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Opening a university bank account Watch

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    Guys I need urgent help! I'm looking to open a new bank for my student loans etc but I don't know which bank to choose? I need one that doesn't require a large monthly income and would possible give any rewards or a good interest rate? PLEASE HELP!
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    (Original post by lmarsh876)
    Guys I need urgent help! I'm looking to open a new bank for my student loans etc but I don't know which bank to choose? I need one that doesn't require a large monthly income and would possible give any rewards or a good interest rate? PLEASE HELP!
    You'd probably be best off looking at student bank accounts, most do still give good perks, but you won't get a decent interest rate on most current accounts let alone student accounts I'm afraid. The major perk of many student accounts can be interest free overdrafts- which are useful if you get into financial difficulties, but not so much at other times.

    What might be a good idea is to get your student loans paid into a current account or student current account, and transfer some of the balance into a higher interest savings account where possible. As you won't have a high income, the interest rates still won't be great, but ISAs and other savings accounts that aren't instant access usually give you a better rate of interest.
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    I'm afraid the days of bank accounts giving decent interest rates are long gone - you're more likely to find that they want to charge you a monthly fee.

    I agree with Slowloris that you're probably better off opening a student bank account - at least these are usually free - and then transferring anything spare into a savings account.
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    Just open a current account and give the details of this to student finance. Then when it comes to you receiving your money in September, print the letter off track to show you're a student and get your account transferred to a student account. That's what I am planning to do.


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    (Original post by lmarsh876)
    Guys I need urgent help! I'm looking to open a new bank for my student loans etc but I don't know which bank to choose? I need one that doesn't require a large monthly income and would possible give any rewards or a good interest rate? PLEASE HELP!
    Santander have a really good student account that has a free overdraft service and also a free 4 year rail card which reduces train fares by 1/3.

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    excellent advice here http://www.moneysavingexpert.com/stu...t-bank-account
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    (Original post by Kate2996)
    Santander have a really good student account that has a free overdraft service and also a free 4 year rail card which reduces train fares by 1/3.

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    And £1,500 overdraft (£2,000 in later years) in case you really get into problems
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    Santander student account is amazing, definitely recommend it!
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    I'm feeling happy now haha. Currently have a current account with Santander but may switch to a student one later so good to know!


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