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

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    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.
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    (Original post by TrojanH)
    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.
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    (Original post by Helloworld_95)
    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.
    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.
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    (Original post by john2054)
    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?
    Yes I would. I come from what is essentially finance central and specialised towards mathematics (in other words you get heavily pushed towards financial work) which means I unfortunately breathe and bleed this rubbish. I never said I thought there was a single score, and I don't, but I can say different companies generally use the same criteria and the difference in scores is down to interpretation of those criteria. Indirect criteria affects your credit rating a relatively small amount, 95%+ is based upon your credit history and your job.

    Mate that's called marketing, if you want to sound like a good source at least act like you can distance the truth and the potential crap.
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    (Original post by TrojanH)
    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.
    Read what you're saying, because what you're saying amounts to: This guy ordered dinner and he paid for it like we expected, let's make sure it's more difficult for him to order dinner at our restaurant next time by taking some items off the menu, just for him.

    Not that it matters for OP since we're talking about student overdrafts which have minimal effect on credit score.
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    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??
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    (Original post by may_1)
    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'll have about 250 a month, but I dont have a loan, I've worked 2months this summer so I'll use that money to live.
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    (Original post by TrojanH)
    Don't you need to put in X amount ea month for the railcard to activatw
    No you go online to activate it

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    (Original post by KrisTH)
    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.
    I'm much the same, although I never use the train anyway; oh well, the interest is good

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    (Original post by may_1)
    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??
    With budgeting someone in self catered accommodation can easily do £40-60 per week, 50 in catered or 100 in self catered is way more than enough
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    Santander has served me well enough but because of the cost of accommodation and pitiful student loan I receive, I am dangerously close to my 1500 overdraft limit, and have about £60 left. However my accommodation is cheaper this year so I will have about a 1200 pound surplus plus the whole of my overdraft again to use. If I could go again I would probably pick hsbc tbh
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    Santander obvs - railcard and 3% interest.
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    does anybody know if you're allowed to have 2 student bank accounts?

    I was thinking about HSBC and Santander, I know that HSBC want you to use them as your main account but I havent found anything about Santander saying anything similar so I was wondering if it would be a bad idea to open a HSBC account first and use it as my main then open a Santander one later on for day to day spending?

    Obviously I dont want to be doing anything illegal but wondering if this counts as breaking their terms and condition????

    Thank for your help!
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    You can only have one student account, pretty much every banks T&C's prohibit it (inc. Santander). If they did find out they'd either warn you, or give you notice that they're closing your account.

    Answering the question at hand - both! It's absolutely fine to close the Santander account once you get the railcard code. I opened my Santander account on Wednesday (transfer from 123 Mini to 123 Student), transferred in £500.01 from another account and transferred it straight back out minutes later - yesterday I received the railcard code and today I had the overdraft increase.

    I'll now give it a month or two before closing the Santander account and opening a student account with HSBC to get the £60 Amazon voucher.

    You could do it the other way around if you wanted too (HSBC -> Santander).
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    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)
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    (Original post by Hopefulmedic15)
    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'm living away from home so the rail card would likely come in handy, and although I do have some savings in my current account I don't have like he thousands that some people on this site have lol.
    So it's possible I may have to dip into that at some point because I won't have much left after accommodation when it comes to my student loan, but I was wondering whether, if you have the overdraft, does it make more sense to use that first or to use up my savings first and then go into using the overdraft afterwards (if I need to)?
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    I am living at home and not using the train. Which student bank account should j join?
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    (Original post by Gal cool)
    I am living at home and not using the train. Which student bank account should j join?
    HSBC. You won't need the overdraft but it's there if you do.
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    thank you for the reply
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    how do you qualify for the whole 3000 pounds in a hsbc student accounts overdraft
 
 
 
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