Hey there! Sign in to join this conversationNew here? Join for free
Turn on thread page Beta
    • Thread Starter
    Offline

    10
    ReputationRep:
    What kind of bank account do you have?
    Got any tips for someone looking to get one?
    Offline

    14
    ReputationRep:
    In my day the best thing to get was the HSBC student account great overdraft and free 4 year railcard.
    • Thread Starter
    Offline

    10
    ReputationRep:
    yeah they still have that and in looked good, but what am I looking for in terms of interest etc. The look of the Royal bank of Scotland looked ok but it had loads of freebies which I inferred as "Don't Trust Me"
    Offline

    14
    ReputationRep:
    interest? You'd be lucky go for the one with the best deal and the biggest interest free overdraft, you'll need it!
    Offline

    0
    ReputationRep:
    I have the Abbey National student account, its just a no frills account with very good interest rates and no interests rates if use you overdraft. My overdraft limit is £500.
    • Very Important Poster
    • PS Reviewer
    Offline

    21
    ReputationRep:
    Very Important Poster
    PS Reviewer
    The most sensible thing to do is get a standard student bank account complete with interest free overdraft etc etc and at the same time open 2 savings accounts - one easy access (ie transfer money over to your student account using a cash machine or take money out of the bank when it's open - this is something the HSBC student account comes with automatically (or did in my day)) and one less easy access (preferably a cash ISA) where you can stash any surplus money.

    Empty your overdraft almost entirely into a savings account so that if you run out of money you truley are out of money not sitting on top of £1000 of potential overdraft money...then trickle the money back in at a steady rate. Stash everything in the ISA over the summer holidays.

    Get accounts that you can manage and transfer cash between online and it's pretty easy to get the most out of your accounts.

    (btw HSBC student account, savings account, credit card (now abandoned in favour of a MINT card), mortgage, life insurance, employment insurance, home and contents insurance - they've not let me down once...unlike Halifax, Barclays and Natwest)
    Offline

    0
    ReputationRep:
    Last year HSBC student account had a free 5 year railcard or £50, you also have an interest free overdraft up to £1000, plus you could apply for a credit card with a credit limit up to £500 but the bad thing is the interest on it is 20%, might as well have the debt on the overdraft rather than the credit card.
    Offline

    0
    ReputationRep:
    (Original post by fred0202)
    Last year HSBC student account had a free 5 year railcard or £50, you also had an interest free overdraft up to £1000, plus you could apply for a credit card with a credit limit up to £500 but the bad thing is the interest on it is 20%, might as well have the debt on the overdraft rather than the credit card.
    That is what is good about Abbey National you may not get the free gifts but the 0% interest overdrafts are a real god send, I think this is worth much more than a £50 rail cards.

    Also Abbey National were very good with my parents when they were going through cash flow problems.
    Offline

    1
    ReputationRep:
    (Original post by amazingtrade)
    That is what is good about Abbey National you may not get the free gifts but the 0% interest overdrafts are a real god send, I think this is worth much more than a £50 rail cards.

    Also Abbey National were very good with my parents when they were going through cash flow problems.
    Good time? in..... Edinburugh was it?

    And I have a HSBC student account which is very very good.
    Offline

    0
    ReputationRep:
    Anything with a big interest free overdraft is good. Credit cards are generally bad as you'll end up spending more if you have one. I have the halifax student account, and halifax web saver which pays a lovely 4.3% interest! I can transfer money between them online at any time without delay.
    Offline

    0
    ReputationRep:
    When can you get a student account??
    • Thread Starter
    Offline

    10
    ReputationRep:
    I am not going to go near a credit card with a 30 foot bargepole until I have graduated and have a steady job.
    PQ that sounds like a good idea, some other advice I've been given is to discuss with the bank after you have an overdraft to extend it a bit more for times of crisis so then if you really need to you don't go too badly into the red so you get charged loads of interest.

    So if I give you a hypothetical person what sort of bank account do you think would suit them.

    Getting a student loan of a person that's parent's annual income is £12,000 and plans to study in London (About £5,000) with their rent all paid for outright by their parents after the money has been saved for a while under their name in a buildings society account. Plans to have a cheque book, no credit card and wants to have an average overdraft (interest free) and will be going out a lot but this in turn pays for itself.
    They also plan to have a saturday/sunday job in a shop with the average pay of about £4.50 ph for about 7/14 hours a week.

    If that makes ANY sense, you deserve a medal
    • Thread Starter
    Offline

    10
    ReputationRep:
    (Original post by fionah)
    When can you get a student account??
    After you receive confirmation of a firm place at University, for example if you receive an Unconditional offer from your first choice University and have no insurance.
    Offline

    1
    ReputationRep:
    Most people I know, including me, are with HSBC. Just keep some money in your student account and then put the rest in an ISA or Internet savings account. Student accounts all have rubbish rates of interest.
    Offline

    0
    ReputationRep:
    (Original post by Daveo)
    Good time? in..... Edinburugh was it?

    And I have a HSBC student account which is very very good.
    Edinburgh was ok but the night life was a bit rough and was not a patch on Manchester. The shopping centre was good but again not as good as Manchester.

