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Pros and Cons on Student Account? Watch

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    So I don't want to open a student account because I'm scared of being in debt in the future.
    Opening a student account, is it actually worth it? What are the pros and cons?

    I'm really struggling with this any help would be great thanks!


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    (Original post by SHINeexo)
    So I don't want to open a student account because I'm scared of being in debt in the future.
    Opening a student account, is it actually worth it? What are the pros and cons?

    I'm really struggling with this any help would be great thanks!


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    Opening a student account doesn't put you in debt. The overdraft is totally optional, you don't even have to take it or if you do take it, you don't have to use it.
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    (Original post by Hedgeman49)
    Opening a student account doesn't put you in debt. The overdraft is totally optional, you don't even have to take it or if you do take it, you don't have to use it.
    Oh okay, thanks for the help


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    Only con is you can only usually have one current account per bank. I have lots of money so I wanted to join club lloyds but it's not compatible with my student account. Problem resolved: I opened accounts with nationwide and first direct to get my interest.
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    (Original post by SHINeexo)
    So I don't want to open a student account because I'm scared of being in debt in the future.
    Opening a student account, is it actually worth it? What are the pros and cons?

    I'm really struggling with this any help would be great thanks!


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    There isn't really a con with a student account, other than perhaps the temptation to go into overdraft often, because of the 0% interest. So long as you recognise it's not meant to be free money, student accounts will give you an extra safety net for unexpected expenses.
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    (Original post by wannabeaca)
    Only con is you can only usually have one current account per bank. I have lots of money so I wanted to join club lloyds but it's not compatible with my student account. Problem resolved: I opened accounts with nationwide and first direct to get my interest.
    Oh okay, I see what you mean. Thanks for your reply


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    (Original post by The Financier)
    There isn't really a con with a student account, other than perhaps the temptation to go into overdraft often, because of the 0% interest. So long as you recognise it's not meant to be free money, student accounts will give you an extra safety net for unexpected expenses.
    Yeah, I think that's what frightens me the most lol - overdraft. But thanks for the reply, I'll take student account into consideration


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    (Original post by SHINeexo)
    Yeah, I think that's what frightens me the most lol - overdraft. But thanks for the reply, I'll take student account into consideration
    I'm not sure, but I believe you can start with an account that doesn't offer a huge overdraft, and then call them up if you to expand it for whatever reason. HSBC offer the largest maximum overdraft, but you can probably request a smaller one to start off with and then just expand if you've got a good credit history and the situation demands it.
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    (Original post by The Financier)
    I'm not sure, but I believe you can start with an account that doesn't offer a huge overdraft, and then call them up if you to expand it for whatever reason. HSBC offer the largest maximum overdraft, but you can probably request a smaller one to start off with and then just expand if you've got a good credit history and the situation demands it.
    Yeah, I'm aware of that Thank you. I think I know what I want now


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    Unless it's changed, I had to apply for my overdraft for my student account. It wasn't given automatically. I then had to tell them how much I wanted.
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    (Original post by OU Student)
    Unless it's changed, I had to apply for my overdraft for my student account. It wasn't given automatically. I then had to tell them how much I wanted.
    Oh that's quite good then isn't it? I think it has changed, I don't think you need to request for an overdraft any longer.


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    (Original post by SHINeexo)
    Oh that's quite good then isn't it? I think it has changed, I don't think you need to request for an overdraft any longer.


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    You definitely have to request an overdraft
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    Definitely get yourself at least one Student Account.

    - If you open a Student Account with Natwest, they give you a 'Tastecard' - This gets you 50% off food almost everywhere.

    - If you open a Student Account with Santander, they give you a 'Railcard' - This gets you third off all your train tickets which is extremely useful if you'll be travelling back home a lot.

    Both give overdrafts too, which is also nice as an emergency fund/safety net.
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    (Original post by OllieDS)
    Definitely get yourself at least one Student Account.

    - If you open a Student Account with Natwest, they give you a 'Tastecard' - This gets you 50% off food almost everywhere.

    - If you open a Student Account with Santander, they give you a 'Railcard' - This gets you third off all your train tickets which is extremely useful if you'll be travelling back home a lot.

    Both give overdrafts too, which is also nice as an emergency fund/safety net.
    Thanks for the help, this was very useful.


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    (Original post by SHINeexo)
    Thanks for the help, this was very useful.


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