When do you open a Student Bank Account?

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young_free
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#1
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Now or when you start uni? or should i have done it already? lol
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Expression
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(Original post by young_free)
Now or when you start uni? or should i have done it already? lol

For the most part you can't actually open it until you have recieved your AS12 form from UCAS to confirm that you're actually going to your place.

In other words, once you have met the conditions of the offer.
So around August 21st (Sat) - 23rd (Mon) the first of these should arrive through peoples letter boxes.

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kraslan
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Im sorry to sound ignorant. But i've been reading a lot of posts where people talk about Student Bank Accounts. Whats the difference between a normal bank account and a student bank account?
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4Ed
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(Original post by kraslan)
Im sorry to sound ignorant. But i've been reading a lot of posts where people talk about Student Bank Accounts. Whats the difference between a normal bank account and a student bank account?
a bigger overdraft limit, and better rates. for barclays, u get a better type of card (visa electron instead of switch/solo) as well.

there are often added benefits as well, eg Natwest and HSBC offer free 5 year young persons railcards.
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4Ed
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(Original post by Expression)
For the most part you can't actually open it until you have recieved your AS12 form from UCAS to confirm that you're actually going to your place.

In other words, once you have met the conditions of the offer.
So around August 21st (Sat) - 23rd (Mon) the first of these should arrive through peoples letter boxes.

Expression
ooo i was converted straight to the Student and Graduate service by Barclays when i finished my a-levels, even though i've been on a gap year
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rottcodd
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You can get one now (at least you can with HSBC) and they will give you an account number and sort code - only the account will be disabled. That way you are not allowed to use the account, but you still have one so you can give the student loan company your banking details. Then if you meet the conditions of your offer, you bring in your UCAS letter to the bank and then your account is activated. If you haven't got a place, the account is disabled.
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Mysticmin
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Does anyone know if HSBC gives you a switch card once you get a firm place? Solo irritates me as some places don't accept it.
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rottcodd
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You get a Maestro debit card http://www.ukpersonal.hsbc.co.uk/hsb...d-credit-cards which I think is accepted at the same places as a switch card is.
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s-man
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hsbc are doing a free £100 railcard promotion, the only thing is, is that it runs out on the 21st of august and seeing how you need the confirmation form to open the damn account (21st -23rd as said before) i don't see how it works?
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rottcodd
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(Original post by s-man)
hsbc are doing a free £100 railcard promotion, the only thing is, is that it runs out on the 21st of august and seeing how you need the confirmation form to open the damn account (21st -23rd as said before) i don't see how it works?
You can open it now - they give you an account number and sort code. But you're not allowed to do any transactions on it until you get your confirmation.
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s-man
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(Original post by steerpike1985)
You can open it now - they give you an account number and sort code. But you're not allowed to do any transactions on it until you get your confirmation.
do u still get the railcard coz thats the only thing i want
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rottcodd
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Yes you do - but it's only sent to you once you're offer is confirmed, although you apply for it beforehand
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eternalsunshine
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"The Young Persons Railcard is free for 5 years and available to first-year undergraduate students who are entering higher education for the first time, and who open a NatWest Student Account between 21 June and 31 October 2004. Use of the Railcard is subject to terms and conditions. For full terms and conditions of the offer please refer to our Student Account application form."

So you have plenty of time after you get your confirmation letter to open the account.. They wouldn't stop it then, hardly anyone is organised enough to sort it out!!
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~ o ~
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Right, I'm really sorry but I'm kind of confused on this.
On your LEA forms it asked you for your bank details etc. etc. I assumed this was going to be the bank for your student loans. Or is it not? :confused:
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young_free
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(Original post by 4Ed)
a bigger overdraft limit, and better rates. for barclays, u get a better type of card (visa electron instead of switch/solo) as well.

there are often added benefits as well, eg Natwest and HSBC offer free 5 year young persons railcards.
I've already got a VISA electron and have done for a couple of years, does that mean I don't need a student bank account and does it mean that if I want to open one at another bank I have to cancel this one?!
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hornblower
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(Original post by young_free)
I've already got a VISA electron and have done for a couple of years, does that mean I don't need a student bank account and does it mean that if I want to open one at another bank I have to cancel this one?!
An Electron card is about as useful as poo on a stick.

A Student account is a real bank account but better because it is aimed at students, which are stereotypically poor and highly susceptible to get into debt. Since you do not currently have a student account there is nothing to stop you from opening a student account elsewhere.
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.NK
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(Original post by young_free)
I've already got a VISA electron and have done for a couple of years, does that mean I don't need a student bank account and does it mean that if I want to open one at another bank I have to cancel this one?!
You don't necessarily *need* a student account - you can have your loan paid into any account (Nationwide Flex Account for me). But student accounts tend to offer better rates, better overdraft allowances and better freebies (cash, rail cards etc).

If you open a student account with another bank you can keep your normal Barclay's account (I assume if you want a Barclay student account then you'd loose your existing one but you'd get either an electron card or a debit card for the new one).

You aren't meant to open two student accounts however, so check that your current bank account is a non-student one before opening a specific student account with another bank. Hope that helps
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sparkler
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(Original post by hornblower)
An Electron card is about as useful as poo on a stick.
speaks the truth, this boy does...

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eternalsunshine
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(Original post by sparkler)
speaks the truth, this boy does...

Yes 'tis indeed true. I have a solo card which is marginally better - but I somehow always find somewhere that DOESN'T take it when I have no cash. Grr.
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