    However I spent all saturday night in scream before going to this crap club and the beer over there is stronger so I was sick the next day When I did the maths I must have had 15 units that night, but the odd thing is I didn't feel that drunk on the night, it only let me know the next day!

    The views in Edinburgh were ok though.
    Offline

    0
    ReputationRep:
    (Original post by Danithestudent)
    I am not going to go near a credit card with a 30 foot bargepole until I have graduated and have a steady job.
    PQ that sounds like a good idea, some other advice I've been given is to discuss with the bank after you have an overdraft to extend it a bit more for times of crisis so then if you really need to you don't go too badly into the red so you get charged loads of interest.

    So if I give you a hypothetical person what sort of bank account do you think would suit them.

    Getting a student loan of a person that's parent's annual income is £12,000 and plans to study in London (About £5,000) with their rent all paid for outright by their parents after the money has been saved for a while under their name in a buildings society account. Plans to have a cheque book, no credit card and wants to have an average overdraft (interest free) and will be going out a lot but this in turn pays for itself.
    They also plan to have a saturday/sunday job in a shop with the average pay of about £4.50 ph for about 7/14 hours a week.

    If that makes ANY sense, you deserve a medal
    Credit Cards are OK if you pay of the full amount each month then you don't have to pay interest on the money. Credit Cards can be useful say if you want to buy things over the internet.
    • Thread Starter
    Offline

    10
    ReputationRep:
    (Original post by fred0202)
    Credit Cards are OK if you pay of the full amount each month then you don't have to pay interest on the money. Credit Cards can be useful say if you want to buy things over the internet.
    I'm forgetful but most internet sites also take debit cards which means that if you've not already got the money you WON'T spend it.
    Offline

    0
    ReputationRep:
    (Original post by Danithestudent)
    I'm forgetful but most internet sites also take debit cards which means that if you've not already got the money you WON'T spend it.
    But then you don't get a safety net using a debit card that you do with a credit card. Plus if you have an overdraft you have the temptation to spend money that isn't really yours, like a credit card.

    It is all a matter of will power, if you are sensible with money then it is quite a good idea to get one, but if your not then it probably isn't.
    Offline

    1
    ReputationRep:
    at the moment i have just got a normal bank account with barclays

    what will the difference be between that and a student account??

    and what is the point in changing??
    • Very Important Poster
    • PS Reviewer
    Offline

    21
    ReputationRep:
    Very Important Poster
    PS Reviewer
    (Original post by Danithestudent)
    Getting a student loan of a person that's parent's annual income is £12,000 and plans to study in London (About £5,000) with their rent all paid for outright by their parents after the money has been saved for a while under their name in a buildings society account. Plans to have a cheque book, no credit card and wants to have an average overdraft (interest free) and will be going out a lot but this in turn pays for itself.
    They also plan to have a saturday/sunday job in a shop with the average pay of about £4.50 ph for about 7/14 hours a week.
    Student loan is paid in 3 monthly installments....and it's a fact of life that the first (often most vital) installment can often be delayed.

    I'd suggest getting the HSBC account *with credit card*....you pay nothing if you don't use it and if you're the sort of person who might have trouble not using it simply cut it up as soon as you recieve it...but freeby wise it's worth getting. I also found it useful because I could pay for one off things on my credit card and so long as I could transfer the money out of my savings in a month I could pay it off before the interest kicked in....it basically makes having a proper savings account managable.

    I would recommend living off the interest free overdraft until the first student loan installment comes - then transferring out almost all the cash into a savings account and if possible setting up a standing order to trickle back a weekly income back in....not hard to set up and so long as you do your sums right it should be easy.

    Any savings that you have lock them away - live off your student loan and your overdraft until the bailiffs are on their way round before eatingin into your personal savings.

    Use the saturday job income as a slush fund....have it paid straight into your overdraft student account and use it for going out and having fun (using the student loan money to pay for food/books/dull stuff)....gives you more incentive to work.

    No matter how well your money seems to be going in the first year don't get carried away - in your second and third yrs the pressure really cranks up and extra income from jobs becomes harder to get (without your studying suffering)....plus in your 3rd yr you get a smaller student loan and the pressure of finals really does make keeping to a budget difficult....so any extra you can salvage from your first yr is well worth hanging onto and not blowing on a holiday.

    And even if you find you don't need it it will make it possible to graduate in real style (and then taking a holiday if there's enough). Plus it sets you up for the first few months of real life
 
 
 
Poll
“Yanny” or “Laurel”
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.