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How to convince my parents that i need a student bank account? watch

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    I would like a student bank account however my parents don't like the idea of me going into an overdraft despite it being interest free etc. Obviously they would allow me to get one but how can i convince them its a good idea?
    Thanks.
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    (Original post by Maniczak)
    I would like a student bank account however my parents don't like the idea of me going into an overdraft despite it being interest free etc. Obviously they would allow me to get one but how can i convince them its a good idea?
    Thanks.
    Why do you need their permission to get one? Some student banks offer things like a free railcard and I think you may also get better deals on credit cards as a student. But I guess if they're against overdrafts, (which if used sensibly, are fine, imo) they'd be against a credit card.
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    (Original post by Tiger Rag)
    Why do you need their permission to get one? Some student banks offer things like a free railcard and I think you may also get better deals on credit cards as a student. But I guess if they're against overdrafts, (which if used sensibly, are fine, imo) they'd be against a credit card.
    Nah i definitely dont need their permission they just dont think its a good idea idk.
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    Just because it has an overdraft doesn't mean you have to use it...
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    (Original post by Maniczak)
    I would like a student bank account however my parents don't like the idea of me going into an overdraft despite it being interest free etc. Obviously they would allow me to get one but how can i convince them its a good idea?
    Thanks.
    Are you getting a maintenance loan?
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    dude if you're over 18 you have the right to make your own choices. i made my own student account without asking anyone.
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    (Original post by Drewski)
    Just because it has an overdraft doesn't mean you have to use it...
    Thing is i already have a bank account so realistically im only getting it for the overdraft
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    (Original post by Doonesbury)
    Are you getting a maintenance loan?
    Yeah that's a completely different thing though right?
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    (Original post by storm95)
    dude if you're over 18 you have the right to make your own choices. i made my own student account without asking anyone.
    i mean i will do this anyway still
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    (Original post by Maniczak)
    Yeah that's a completely different thing though right?
    You can tell them you need the account to receive the loan. (You don't, but they don't need to know that....)
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    (Original post by Maniczak)
    Nah i definitely dont need their permission
    So don't worry about it.

    You can either have a free credit facility, in addition to some of the other perks mentioned above, or not. You might as well have it.

    The obvious point to make is that having the facility doesn't mean you necessarily have to max it out. It's just there if you need it. And, as long as you're not stupid with it, interest free debt isn't generally a problem.
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    (Original post by Maniczak)
    i mean i will do this anyway still
    good, it is really helpful it saved my ass more times that i can remember
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    (Original post by Maniczak)
    i mean i will do this anyway still
    You can't get a student account until you have a letter from UCAS confirming your place in August.
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    (Original post by Maniczak)
    I would like a student bank account however my parents don't like the idea of me going into an overdraft despite it being interest free etc. Obviously they would allow me to get one but how can i convince them its a good idea?
    Thanks.
    You need a bank account as a student to deal with student finance so tell your parents that you have to have an account regardless of their opinions. The best option is obviously to take the account that gives you the best benefits and that is generally a student account.

    For example HSBC's student account comes with a £60 Amazon gift card and 12 month of Prime. Even if you go for an ordinary current account you might be offered an overdraft. They need to sit back and advise rather than interfere.
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    It is possible to open a student account without an overdraft, or to get the bank to reduce your overdraft allowance to a smaller amount. You could consider doing this to set your parents' minds at ease, though TBH you're an adult now and should make your own financial decisions.
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    You are paid termly. Even if you don't want to go negative over the year, you might need to go negative in one term to cover "gaps" in SFE instalments, for things such as rent or deposit for second year's accommodation.

    Also note that student accounts convert into a graduate account. Mine has a winding down process of £500 every year. It is at £2000 now, and it will go to £1500 and then to £1000.
 
 
 
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