sort codes in the UK
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    (Original post by cambo211)
    I graduated last year and got another free railcard in the post last week.

    I'm positive I told them I graduated.
    Hopefully they won't realise i graduated either. Not that i'm using any of my overdraft but the railcard is always nice to have.

    Also, hae you had that same avatar for like 3 years now?
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    I've had a student account with Natwest for the past 6 years. Decent service, nice freebies (got a five year railcard) and a good overdraft (though it maxed out at £2k in year 5 - no further increases allowed for year 6) which I get to keep interest free for 2 years (at £2k for one year and £1k for the second). Also have a student credit card with them - not a great interest rate but have never actually paid any interest on it and now have an excellent credit rating.

    Had some minor problems with them when I first opened the account - lost access to my money for 10 days cos of PINs not arriving in the post etc - but no problems since and would highly recommend them!
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    I'm planning to set my student account up with Santander as they're the only bank currently offering a railcard, which is going to be essential for my travel between university and home. Santander also seems like a good bank in general.
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    Originally Lloyds TSB but got automatically split off to TSB. Only got a £500 overdraft but I went through first year and never touched it once, not even 1p into it.
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    (Original post by Reluire)
    I'm planning to set my student account up with Santander as they're the only bank currently offering a railcard, which is going to be essential for my travel between university and home. Santander also seems like a good bank in general.
    I can't even get a Santander student account... Reason being

    I have a 123 account. When I applied, I replied truthfully that I am working as a "professional" in a "technical role" and I have been employed for x months

    What I didn't tell them was that I'm a student as well (That account is NOT for students)
    (Original post by Ruffiio)
    Originally Lloyds TSB but got automatically split off to TSB. Only got a £500 overdraft but I went through first year and never touched it once, not even 1p into it.
    The only reason Ive touched mine (ie: 100% of it),is because that money is moved elsewhere, to make me a profit
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    (Original post by de_monies)
    I can't even get a Santander student account... Reason being

    I have a 123 account. When I applied, I replied truthfully that I am working as a "professional" in a "technical role" and I have been employed for x months

    What I didn't tell them was that I'm a student as well (That account is NOT for students)

    The only reason Ive touched mine (ie: 100% of it),is because that money is moved elsewhere, to make me a profit
    I don't really see what the motivation behind quoting me and stating this whatsoever beyond bragging rights or some kind of superiority showoff because there was no reason to otherwise, but i'll budge anyway since that seems to be what you want.

    How much profit do you make? :rolleyes:
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    (Original post by Ruffiio)
    I don't really see what the motivation behind quoting me and stating this whatsoever beyond bragging rights or some kind of superiority showoff because there was no reason to otherwise, but i'll budge anyway since that seems to be what you want.

    How much profit do you make? :rolleyes:
    No no, I was backing you up that Santander is actually a pretty good account, and I'd make a second student account with Santander if I could (I mean it technically contravens the banks t's and c's at Co Op,but it's not illegal) Santander and Co Op don't come under the same banking arm either

    ie: You shouldn't have a student account at say Halifax and Lloyds or Lloyds and TSB or TSB and Halifax etc...

    I mean I'd certainly LIKE a Santander student account, but you cant have both the 123 account and a student account at the same time

    Profits are mentioned above. It's not masses, but it's getting something from them

    (Also, I don't actually have the money needed for the minimum requirements. It's just shuffling money amount - automatically via standing orders)

    EDIT: Oops it looks like I've misquoted you. Thought you were the person above you
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    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)
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    (Original post by Numberwang)
    I went with Santander too and, while I got £50 for switching and a decent (?) £1,500 overdraft, I feel I've been left short-changed in other ways.

    I've found their customer service to be quite poor - their staff across the counter can be really rude and inconsistent.

    I've lost a couple of cards and it takes literally AGES (weeks) to get a new one through the post. New pins which are sent out often don't work.

    I didn't get £50 o: That's different in different places though, not Santander as a whole, the ones where I live are really nice and helpful

    I hope I don't loose mine!

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    Lloyds Classic Account, wanted to change to Bank of Scotland's Student Account because I moved to Scotland and there is no Lloyds branch here.

    Bank of Scotland Student Account would not let me withdraw cash from cash machines other than Bank of Scotland's. That's a deal breaker, so I stayed with Lloyds.

    Lloyds' security and internet banking is great!
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    With Lloyds, had no agro although I maxed out my £1500 overdraft at the end of first year so I'm always skint now but that's my own damn fault. Only downside to me is their transaction fees when abroad, although this doesn't apply to most students it did to me because it was the only bank account I could have on my year abroad, luckily I got £250 of that back though.
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    (Original post by tillytots)
    With Lloyds, had no agro although I maxed out my £1500 overdraft at the end of first year so I'm always skint now but that's my own damn fault. Only downside to me is their transaction fees when abroad, although this doesn't apply to most students it did to me because it was the only bank account I could have on my year abroad, luckily I got £250 of that back though.
    Hey what kinds of fees were these/ how expensive were they if you don't mind me asking. I'm with Lloyds and am hoping to go backpacking in Europe next summer and was just wondering what to expect if I find I need to get more money or place a transaction on my card in case of emergencies (I've never left the UK so no idea how this all works )
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    (Original post by de_monies)

    Profits are mentioned above. It's not masses, but it's getting something from them

    I just read somewhere that the max interest you can get on the TSB plus account per year is £78, doesn't sound like much but I guess better than nothing and you only got to pay in £500/month.
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    No one seriously banks with Barclays?? :eek:. They have a 'student additions' account.

    I am moving into my second year at uni, but I just have the plain ol' current account. Been banking with Barclays since 2009, seriously since 2012, and I have just continued to use them. I didn't really feel the need to get an overdraft, so I don't have one. And long may that continue.

    To the person who said Lloyds internet banking was good, I raise you Barclays' internet banking. The PINsentry device is brilliant, and gives me something to trust with internet banking.
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    (Original post by jammy4041)
    No one seriously banks with Barclays?? :eek:. They have a 'student additions' account.

    I am moving into my second year at uni, but I just have the plain ol' current account. Been banking with Barclays since 2009, seriously since 2012, and I have just continued to use them. I didn't really feel the need to get an overdraft, so I don't have one. And long may that continue.

    To the person who said Lloyds internet banking was good, I raise you Barclays' internet banking. The PINsentry device is brilliant, and gives me something to trust with internet banking.
    I agree that little device is pretty cool AND you can personalise your card for free! ;p
 
 
 
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