Which is the best Student Account to open? And what's the point in them? Watch

hypocriticaljap
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#41
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#41
(Original post by Rascacielos)
Within a year of graduation, most banks will do (probably even Natwest) if you don't switch to a 0% overdraft interest graduate bank account from your student one, which isn't necessarily automatic. If you don't switch, the interest will often jump to high street rates with little warning.

http://www.moneysavingexpert.com/ban...t-bank-account
Natwest put you on a graduate account automatically.

so basically you were talking crap.
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hypocriticaljap
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#42
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(Original post by IGotAQuestion)
oh right. i thought having a "flexible" ISA bent this rule :rolleyes:

thanks for the reply -

one more Q - if it says "Interest paid Annually only" - does that mean yearly?, and is an ISA better than a savings account for a student with no more than 5k?
Jesus wept!
Just how little money do you think you'll have left after paying for accommodation and living costs to gain any bloody interest?
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flipshot
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#43
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#43
(Original post by IGotAQuestion)
oh right. i thought having a "flexible" ISA bent this rule :rolleyes:

thanks for the reply -

one more Q - if it says "Interest paid Annually only" - does that mean yearly?, and is an ISA better than a savings account for a student with no more than 5k?
Flexible just means you can take money out without losing interest. Fixed ISAs lose interest or charge a fee if you want to withdraw money from the ISA before the end of the fixed term.

Annually is another way of saying yearly yes. If it's better or not depends on the interest you can get and how long you plan on keeping the money. The Money Saving Expert site has all the advice you need http://www.moneysavingexpert.com/banking
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IGotAQuestion
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#44
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#44
(Original post by hypocriticaljap)
Jesus wept!
Just how little money do you think you'll have left after paying for accommodation and living costs to gain any bloody interest?
i wanna earn easy money haha .maybe shares are the only way
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Rascacielos
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#45
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#45
(Original post by hypocriticaljap)
Natwest put you on a graduate account automatically.

so basically you were talking crap.
Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.
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Rascacielos
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#46
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#46
(Original post by IGotAQuestion)
i wanna earn easy money haha .maybe shares are the only way
Shares are a good way of earning easy money..... unless something happens, in which case you lose it all.
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IGotAQuestion
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#47
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#47
(Original post by Rascacielos)
Shares are a good way of earning easy money..... unless something happens, in which case you lose it all.
yep catch 22.. which is why i keep annoying flipshot and jap on here lol
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flipshot
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#48
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#48
(Original post by Rascacielos)
Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.
That's not what their terms and conditions say: http://www.lloydstsb.com/media/lloyd...lcome_pack.pdf

When you are no longer eligible for the Student Account, for
example you graduate from your course or after a maximum of
six years, we will convert your account to a Graduate Account,
unless you make alternative arrangements with us
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hypocriticaljap
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#49
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#49
(Original post by Rascacielos)
Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.
as the previous post illustrates you don't know what you are talking about.
End of.
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Rascacielos
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#50
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(Original post by flipshot)
That's not what their terms and conditions say: http://www.lloydstsb.com/media/lloyd...lcome_pack.pdf
The transition isn't done automatically with Lloyds - you have to apply for it if your course ends before the 6 years.

And, again, transferring to a graduate bank account doesn't guarantee you a continuation of 0% interest overdraft. After you graduate, Lloyds start charging you interest after you use more than a £10 overdraft.... which I believe is the main point of this discussion.

(Original post by hypocriticaljap)
as the previous post illustrates you don't know what you are talking about.
End of.
Read up.
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flipshot
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#51
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#51
(Original post by Rascacielos)
The transition isn't done automatically - you have to apply for it if your course ends before the 6 years.



Read up.
So why would they say in the terms and conditions that they will convert it unless you make other arrangements. Why would you need to make other arrangements for them not to convert it if its not done automatically.
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Rascacielos
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#52
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(Original post by flipshot)
So why would they say in the terms and conditions that they will convert it unless you make other arrangements. Why would you need to make other arrangements for them not to convert it if its not done automatically.
:dontknow:
Just repeating what I was told when I opened my student bank account at Lloyds.
(You've also conveniently ignored my other point).
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flipshot
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#53
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(Original post by Rascacielos)
:dontknow:
Just repeating what I was told when I opened my student bank account at Lloyds.
(You've also conveniently ignored my other point).
Would that be the point that you edited into your post 1 minute after I made my reply? This board does have post times you know I posted at 23:04 and you edited at 23:05.

Says you get an tiered interest free overdraft on the student account too, doesn't explicity state you automatically start getting charged on any student overdraft that gets transferred.
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hypocriticaljap
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#54
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is the hole that you've dug for yourself big enough yet Rascacielos?
LOL!
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areonite
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#55
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#55
(Original post by Rascacielos)
Basically, I wasn't. Natwest might put you on a graduate account automatically; others, like Lloyds TSB, don't.
Hello. I am with Lloyds TSB and was automatically converted to a graduate account. And they don't charge me ANY interest on my overdraft. So yeah, you don't know what you're talking about.
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areonite
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#56
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#56
(Original post by IGotAQuestion)
thanks a lot! I think i'll source the bank giving the highest interest since I will be extra careful not to takeout an overdraft!
There is not really any point looking at interest on current/ student accounts as it will be next to nothing. Unless you are just taking out the loan for the sake of making money on it, and can fund yourself through uni some other way, the majority of your loan will go on accommodation and living costs. There won't be a lot left to accumulate interest - it will be negligible.

Also, the student loan company will give you your loan in instalments - you will get a third of your yearly maintenance loan each term, which prevents you from getting a lump sum, putting it away and earning interest on it.

I'd recommend getting a student account and overdraft even if you think you won't need it. You might be surprised at how much money you end up needing. It also helps when you graduate - if you struggle finding a job, you will still have your interest free overdraft as part of your graduate account.
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hypocriticaljap
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you are wasting your time. IGotAQuestion can't get past the word INTEREST, even on pennies!!!!!
I don't think they actually understand student financing and bank interest rates.
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theciz
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#58
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#58
(Original post by iSmack)
I used to have a standard account with Ulster bank (think its Natwest in England?) and I just happened to ask while I was in one day. It was a very simple transition, still kept the same debit card etc. Only difference was the interest free overdraft. Which bloody helps, I racked overdraft charges up to near £300 on the old account.
Really, that easy? *******s wouldn't accept my birth certificate as proof of identity, and I was a customer for years. Think my branch are just idiots though. Had to pick up my new debit card from them in person once, because apparently they lost my address, but not my phone number. :facepalm:
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IGotAQuestion
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#59
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#59
(Original post by hypocriticaljap)
you are wasting your time. IGotAQuestion can't get past the word INTEREST, even on pennies!!!!!
I don't think they actually understand student financing and bank interest rates.
I know now.... that post he replied to was old
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iSmack
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#60
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#60
(Original post by theciz)
Really, that easy? *******s wouldn't accept my birth certificate as proof of identity, and I was a customer for years. Think my branch are just idiots though. Had to pick up my new debit card from them in person once, because apparently they lost my address, but not my phone number. :facepalm:

Damn, thats unlucky. I had to wait about 5mins for the bank managers approval, but I never even had to speak to him or fill anything in. Could just be the irish way
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