I am currently with Lloyds TSB and now i have a place at uni i can get a student account. What bank do you think offers the best student bank account?
I would also like to know from any current students and their thoughts on the bank they are with.
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- Thread Starter
- 16-08-2013 13:08
- 16-08-2013 13:33
This link is pretty useful: http://www.moneysavingexpert.com/stu...t-bank-account
It depends what you are looking for in a student account; do you need a large overdraft, good interest or do you want that freebie?
For example, I'm not too fussed about having a super large overdraft so I'm looking at other aspects such as the freebies and interest. I think I'll be going with Santander personally since they have a decent overdraft (provided you put in £500 each term) and will give a 4 year railcard (worth £120).
- 18-08-2013 00:31
It depends what you want but I have been doing a lot of research and it seems Natwest is the one I will be going with as the overdraft is more than enough and it has minimal charges, whereas with companies like Santander there are huge charges if you exceed your overdraft. Santander is the company that offers the free rail card, however this is only £30 for the year anyway so I am not too fussed about that :-)
- 19-08-2013 22:15
I'm just about to go on to my second year and I had a few problems with overdrafts. I applied to HSBC (a bank I've been with since I was 7/8) and I was declined. I wasn't really given a reason, I assumed it was because I hadn't built up a credit rating and obviously that can look bad to banks. HSBC is one of the harder banks to get overdrafts accepted.
I've researched loads for my second year what bank to go for and I have chosen Co-op. I applied online and had a response in 3 minute to whether I've been accepted. You get 1400+ overdraft too, which, even if you don't use it, it's nice to have. It's been a really easy process and great customer service.
Barclays are okay for a student account, they don't give many benefits. It's £250 upfront accepted overdraft and I believe your student finance has to go in to this account too. If you ever need it extended, you have to go through a huge procedure of, 'why do you need it extended' 'what money do you have going in and out' lalala. It's a bit much.
Natwest are good but they seem to be quite loyal to their existing customers. Most of the banks give the same thing really. Depends what you need the overdraft for, or if you just want one for emergencies.