Is a student bank account a requirement? Watch

a0f83w
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I already have a bank account that i've been using for years so I don't need to open a separate student bank account?

sorry for asking. I'm confused becos ucas keeps sending me this reminder to open a student bank account lol
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mnot
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(Original post by a0f83w)
I already have a bank account that i've been using for years so I don't need to open a separate student bank account?

sorry for asking. I'm confused becos ucas keeps sending me this reminder to open a student bank account lol
It is not mandatory but recommended.
Most savings accounts are not setup well to maximise regular transactions.

Adult checking/debiting accounts normally require a regular flow of cash ie it will say you are required to place 'X' amount of money in the account on average over a 6 month period (this is because banks use their customers cashflow to leverage loans from other financial institutions).

Most students don't have the cash flow to keep up with the banks standard requirements.

Student bank accounts normally offer no transaction requirements yet retain the ease of use of a normal account, and often have 0% overdrafts, and normally a couple unimportant benefits such as railcard, amazon voucher or something similar.

Honestly if your not sure go do your own research, but their worth getting.
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claireestelle
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(Original post by a0f83w)
I already have a bank account that i've been using for years so I don't need to open a separate student bank account?

sorry for asking. I'm confused becos ucas keeps sending me this reminder to open a student bank account lol
As long as you have a current account that can accept Bacs/fast payments to pay for things and to get your student loan in , you don't need a student account specifically
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a0f83w
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ok, my monzo should do then thanks!!
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Xarao
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(Original post by mnot)
It is not mandatory but recommended.
Most savings accounts are not setup well to maximise regular transactions.

Adult checking/debiting accounts normally require a regular flow of cash ie it will say you are required to place 'X' amount of money in the account on average over a 6 month period (this is because banks use their customers cashflow to leverage loans from other financial institutions).

Most students don't have the cash flow to keep up with the banks standard requirements.

Student bank accounts normally offer no transaction requirements yet retain the ease of use of a normal account, and often have 0% overdrafts, and normally a couple unimportant benefits such as railcard, amazon voucher or something similar.

Honestly if your not sure go do your own research, but their worth getting.
This is completely false.

I've rarely seen bank accounts ask for "X" amount of money to be placed into the account unless you're going for something above a standard account, e.g. premier. But yes, you do get offers such as the overdraft but since you already have a regular account and if you believe you don't need it, then you're fine.
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mnot
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(Original post by Xarao)
This is completely false.

I've rarely seen bank accounts ask for "X" amount of money to be placed into the account unless you're going for something above a standard account, e.g. premier. But yes, you do get offers such as the overdraft but since you already have a regular account and if you believe you don't need it, then you're fine.
Im not sure about other banks but a normal standard account at HSBC, requires you to move at least £3000/ 6 months. Ok thats not that much and basically everyone will do it, but it's still a requirement. So its not false...
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Xarao
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(Original post by mnot)
Im not sure about other banks but a normal standard account at HSBC, requires you to move at least £3000/ 6 months. Ok thats not that much and basically everyone will do it, but it's still a requirement. So its not false...
Oh didn't know that. They must've changed something.
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mnot
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(Original post by Xarao)
Oh didn't know that. They must've changed something.
well i suggest you read the documents again, if your over 24 and at HSBC they will charge you £10/month as a service fee and requires a minimum spend of £500/month averaged over a 6 month period at any given time hence £3K/6 months...
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Xarao
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(Original post by mnot)
well i suggest you read the documents again, if your over 24 and at HSBC they will charge you £10/month as a service fee and requires a minimum spend of £500/month averaged over a 6 month period at any given time hence £3K/6 months...
Ah this is probably why what you said didn't make sense to me.

"You must pay at least £500 a month (or £3,000 over 6 months) into the account (does not apply if you are under 24 or over 65 years old)"
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