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    I'm looking into setting up a student account.

    I currently bank with Barclays, in which my student loans will be going into. I like the idea of having a separate bank account for my student overdraft so I don't get confused and muddled with money.

    Basically the overdraft account would for emergencies etc. Would I be able to set up another account at Barlcays for this, or could I do this with another bank?

    Also, what proof do I need to bring when setting up a student account?

    I'm not entirely sure how the student overdraft works either in regards to paying back. Does it automatically get taken out of your account when you put money back in, or do you pay it back after graduation?

    Say if I was to take out a student overdraft of £1000, would that have to last me for the whole degree?
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    You can set up another account with Barclays.
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    I bank with Barclays but they offer hardly anything for students!
    My friend told me HSBC are really good for student accounts so I looked into and set one up and I got an instant £500 interest free overdraft with no credit checks and if you want you can get up to £3000 interest free student overdraft with them!
    I think that's a pretty good deal!


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    (Original post by tashholt26)
    I bank with Barclays but they offer hardly anything for students!
    My friend told me HSBC are really good for student accounts so I looked into and set one up and I got an instant £500 interest free overdraft with no credit checks and if you want you can get up to £3000 interest free student overdraft with them!
    I think that's a pretty good deal!


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    That's also a bad deal, Co-op offer £1400 interest free overdraft for first year rising to £2000 subsequent years I think.
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    (Original post by AccountingBabe)
    That's also a bad deal, Co-op offer £1400 interest free overdraft for first year rising to £2000 subsequent years I think.
    Yeah but is that with credit checks?


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    (Original post by tashholt26)
    Yeah but is that with credit checks?


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    So you are saying that HSBC do not carry out credit checks when opening a student account? Do you have a link to a source I can read that says this? Because this is what the T&C's of the student account states:

    All credit is subject to status. You must be aged 18 or over to apply for credit. Like most banks, we use credit scoring and search the files of credit reference and fraud prevention agencies for new account and loan decisions. For more information, please ask for our credit scoring leaflet at any branch. We reserve the right to decline applications for any account or service. We will tell you if your application has been successful and when we will open your account. This may be subject to appropriate identification, address verification or other specified documentation being produced to us.
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    (Original post by All-in)
    So you are saying that HSBC do not carry out credit checks when opening a student account? Do you have a link to a source I can read that says this?
    Hsbc do credit check, I declined an instant overdraft of £500 on opening, but tried to get one recently but was declined and now cannot apply again for an overdraft until another 3 months. I'm very unhappy with the service as I knew very little about what I needed when opening the account and was given the impression that I would be able to get the £500 overdraft whenever I wanted which was not the case
    I'm now looking to switch to coop

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    (Original post by printergirl)
    Hsbc do credit check, I declined an instant overdraft of £500 on opening, but tried to get one recently but was declined and now cannot apply again for an overdraft until another 3 months. I'm very unhappy with the service as I knew very little about what I needed when opening the account and was given the impression that I would be able to get the £500 overdraft whenever I wanted which was not the case
    I'm now looking to switch to coop

    Posted from TSR Mobile

    Hi guys, I've just started my second year and had to survive first year without an overdraft due to HSBC. I've been a customer with them since I was 8 years old and was declined a student account and over draft with them. I felt really disappointed as I needed to buy loads for university and thought no other banks would accept me. Recently, I thought I would try apply to a few banks. After countless amount of research, I found out HSBC are one of the toughest bank to get any sort of lending from and therefore likely why I was declined. They also are strict about extending overdrafts if you need to.

    All my housemates had different banks to me and from I can tell is, if you've been with a bank for a good amount of time, they usually will offer you a good student account and over draft. Barclays offered a friend of mine an overdraft straight away of £250, and slowly through first year he has had to get it extended. The only downfall with Barclays is they interrogate your finances and what you are spending it on.For example, if you called up asking for an extension for rent, they'd make sure it was for rent etc, and not a laptop say.

