what student bank details? Watch

*starry_eyed_*
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#1
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#1
in the pn1 form, it asks for the student bank details to which the loan will go into. It sounds from the posts on here that its too early to open a student account...so what details do i put down? Please help me, this really is urgent :confused:
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Talya
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#2
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Open a normal current account. The bank should let you upgrade to a student account once you've got your confirmation after results day
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thecooldude
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#3
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can I open a regular savings account and give those details instead? or is there a rule that it must be sent to a current account?

that way I can have the money sent directly to the savings account and use it whenever I want whilst making a small amount of interest on it
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Talya
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(Original post by thecooldude)
can I open a regular savings account and give those details instead? or is there a rule that it must be sent to a current account?

that way I can have the money sent directly to the savings account and use it whenever I want whilst making a small amount of interest on it
You won't be able to have your entire loan paid into one of those. As they usually limit you to paying in £250 a month.
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nonsenseandmischief
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(Original post by thecooldude)
can I open a regular savings account and give those details instead? or is there a rule that it must be sent to a current account?

that way I can have the money sent directly to the savings account and use it whenever I want whilst making a small amount of interest on it
have it paid into your current account (any old current account as long as it allows direct debits etc) and then transfer it to your savings account after....just make sure that you either leave enough in the current account for what your uni will be drawing out by direct debit, or remember to put some back in just before payment is due! :p:
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thecooldude
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#6
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hmm I dont have any current accounts, I only have an old savings account...

but the savings account i have doesnt have any maximum limit of money you can put in, so the student loan will be able to fit in there

should I still open a temporary current account just so I can put it down for the student loan? I'll want to open a new student current account later (so I can get the overdraft and the incentives)

or should I give them that old savings account's details instead?:confused:
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silence
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if you don't have a current account, get one now. i agree that it is a bit of a silly way of doing things, and you will have to get a student account once you've met you offer then call up the student loans company and get the details changed.
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Talya
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(Original post by silence)
you will have to get a student account once you've met you offer then call up the student loans company and get the details changed.
Some banks will change your type of account whilst keeping your account numbers etc. the same
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lisa_2k
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(Original post by Talya)
Some banks will change your type of account whilst keeping your account numbers etc. the same
yeah, open the current account where you plan to open the student account and upgrade in the summer. the account number will stay the same as the one you put on your loan application
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parag
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#10
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Yea I'm with HSBC and on my 18th birthday they changed it to a pre-student current account. Then when my place is confirmed after results I just have to show them the letter and they'll change it to a proper student account.
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pol_student
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#11
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Yeah, you have to open a current account. The student loan company will not be able to pay the money into a savings account. You can then covert it to a student current account, or just open a new account - there is no limits on the number of current accounts you can have.
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*starry_eyed_*
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#12
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umm sorry to sound stupid but whats the difference between a savings account and a current account???
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drawmeamonkey
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#13
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a current account is for day to day use, buying stuff, bills, getting wages paid in etc etc. you will get a debit card and chequebook to allow you to pay for things. a current account usually pays little or no interest.

a savings account is for saving shockingly enough, for investing money for a longer time to earn interest. you don't usually get a chequebook or debit card with a savings account, and have to transfer money via your current account. most give you a cashcard to let you withdraw from a cash machine.

hope that helps!
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pol_student
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(Original post by *starry_eyed_*)
umm sorry to sound stupid but whats the difference between a savings account and a current account???
Most savings accounts cannot/do not accept BACS payments - which is how your student loan is paid into your bank.
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pol_student
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#15
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(Original post by drawmeamonkey)
a current account is for day to day use, buying stuff, bills, getting wages paid in etc etc. you will get a debit card and chequebook to allow you to pay for things. a current account usually pays little or no interest.

a savings account is for saving shockingly enough, for investing money for a longer time to earn interest. you don't usually get a chequebook or debit card with a savings account, and have to transfer money via your current account. most give you a cashcard to let you withdraw from a cash machine.

hope that helps!
Current account interest is getting better - esp at the Halifax, for example. But there are usually conditions attached, like you must pay in so much money per month, etc. Also most student current accounts get a special rate of interest (as do under 18's accounts) but obviously, a savings account is better because that will pay a higher rate of interest than most current accounts.

It's also worth noting that if you choose to have a savings account with a cash card, that usually gets a lower rate of interest than a savings account without a cash card. So get a savings account WITHOUT the cash card, then just transfer the money and take it out through your current account.
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