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Which student bank account do you use? Watch

  • View Poll Results: Which student bank account do you use?
    Lloyds
    34
    17.00%
    Natwest
    29
    14.50%
    Santander
    60
    30.00%
    Co-op
    11
    5.50%
    HSBC
    37
    18.50%
    Halifax
    13
    6.50%
    Other
    16
    8.00%

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    I am currently attempting to set up a student bank account and have no idea what i am doing. I already have an account with santander but according to their website it says you cannot apply if you are an existing customer or unless you have an unconditional offer. i am so confused as it is telling me i have to wait until i have been accepted into my uni to make an account and then verification will take 30 days... by this time i will already be at uni. i want to have an account with santander because of the free railcard you get. any help would be much appreciated. thank you.
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    Are you a student currently in your 1st, 2nd or 3rd year? Or have you just finished your A-levels and already opened an account?

    Which high-street bank did you choose and what's your general experience of that bank's quality and customer service?

    Please vote in our poll and if you click 'Other', please let us know which bank you're with

    *Sorry for not including TSB - my bad, and I can't edit the poll now! Please if you're with TSB, mark 'Other' and do make sure you mention it's 'TSB' in the comments, as Dumachi kindly has done!
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    I wanted to know more about this too. I went into Natwest and asked but they said they haven't sorted out the accounts yet and they usually promote the new student accounts at the end of August.
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    To me Student Accounts are a con. I'll stick with what I have.
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    (Original post by KBradders)
    To me Student Accounts are a con. I'll stick with what I have.
    This.

    Unless you need the overdraft they are pointless IMO.
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    (Original post by KBradders)
    To me Student Accounts are a con. I'll stick with what I have.
    What do you have?

    I'm also intrigued about why you think it's a con. I have one and the overdraft gives you so much flexibility. You can work all summer to break even while not having to necessarily work as much during term time. For me it's so helpful when you're making the transition between a life being financially dependent on your parents to being financially independent.

    (Original post by Sgt.Incontro)
    Unless you need the overdraft they are pointless IMO.
    What if you need to take the train like I do and you're offered a free four-year 16-25 railcard.
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    (Original post by Sgt.Incontro)
    This.

    Unless you need the overdraft they are pointless IMO.
    And then once you're ££££ in debt they rip you off once graduated with interest.
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    (Original post by KBradders)
    And then once you're ££££ in debt they rip you off once graduated with interest.
    I see it as the only time in your entire life that you can have free money.

    In second year, I've been charged an almighty deposit of £550 which I'm sure I'm going to get back but, instead of using my savings in my fixed ISA which is gaining interest, I want the bank to pay for it!

    When I put a second deposit down on a house next week and don't get the other one back until August, that's £850 out of my account. This is where I feel the student overdraft really comes in handy and should be used

    Of course they put interest on when you graduate, but it's clearly advertised as a STUDENT overdraft - so I don't feel it's exploitative!
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    (Original post by Numberwang)
    I see it as the only time in your entire life that you can have free money.

    In second year, I've been charged an almighty deposit of £550 which I'm sure I'm going to get back but, instead of using my savings in my fixed ISA which is gaining interest, I want the bank to pay for it!

    When I put a second deposit down on a house next week and don't get the other one back until August, that's £850 out of my account. This is where I feel the student overdraft really comes in handy and should be used

    Of course they put interest on when you graduate, but it's clearly advertised as a STUDENT overdraft - so I don't feel it's exploitative!
    But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.
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    (Original post by KBradders)
    But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.
    I'd call it a useful safety net which you're never going to have again. I might be putting a positive spin on it, but I've had a great experience with student banking so why shouldn't I...
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    Natwest for the railcard.

    Graduate in 4 days though.
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    Santander is really good

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    (Original post by mmnoodles)
    Santander is really good

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    I went with Santander too and, while I got £50 for switching and a decent (?) £1,500 overdraft, I feel I've been left short-changed in other ways.

    I've found their customer service to be quite poor - their staff across the counter can be really rude and inconsistent.

    I've lost a couple of cards and it takes literally AGES (weeks) to get a new one through the post. New pins which are sent out often don't work.
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    (Original post by Numberwang)
    Are you a student currently in your 1st, 2nd or 3rd year? Or have you just finished your A-levels and already opened an account?

    Which high-street bank did you choose and what's your general experience of that bank's quality and customer service?

    Please vote in our poll and if you click 'Other', please let us know which bank you're with
    I went with santander. Had some problems with them before I went to uni but they gave me compensation. I was a bit worried after I'd heard some customer service horror stories but I've never had any trouble with them they've always gone above and beyond to help. Went over my overdraft for the first time accidentally and they initially charged me (and rightly so) but they said because it's the first time they'll reverse the charges.
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    (Original post by KBradders)
    But what happens if you cannot pay it back as a student? It's not free money at all when you have to pay it back, it's just 0% interest until they start charging it. If you can pay it back, great. Otherwise you're going to go into a spiral.
    As far as I am aware most (if not all) student bank account get converted into a graduate account once you have finished university and I think this allows you one or two years extra for interest free overdraft so you can pay it back before it starts to charge interest. As most student overdrafts don't exceed £2000 I'd have to say you'd need to be pretty poor with money handling skills to not be able to to pay that back within this time.

    If you can't pay it back it's frankly the graduates fault not the banks, they offer you a service and you're supposed to be responsible with it.
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    I Originally intended to use HSBC but for some stupid reason they wouldn't accept a provisional drivers license as ID so went to Santander instead. Haven't had any issues or anything and I'm definitely glad to have access to an interest free overdraft since I have to pay my first instalment for accomodation in September a few weeks before I receive my student loan payment.
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    You forgot TSB I got a current account with them never really thought of upgrading it to a student account.
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    HSBC!!!!!!! Woop woop.
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    (Original post by Dumachi)
    You forgot TSB I got a current account with them never really thought of upgrading it to a student account.
    They probably lumped it with Lloyds as they used be Lloyds TSB many people who aren't involved with either bank don't know they split. I'm a Lloyds customer myself
    I'm loving the student account, the overdraft has really helped me out when I've been in a jam for money and waiting for finance.
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    (Original post by Dumachi)
    You forgot TSB I got a current account with them never really thought of upgrading it to a student account.
    How come everybody I know switched to TSB when they split lol, and I was split off to Lloyds!?
 
 
 
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