Student Bank Account Links [merged thread] Watch

wednesburywench
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#141
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#141
do u get a savings account with the natwest one too?
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Juno
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#142
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#142
(Original post by wednesburywench)
do u get a savings account with the natwest one too?
You can save money in any of them but the insterest is pitiful. If you want lots of interest you'll need a high interest bank account or an ISA if you're paying tax.
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deity47
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#143
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#143
Hello fellow TSR peeps, need some help with this overdraft malarkey.

I have signed up for the HSBC Student Account, got the cheque book and the card etc. I would like to take out the £1000 zero interest overdraft and put it into a high interest savings account that I have with Nationwide.

When is the overdraft available to me? Now, when I get my results on 18th August, when I start uni? How will I know?

How do I get at the overdraft? Do I just withdraw money from the account as per usual, and when there is none there it will go into the negative. Do I need to go and arrange this with HSBC, cos I've heard of unauthorised overdrafts which incur lots of interest and charges..

What's the best way to transfer the money to my Nationwide savings account? Could I just write a HSBC cheque for £1000

How does repaying the overdraft work? They surely wouldn't all of a sudden tell me its no longer 0% and charge me lots of interest? Surely it reduces slowly post graduation..

Thanks all! :tsr:
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Beekeeper
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#144
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#144
I'd like to know answers to these aswell, just waiting for HSBC to get back to me, signed up online

With regard to the latter point, I think that unfortunately they do just pile it on you, but it would be wise to keep a track of it and keep it low throughout the year...
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LongGone
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#145
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#145
After results day, you need to confirm to the bank that you've got a university place, by taking in the final confirmation letter from ucas. It should be avaliable a little while after you've done that. And yeah, you just use money like usual, except that you can use £1500 more than you've actually got. I'm not sure when they start charging you interest, it's definitly after you graduate, might even be as much as two years after!
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magicalmonkey21
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#146
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#146
You keep the interest free overdraft the year after you graduate, when they automatically switch your account to a graduate account. Each year the "interest free" part decreases by £500. Eg. if you are still overdrawn by £1500 the second year after you graduate, you only pay interest on the last £500.
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Shelbycakes
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#147
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#147
Pm me if ya wanna know the truth, i work for hsbc.
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undiscovered
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#148
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#148
HSBC won't let me have an account until I've got an unconditional acceptance letter, but other people have got all their stuff already, except their overdraft?? :confused:
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mR_CaRL
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#149
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#149
oH sht... i havent been looking- thought i couldnt get an account til after the 18th/my place was confirmed....

Oh well, no rush- not like they're gonna reject anyone! lol
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Juno
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#150
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(Original post by -Sian-)
HSBC won't let me have an account until I've got an unconditional acceptance letter, but other people have got all their stuff already, except their overdraft?? :confused:
Did you try applying online?
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JennLlama
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#151
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#151
(Original post by Frances)
After results day, you need to confirm to the bank that you've got a university place, by taking in the final confirmation letter from ucas. It should be avaliable a little while after you've done that. And yeah, you just use money like usual, except that you can use £1500 more than you've actually got. I'm not sure when they start charging you interest, it's definitly after you graduate, might even be as much as two years after!
Also (and I know this will apply to a tiny minority of people, but thought it might be worth mentioning!), you will have to be over 18 before they will give you an overdraft as it is a form of credit, and they don't like giving that to under 18s! Apart from that, yeah, shortly after you give them the confirmation that you're actually going to university.
Jenn xx
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Ana
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#152
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#152
(Original post by -Sian-)
HSBC won't let me have an account until I've got an unconditional acceptance letter, but other people have got all their stuff already, except their overdraft?? :confused:
I have everything (including the overdraft) except the discount card :confused:
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Pegasus
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#153
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#153
(Original post by -Sian-)
HSBC won't let me have an account until I've got an unconditional acceptance letter, but other people have got all their stuff already, except their overdraft?? :confused:
I'm having the exact same problem with Natwest, despite the fact that on the letter they sent me it said 'Don't wait until your exam results apply now' in big letters! The person at my local branch said that "that only applies to students with unconditional offers" which is stupid because they most probably won't be waiting for exam results and besides most people have conditional offers.
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Sulphate
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#154
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#154
What is the situation with opening two student bank accounts with seperate banks ? Natwest say if I opened an account with them I wouldn't be able to have one with another bank. I don't know about the other banks though. Is there anyway a Bank could find out if I had an account with another bank and what would happen if they did find out ?
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Juno
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#155
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It was possible last year, as I did it. But now the banks seem to have tightened up their T&Cs (co-op are OK with it, but no one else it seems!).

When they do a credit check, it will show up if you have any other credit ie overdraft. However, HSBC don't share information in this way unless you close your account/use it badly. Also, you need to show your AS12 and some banks stamp this (I know Natwest do).
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Ana
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#156
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(Original post by Pegasus)
I'm having the exact same problem with Natwest, despite the fact that on the letter they sent me it said 'Don't wait until your exam results apply now' in big letters! The person at my local branch said that "that only applies to students with unconditional offers" which is stupid because they most probably won't be waiting for exam results and besides most people have conditional offers.
That can't be right! I have a NatWest current account, and they sent me a "upgrade you account to a student one now" leaflet through UCAS :confused:
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sahsum
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#157
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#157
Whens everyone planning to open their student account? I presume we have to wait till we know 100% we are going to be students next year? When i filled in my loan application for my LEA i actually had to enter the bank details I want the money to be paid into...but as I didn't have a student account I just entered my current account thinking I'll be able to change it? Has anyone else done the same? Or should I have just left it blank?
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confused?
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#158
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#158
(Original post by sahsum)
Whens everyone planning to open their student account? I presume we have to wait till we know 100% we are going to be students next year? When i filled in my loan application for my LEA i actually had to enter the bank details I want the money to be paid into...but as I didn't have a student account I just entered my current account thinking I'll be able to change it? Has anyone else done the same? Or should I have just left it blank?

exactly what i did. You can change it, LEA send you letter confirming the amount of loan you recieve and space for changing your bank details.

It also says that the changed details should be sent back ASAP in order to get payment on time but how can we send it back when we cant even open a student account until we have results?
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fivebyfive
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#159
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#159
I've opened my student bank account with Natwest, they have set up my account as i can see it on my online banking account.
I went in and opened the account about a month ago, they haven't sent me my application for the rail card or my switch card. I rang them up about two weeks ago and they said they were on there way.
Should i be worried or do you think that its just due to the fact that i opened my account early as i have a unconditional offer and the admin people won't start doing there thing till most peeps have their results?
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piiiink
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#160
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#160
I've opened an account with Natwest. I've been sent my card, cheque book, PIN even arrived about a week later than everything else (grr!). I got the thing to send off if I want a rail card too, however I've decided to not send that off until I know I've been accepted into Uni.

Oh, and I applied online, if that makes any kind of a difference?
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