    Natwest are great if you've been with them a long time as you get freebies.

    If you are looking for a high over draft then I would advise personally, CO-OP. I was really surprised they even offered student accounts and even more pleased to see they offered £1400+, where as other banks have regulations etc to be accepted. I simple applied online (not thinking I'd be accepted AT ALL) and three minutes later, I had a confirmation that I'd been accepted. I've had no trouble with customer service and the process has been really simple.

    You will get credit checked, but to be honest, with student accounts they're not looking for a GREAT credit rating because most of the time, it's highly unlikely you've had much of a credit rating at all! That is why HSBC are quite hard to get an overdraft with.

    Evidence wise, you generally need if you are opening a bank account, is either your passport or driving provisional with your paper part as it has your address, an up to date bank statement within the last three months.
    For the student part you need confirmation of your course, whether it is from UCAS or the university with the start date and end date of the course (they're not usually that picky if it hasn't.) I had to show my student finance evidence to show my funding of the course and that is it really. Bring all original copies though and they should certify them in branch and photocopy them.


    The best thing to do is research, if you don't need a high over draft, don't get one. Go to your bank and just see what the best is they can offer you. The sooner you sort it the better though as it'll be peak time for applications.
    I'd also advise just to be careful with them as most of my friends have spent all of their summer wages paying the overdrafts back.

    (Hope this helped) sorry it's so long!!
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    If you open a student account, your student finance has to go into it for you to get the overdraft. Its one of the terms of pretty much all student accounts.

    You could probably get around this by transferring your student loan from your barclays account for 24 hours, and then transferring it straight back as its still a deposit... but its less hassle to just get a student account and use it as your main account... if you want a separate account perhaps open a basic savings account alongside it.

    I'd recommend co op for a student account, it has a guaranteed overdraft of £1400 first year, £1700 2nd Year, and £2000 3rd year (provided you use it as your main account for student finance and deposit £300 to activate your overdraft)
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    I found the santander account really good. The customer service is sometimes a little questionable, but as long as you limit the contact you have with them on the phone then generally speaking I think they're quite a good bank. Opened my student account 3 days ago and got an immediate £1500 overdraft plus the railcard which is really handy if you're going to uni away from home.
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    HSBC do not do credit checks for the 500pound over draft when you open the bank. As long as you are over 18 then you can have the instant £500 however if you wish to have more that's when the credit checks come into question. I asked all these questions when I set the account up. As for the person who couldn't get the over draft after they had declined it, I'm unaware of what happens in that situation.


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    I had young person's account with barclays for 2 years 7 months (just a normal debit card, no overdraft or monthly payments etc) now but since they didn't offer good deals I tried applying for Halifax, used online application and after 3-5 days got a letter saying I was declined... I don't understand why... I tried opening coop bank I got declined too, and they only open it online, don't do that in the branches.

    So I had to open with barclays but they only gave me £200, and I was told I need to wait for the student finance to come and ask for more, and even then she is not sure if they will give me....


    I have no idea what to do, I really need overdraft because my university bursary doesn't come in until December, plus the biggest installment for accommodation is now, I will just-just be able to pay off the rent, and then i planned to use overdraft for food until my bursary from uni comes in... What am I supposed to do?
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    (Original post by Miyata)
    I had young person's account with barclays for 2 years 7 months (just a normal debit card, no overdraft or monthly payments etc) now but since they didn't offer good deals I tried applying for Halifax, used online application and after 3-5 days got a letter saying I was declined... I don't understand why... I tried opening coop bank I got declined too, and they only open it online, don't do that in the branches.

    So I had to open with barclays but they only gave me £200, and I was told I need to wait for the student finance to come and ask for more, and even then she is not sure if they will give me....


