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    I've been researching student bank accounts and basically which in your opinion are the best?

    Bearing in mind:

    Is it simply best to choose the bank with the largest overdraft facility?
    How easy is it to apply for these overdrafts because most banks give you approx £200-£500 overdraft upon opening and then you have to apply to increase it to the advertised value of £1500++

    What are the useful freebies?

    Which has the best customer service?

    I'm thinking that at the moment Barclays is my best bet because I already have a current account with them and I've had good service so far... but I'm not sure how easy it is to apply for the overdraft upto £2000?

    Has anybody been successful in this respect?

    I know that HBOS offer upto £3000 but I've heard their customer service is poor etc ...

    Thanks in advance
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    Looking around myself, I think the best bank accounts to go for are from, Halifax, Bank of Scotland or Barclays,
    with the first two offering an 'up to' £3000 interest free overdraft.
    I'd shy away from the freebies, as they can tend to be compensating for a worse deal eg. a smaller overdraft etc etc.

    As you mentioned, you have to apply for the larger overdrafts, so keep this in mind when choosing. Also, at the end of the year, have a look around again, because there may be cheaper new accounts opening!

    The best piece of advice I can offer, is to google Martin Lewis' Money saving expert, and search for top student accounts, he has a massive amount of info, that's helped me alot!

    Good luck!
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    (Original post by Srije)
    I've been researching student bank accounts and basically which in your opinion are the best?

    Bearing in mind:

    Is it simply best to choose the bank with the largest overdraft facility?
    How easy is it to apply for these overdrafts because most banks give you approx £200-£500 overdraft upon opening and then you have to apply to increase it to the advertised value of £1500++

    I'm with RBS and I got a £1200 overdraft straight away in my first year, as soon as I opened it, with the option to increase that every year if I wanted to. I also got a £500, low interest student credit card with them, which is very useful on occasion, especially as it's protected to its limit against online fraud.

    What are the useful freebies?

    I got no freebies that I'm aware of, but it's important to note that freebies are only there to grab your business straight off - just because you get a certain freebie does not mean you're getting the best service/deal. A lot of banks go on the idea that you will stay with them forever more and so offer enticing looking offers such as the free student railcard which one bank offers, but this doesn't mean they're the best to go with.

    Which has the best customer service?

    I've found customer service with RBS is brilliant. I've always found I've been able to talk to someone helpful immediately and they deal with my questions/problems efficiently.

    I'm thinking that at the moment Barclays is my best bet because I already have a current account with them and I've had good service so far... but I'm not sure how easy it is to apply for the overdraft upto £2000?

    Has anybody been successful in this respect?

    I know that HBOS offer upto £3000 but I've heard their customer service is poor etc ...

    Why do you need such a large overdraft? In my opinion a large overdraft is really not necessarily such a good thing, as at some point, it has to be paid back and can encourage spending beyond your means. Do you have the means/anticipate having the means to pay back so much money?

    Thanks in advance
    Hope this has in some way been helpful.
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    There's a great guide to student accounts available from MoneySavingExpert here which I'd suggest would be useful for you to read. Bear in mind that the recommended accounts there are based on the 2009-10 offerings and don't take into account any changes that will take place for the next academic year, but the general principles are covered well by that article.
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    (Original post by Scotalian)
    The best piece of advice I can offer, is to google Martin Lewis' Money saving expert, and search for top student accounts, he has a massive amount of info, that's helped me alot!

    Good luck!
    Cheers, I'll do that.

    (Original post by Charlski)
    Hope this has in some way been helpful.
    Yes thank you it has been very helpful - A large overdraft is necessary for me because accommodation is not close to being covered by the student loan I'll be getting (LSE Accom is expensive, especially if i get my first choice ~ £170-190 per week, I should hopefully be in a position to pay it off as well

    (Original post by Illusionary)
    There's a great guide to student accounts available from MoneySavingExpert here which I'd suggest would be useful for you to read. Bear in mind that the recommended accounts there are based on the 2009-10 offerings and don't take into account any changes that will take place for the next academic year, but the general principles are covered well by that article.
    Thank you, I'll check there.

