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    Hello all,

    I gather from reading other posts in this forum that most members have multiple bank accounts.

    A few questions I would like to ask:
    In readiness for when I start my degree course in October, should I have a dedicated student account? I currently have most of my savings in HSBC current and saver accounts. Should I get this dedicated student account for maintenance loans and parents' allowance, and holiday wages etc. ie all University related stuff?

    If so, what banks do people prefer - what sorts of incentives offered by the banks have attracted people to become customers?

    Thanks in advance.
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    Natwest supposedly offer a free national railcard (whuch is quite useful if you'll be living far from home), so I'm thinking of opening one up with them.

    Barclays let you have your own design on your card (which I must admit is rather tempting for me!).

    I have no idea about the rest.
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    You should look at the size of the interest free overdrafts and the repayment policies for after you leave so that you don't suddenly have to pay tons of interest on it when you graduate. I'm with Santander mainly because I've had an account with them since I was 13 and I like the online banking system. I have £1,000 interest free overdraft facility. I'm quite happy with it but one of my friends is with co-op and she has a bigger overdraft facility I think...

    This might be worth a look at

    http://www.moneysupermarket.com/curr...bank-accounts/
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    Aren't overdrafts bad?


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    One thing to beware with Natwest: You must have been a member with them before opening the student account. You could probably just about do it this week and be ready for the start of term... But there is no requirement to open the account on the day of going to university - You could wait a couple of weeks or months, especially as the rail card is 3 years long. It just makes sense to go that way.

    I did have a problem with Natwest for this very reason though. The person in the bank told me I did not need a prior account with them to get the railcard, so I signed up. I never got the railcard and had to complain to get one.


    So although they are probably the lot to go with, be super careful about the terms and conditions.
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    Here is what Natwest offer. But be careful about railcard recommendations as like SillyEddy said they now only offer that benefit to people who are already customers:
    http://www.natwest.com/personal/stud...t-details.ashx

    I would personally recommend Natwest as their branches are common and seem to be open good times. I've also always had excellent experiences as far as customer service goes with them, though that's just me personally! Obviously this might vary in different branches. I also really like their online banking system, it's very useful, and the mobile app is too though a little laggy on my phone.

    Whoever you go with, one thing to consider is interest free overdraft. Even if you don't intend on using it, it might be an idea to have it there just in case of emergencies. However, this is only really a good idea if you have no other place to go for help in such a situation OR you are very good with money and sure you have the self will not to spend it unless you need to. Don't just look at what you get but also how long you have to pay it off after your course before interest starts being charged.

    As for having multiple accounts, I personally have a student account as my current account and a rent account. I prefer this set up as I can put my rent and bills in the rent account when my loan comes in and then know that all I have to do is check my current account balance and I know how much I've got... no calculations necessary. Lots of people find this helpful, but if you do decide to do it make sure you stick to the terms and conditions of the student account which may include paying in or withdrawing a certain amount in a certain time interval. If you break the terms and conditions they might remove some of the benefits, including interest free overdraft.

    xxx
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    (Original post by kpwxx)
    Unfortunately the Natwest student railcard offer is no longer available for new customers Shame as it was a good one!

    Here is what they offer now:
    http://www.natwest.com/personal/stud...t-details.ashx
    As I mentioned, you should be able to set up an account in advance and then upgrade it to the student account with the rail card by the time you move to university.

    It's a good offer, so most people should try and go for it. It's just a problem with the terms and conditions - You must be a customer for so many months (I believe it's less than a year, probably around 6 months) and then you can go for it. You don't even have to do it immediately, you could set it up in any of the years of university, so you could just sort it out in a few months.
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    (Original post by SillyEddy)
    As I mentioned, you should be able to set up an account in advance and then upgrade it to the student account with the rail card by the time you move to university.

    It's a good offer, so most people should try and go for it. It's just a problem with the terms and conditions - You must be a customer for so many months (I believe it's less than a year, probably around 6 months) and then you can go for it. You don't even have to do it immediately, you could set it up in any of the years of university, so you could just sort it out in a few months.
    Ah, ok sorry! I thought it applied to all new students as of this year, regardless of customer status, as they have taken it off their advert pages for the account, even the one where you upgrade and I remembered a post on their website saying the railcard offer had been removed ! Edit made to correct my post

    Xxx

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    (Original post by SillyEddy)
    As I mentioned, you should be able to set up an account in advance and then upgrade it to the student account with the rail card by the time you move to university.
    I see. Looks like I'll have to set up an account ASAP then, though making a new account always scares me for some reason!
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    (Original post by Vian)
    I see. Looks like I'll have to set up an account ASAP then, though making a new account always scares me for some reason!
    Definitely check in at the branch and get the latest info. When I went along last September they told me I didn't need to be a prior customer (turns out you did) and so I had to go through a lot of complaining to get it sorted. If you do it right the first time, it should be fine.

    They'll just want some ID, proof of address and other info. You can start a lot of the process online and then just go in to a branch to finalise the paperwork.
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    (Original post by SillyEddy)
    Definitely check in at the branch and get the latest info. When I went along last September they told me I didn't need to be a prior customer (turns out you did) and so I had to go through a lot of complaining to get it sorted. If you do it right the first time, it should be fine.

    They'll just want some ID, proof of address and other info. You can start a lot of the process online and then just go in to a branch to finalise the paperwork.
    Thanks for the advice! Now I'll just need to get some time off work.
 
 
 
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