    I have no idea what to do, I really need overdraft because my university bursary doesn't come in until December, plus the biggest installment for accommodation is now, I will just-just be able to pay off the rent, and then i planned to use overdraft for food until my bursary from uni comes in... What am I supposed to do?
    I'm with Santander and and just opened a student account they gave me up to £1500 on over draft with I no i won't use because I can't well I won't pay it back


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    (Original post by Miyata)
    I had young person's account with barclays for 2 years 7 months (just a normal debit card, no overdraft or monthly payments etc) now but since they didn't offer good deals I tried applying for Halifax, used online application and after 3-5 days got a letter saying I was declined... I don't understand why... I tried opening coop bank I got declined too, and they only open it online, don't do that in the branches.

    So I had to open with barclays but they only gave me £200, and I was told I need to wait for the student finance to come and ask for more, and even then she is not sure if they will give me....


    I have no idea what to do, I really need overdraft because my university bursary doesn't come in until December, plus the biggest installment for accommodation is now, I will just-just be able to pay off the rent, and then i planned to use overdraft for food until my bursary from uni comes in... What am I supposed to do?
    Why are you not getting a student loan & grant at the beginning of your course?

    You could try for ALF
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    I am under the impression that the Student account you set up has to have your loan paid into it for you to get the student overdraft. Wen I set mine up he clearly stated that I could not have an account with another bank. I also heard about a girl who had to pay back her student overdraft because her finance was going into a different bank. Not sure about other people's experiences.

    A guy posted the other day saying he had set up student accounts with three different banks to have all the perks - he might be in for a bit of trouble.

    I am very happy with Lloyds, I just raised my overdraft online by £250, all I had to do was type in how much I wanted and type in my password and it said completed. Very convenient

    OP, you posted this thread a month ago, what did you choose?
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    (Original post by Kabloomybuzz)
    Why are you not getting a student loan & grant at the beginning of your course?

    You could try for ALF
    I am getting student loan and grant. But university accommodation is asking for the biggest installment this term, bigger by £800 compared to next two, so all of it will go towards that. I am supposed to receive bursary from uni but it won't be known till December since they don't give it out now, since many students drop out. So basically I know I could pay that overdraft off by the end of the year, 100%, I literally just need it for the first term and later I won't even need it.
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    (Original post by tashholt26)
    I bank with Barclays but they offer hardly anything for students!
    My friend told me HSBC are really good for student accounts so I looked into and set one up and I got an instant £500 interest free overdraft with no credit checks and if you want you can get up to £3000 interest free student overdraft with them!
    I think that's a pretty good deal!


    Posted from TSR Mobile
    ^^^THIS.
    You can definitely set up a student account with Barclays, but I do not recommend it.
    I needed to use my student overdraft in order to put down a deposit for where I'll be living, but Barclays wouldn't extend my overdraft from £200 because they said I needed my student loan in my account before they could help me out. Which completely defeats the object of my asking for help, since the only reason I needed the overdraft was because my student loan doesn't get paid in until the 23rd.
    It could just be that my branch is full of ****s, but I found that everyone I spoke to was very unhelpful.
    Anyway, I went to HSBC who were great and gave me a £750 overdraft available to me immediately, and the maximum limit with HSBC is £3000 as opposed to £2000 with Barclays.
    Plus, as a fun little bonus, if you sign up to internet banking with HSBC, you get 12 months free virus protection from McAfee. That was a happy little surprise when I signed in!
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    (Original post by All-in)
    So you are saying that HSBC do not carry out credit checks when opening a student account? Do you have a link to a source I can read that says this? Because this is what the T&C's of the student account states:

    All credit is subject to status. You must be aged 18 or over to apply for credit. Like most banks, we use credit scoring and search the files of credit reference and fraud prevention agencies for new account and loan decisions. For more information, please ask for our credit scoring leaflet at any branch. We reserve the right to decline applications for any account or service. We will tell you if your application has been successful and when we will open your account. This may be subject to appropriate identification, address verification or other specified documentation being produced to us.
    HSBC do do a credit check when you open a student account.
    It should be fine though, I can't imagine a teenager's credit check being flagged up.
 
 
 
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