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    (Original post by flown_muse)
    It means you get interest of 1% on your balance per year. So if you had 1000 in your bank and you didn't touch it for a year, you get interest of 1%, so you'll get £1010 at the end of the year
    Well that's useless for a student account lol. I'd be withdrawing money daily!

    Thanks
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    (Original post by flown_muse)
    Basically, an overdraft allows you to take money out of your account that you don't have. So if you have £50 in the bank, and you need a book that is 56.99, you can still buy it, and it will go into your overdraft, so you'll have -£6.99 in your bank.

    When you have a normal current account they usually charge you for having an overdraft, so they let you use it but they put interest on what you owe, so instead of having to -6.99 you would have -7.50 or something like that. 0% interest means you won't get that.

    Santander are offering some money right now if you sign up and pay in a certain amount each month. Their overdraft is also pretty good, but will you need it? And I believe you have to pay a certain amount of money into your account before the overdraft is activated.

    Co-op I don't know much about, but again they seem to have an okay overdraft. The only thing I would say when choosing an account is, what kind of banker are you? Are you always in credit? Would you rather have an overdraft for security? Are there going to be times when you need to pay your accommodation but you don't get the student loan til a few days later?

    And finally, how are their telephone/online banking services? Apps? And it's rare that you need to go into a branch, but just in case, where is the nearest branch to you?

    Quote me if you need any help, I like bank stuff
    Thanks

    If I do spend money I don't have using the overdraft how would I pay it back? Does it get paid back when I get money back into my account? At the moment I would have no money to go into my new student account, until September when I get my student loan+grant


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    I chose Barclays because they offer a discount on Travel Insurance and I was about to go on holiday. Apart from that they have a standard £2000 interest free overdraft. They also sponsor the PL and you get a chance to win PL tickets if you use their machines
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    R u guys putting money from student loan straight into student account

    This was posted from The Student Room's Android App on my Acer E320
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    (Original post by bin94)
    Thanks

    If I do spend money I don't have using the overdraft how would I pay it back? Does it get paid back when I get money back into my account? At the moment I would have no money to go into my new student account, until September when I get my student loan+grant
    Well if you are at -100 and you get paid £750 next month in loan, you would then have £650 left in your account, the next money you would pay in would go into your overdraft. Once you left university they would give you a certain amount of time to pay it back.

    If you have no money now, that's fine, it just means you wouldn't have an overdraft until your first payment from loan/grant goes in.

    (Original post by Pink Boy)
    Well that's useless for a student account lol. I'd be withdrawing money daily!

    Thanks
    Well that was just an example to make it simple. You can withdraw money and stuff fine, but because the amount will change everyday, it's a lot more complicated to work out. You basically get some extra free money, but it's not thaaaat much etc. Considering Santander has a good overdraft, money for joining up and some extra money at the end of the year, it looks pretty good
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    (Original post by flown_muse)
    Basically, an overdraft allows you to take money out of your account that you don't have. So if you have £50 in the bank, and you need a book that is 56.99, you can still buy it, and it will go into your overdraft, so you'll have -£6.99 in your bank.

    When you have a normal current account they usually charge you for having an overdraft, so they let you use it but they put interest on what you owe, so instead of having to -6.99 you would have -7.50 or something like that. 0% interest means you won't get that.

    Santander are offering some money right now if you sign up and pay in a certain amount each month. Their overdraft is also pretty good, but will you need it? And I believe you have to pay a certain amount of money into your account before the overdraft is activated.

    Co-op I don't know much about, but again they seem to have an okay overdraft. The only thing I would say when choosing an account is, what kind of banker are you? Are you always in credit? Would you rather have an overdraft for security? Are there going to be times when you need to pay your accommodation but you don't get the student loan til a few days later?

    And finally, how are their telephone/online banking services? Apps? And it's rare that you need to go into a branch, but just in case, where is the nearest branch to you?

    Quote me if you need any help, I like bank stuff
    Thank you.

    With Co-op, you get £1400 guaranteed overdraft immediately. Especially since all my uni's accommodation payment is required before the student loan comes in. Which sucks.
    With santander, you'd need to deposit £500 each term in order to get the full overdraft amount. Which really wouldn't be a problem if the loan didn't come a couple weeks later than when the accommodation fee is due.

    I'll also have to put a deposit of £300 to activate the overdraft for Co-op.

    I'm not entirely sure if you have pay the accommodation fee ASAP, like, if it's taken out of your account automatically. Coz if not, this would solve the problem. But then again, if i do end going into overdraft and my in-credit doesn't reach £500 by the next term I won't be eligible for the overdraft with santander anyway and I won't be able to pay for accommodation.