    Also has anyone opened up masses of accounts - taken all the free money and put it into a savings account? Is it worth it, especially in the current economic situation, as interest rates aren't too great.

    Is it even legal to do that?
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    (Original post by Srije)

    Also has anyone opened up masses of accounts - taken all the free money and put it into a savings account? Is it worth it, especially in the current economic situation, as interest rates aren't too great.

    Is it even legal to do that?
    Most student accounts will request that they be your only one. You'll be expected to have your student loan deposited into that account to keep it open. Look into their T&Cs.
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    (Original post by cpj1987)
    Most student accounts will request that they be your only one. You'll be expected to have your student loan deposited into that account to keep it open. Look into their T&Cs.
    Definitely will check the T & C's, thank you.
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    (Original post by Srije)
    Also has anyone opened up masses of accounts - taken all the free money and put it into a savings account? Is it worth it, especially in the current economic situation, as interest rates aren't too great.

    Is it even legal to do that?
    It won't be illegal to do this, but it is against the terms and conditions of many accounts. If you are found to be breaking the T&Cs, you leave yourself open to having your account closed and any overdraft immediately recalled, so be very careful if you try this.

    If you take a proper look through the T&Cs of the various banks, the exact conditions vary. Some explicitly state that you can't have another 'student' account, others that the account must be your 'main' account, and some that you must pay in a certain amount at a given frequency. To be honest, so long as there's some form of regular funding going into the account, you're probably fine (though i personally wouldn't risk it). What you definitely shouldn't do, however, is to open an account, withdraw the full overdraft and do nothing else with the account, as this is very likely to attract the attention of the bank.
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    (Original post by cpj1987)
    Most student accounts will request that they be your only one. You'll be expected to have your student loan deposited into that account to keep it open. Look into their T&Cs.
    I don't think that they can stipulate that you have to pay your student loan into the account, as not all students will be getting a loan. However, having some form of regular funding is important, agreed.
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    (Original post by Illusionary)
    It won't be illegal to do this, but it is against the terms and conditions of many accounts. If you are found to be breaking the T&Cs, you leave yourself open to having your account closed and any overdraft immediately recalled, so be very careful if you try this.
    I'm definitely not going to do this - just that I would have entertained the possibility if someone had done it :p: .

    You've all been really helpful - cheers :yes:
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    Natwest are pretty good, I actually get to see the manager which is quite rare these days.
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    (Original post by Srije)

    Also has anyone opened up masses of accounts - taken all the free money and put it into a savings account? Is it worth it, especially in the current economic situation, as interest rates aren't too great.

    Is it even legal to do that?

    RBS actually suggested I did something like that and set up an instant savings account for me straight off! The loan goes into my current account, but I transfer it all into the savings account and then I transfer money around as and when I need it.
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    Natwest, you get a 5 year rail card
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    (Original post by Srije)
    I've been researching student bank accounts and basically which in your opinion are the best?

    Bearing in mind:

    Is it simply best to choose the bank with the largest overdraft facility?
    Seriously! why does everyone think it's good to have the biggest overdraft possible?? It's best to stay away from overdrafts then you can never get in trouble!!
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    (Original post by ~Viola~)
    Natwest, you get a 5 year rail card
    Brilliant if you're intending to travel by rail a lot, but as has already been said, don't let free gifts lure you in.

    Personally, I'm a huge fan of Natwest, I consider them to be a great bank and a railcard is a useful investment too - however, all banks will have different terms and offers and should be looked into on a personal basis.
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    I wouldn't advise eating into your overdraft as if it were free cash (unless you have no other option). Personally I think that it should be there as a safety net to fall back on, so I don't understand why you would have the need for 2,000-3,000 worth.

    I have a HSBC student account and they've been fine. I would recommend them.
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    (Original post by cpj1987)
    Brilliant if you're intending to travel by rail a lot, but as has already been said, don't let free gifts lure you in.

    Personally, I'm a huge fan of Natwest, I consider them to be a great bank and a railcard is a useful investment too - however, all banks will have different terms and offers and should be looked into on a personal basis.
    Also Natwest only have the railcard fo five years, and it's been five years- so I think a different bank gets the railcard.
 
 
 
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