    This is minor but the santander bank is located on the campus whilst one (i think) Co-op branch is located somewhere in the middle of the town.
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    (Original post by neom)
    Thank you.

    With Co-op, you get £1400 guaranteed overdraft immediately. Especially since all my uni's accommodation payment is required before the student loan comes in. Which sucks.
    With santander, you'd need to deposit £500 each term in order to get the full overdraft amount. Which really wouldn't be a problem if the loan didn't come a couple weeks later than when the accommodation fee is due.

    I'll also have to put a deposit of £300 to activate the overdraft for Co-op.

    I'm not entirely sure if you have pay the accommodation fee ASAP, like, if it's taken out of your account automatically. Coz if not, this would solve the problem. But then again, if i do end going into overdraft and my in-credit doesn't reach £500 by the next term I won't be eligible for the overdraft with santander anyway and I won't be able to pay for accommodation.

    This is minor but the santander bank is located on the campus whilst one (i think) Co-op branch is located somewhere in the middle of the town.
    I've had a look at the T&Cs more indepth, and it looks like Co-op is best for you. Guaranteed 1400, whereas Santander doesn't have a guaranteed amount, and you only need to pay in 300. You could ask parents or someone for 300, deposit, get your overdraft and then return 300 again, so that's cool. And should cover you for accom?

    The only reason I mention about the branch is because my nearest one is 30 miles away

    So yeah, looks like Co-op for you
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    (Original post by A.J10)
    Tempted to open an account at all the major banks, keep my current lloyds one as it already has all my money in it, and just take the interest free overdrafts out of the others and put it in a savings account. At the end of the course, I'll put it all back and be up a few quid :jive:

    Any problems with this? I also gets all the freebies
    I know Natwest wants a certain amount paid into the account every 3 months and you have to do a certain number of debits a month. Probably similar for other banks.
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    I know y can take put cash through any cashpoint from any bank, ut can y deposit cheques/cash through any bank's cashpoint?
    It's just that I get paid in cash (tutoring) but prefer to spend off my card so that I can easily track how much was spent on what
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    (Original post by RibenaRockstar)
    I know y can take put cash through any cashpoint from any bank, ut can y deposit cheques/cash through any bank's cashpoint?
    It's just that I get paid in cash (tutoring) but prefer to spend off my card so that I can easily track how much was spent on what
    You have to a branch to deposit it. I currently work 8-5, Monday tp Saturday and so can't pay in a bloody cheque and some cash

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    With regards to the Natwest railcard, can mature students over the age of 26 get the railcard???


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    (Original post by Lynetteb35)
    With regards to the Natwest railcard, can mature students over the age of 26 get the railcard???


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    No its a young persons railcard. Upto the age of 24


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    (Original post by Lynetteb35)
    With regards to the Natwest railcard, can mature students over the age of 26 get the railcard???


    This was posted from The Student Room's iPhone/iPad App
    Yes - if you look on the national rail website it is available to those over the age of 25 in full time education
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    For the co-op bank I am at the stage of needing to deposit £300 to activate my account..

    I am just wondering if it is possible to deposit this £300 then withdraw it immediately to my other account.
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    (Original post by xperty)
    For the co-op bank I am at the stage of needing to deposit £300 to activate my account..

    I am just wondering if it is possible to deposit this £300 then withdraw it immediately to my other account.
    I rang them up to ask the same question as my mum's going to deposit the money then I'll send it back.

    I was told that the money has to be deposited within 28-days and must stay in the account for 2-working days before being removed.
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    (Original post by Dan_I)
    I rang them up to ask the same question as my mum's going to deposit the money then I'll send it back.

    I was told that the money has to be deposited within 28-days and must stay in the account for 2-working days before being removed.
    Ahh ok thats perfect thanks
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    I wanted to make an appointment at Natwest tomorrow but since it's a bank holiday, will it be open?


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    Co op is good for guaranteed overdraft


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    (Original post by Aa234)
    http://www.studentwhat.com/the-best-...122013-201213/ Halifax are number one though


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    Yeah they are good for a big overdraft but you'll need a good credit rating as well...


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    (Original post by JessChappers01)
    Hey everyone,
    Im going to University in September and am starting to look at student bank accounts and which one would be best for me..
    on a website it says the CO OP is the best however i was then thinking but surely the co op has a lack of cash points
    im already with santander but currently have no overdraft or anything so perhaps that would be best for me because surely i could just switch my account?
    What bank is everyone else with and what does everyone reccommend?
    thankyou
    Co Op's overdraft is best but their customer service and lack of face to face communication made them a poor choice when I used them. I switched to Santander and it was a big improvement, I've only had one very minor issue and that was easily fixed.
 
 
 
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