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Student Bank Accounts

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited March 27 in Work & Study
I don't know if this should be here or in Home Law & Money, but I am going to put it in here.

Basically, I am looking for a Student Bank Account and I want to know who to go with/why? Currently my top contender is NatWest, but I haven't looked at ALL the banks and I want to know who is good for what?

I have been warned away from HSBC, and I don't want to stay with Barclays 'cause they suck. I want one with a good-ish overdraft and lots of decent freebies (like NatWest have 10% off all books at Waterstones, which is useful, and a free webcam worth £20).

So, who is good/bad and why?
Post edited by JustV on

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Have a look at this: http://www.moneysavingexpert.com/banking/Student-bank-account

    The site recommends the Halifax/Bank of Scotland account, as it offers the best overdraft.

    Natwest and Royal Bank of Scotland are also recommended. I know Natwest offer a free railcard which would be a great incentive if you use trains alot.

    I'm with RBS, but I'm thinking of defecting to Bank of Scotland, in order to get a better overdraft.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Free 5 year railcard with NatWest (who are owned by my employer RBS).

    I didn't have a student account as I didn't need one but people seemed to go with NatWest.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think Halifax has the biggest overdraft, but Natwest offers the most useful incentives like the railcard and a webcam if you apply online. But do you really need a webcam? And will you be travelling by train a lot?

    I'm in the same position as you, and I've been round my local banks to pick up leaflets about their student accounts. Just haven't got round to the boring bit of reading through them yet :yeees:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you do choose a bank to go with, make sure you choose one that's near your uni/where you're staying.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Halifax have generally been ok with me. They even let me increase my overdraft to £1500. However, i didnt get any Freebies and i was charged stupid amounts for going slightly over my limit but all banks do that :|
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    innocent_kate wrote: »
    I think Halifax has the biggest overdraft, but Natwest offers the most useful incentives like the railcard and a webcam if you apply online. But do you really need a webcam? And will you be travelling by train a lot?

    I already have a railcard anyway, so a free one for 5 years would be WONDERFUL, since I'll be travelling by train to see Rich/other people I want to visit. I don't *need* a webcam, but the one I've got is a bit rubbish and if I don't like it, I can always sell it. What attracted me was the 10% off books because I know I'm going to be doing a lot of reading, what with it being a Lit course and all.

    I think I'll go with NatWest. Rich went with them and he likes them, so :thumb:.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    nat west do seem to be good, and they have a very helpful telephone banking thing too
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    HSBC are good. Although they are fucking slow in the branch, they are really good to you when your a student.

    They have never really charged me for anything. Increase me o/d limit when i ask and never really hassled me. All in all Im happy with HSBC

    :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I've found NatWest to be very good. The Waterstone's discount is a bonus if that's where you'll buy your textbooks and the 5 year railcard is a godsend in itself.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm with halifax, gave me £1750 interest free overdraft in my first year. May extend it if poss next year. Natwest are also good. Can't go wrong either way.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm tainted by past experience on this issue. I wouldn't go anywhere near HSBC - aside from the fact you'll be hammered by interest, I find that their branches have the most unhelpful, awkward staff around. It should be declared I'm currently in the process of moving all my money to NatWest, where my student account is already open.

    I went with them, because the staff at my local branch were actually quite helpful, and the 5-year railcard seems a good one too. Trouble is, I am told that they will only do it until I reach the age of 25. Seeing that's just over two years away, I do wonder.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Go with the cunts that'll give you the best overdraft. :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    stargalaxy wrote: »
    I'm tainted by past experience on this issue. I wouldn't go anywhere near HSBC - aside from the fact you'll be hammered by interest, I find that their branches have the most unhelpful, awkward staff around. It should be declared I'm currently in the process of moving all my money to NatWest, where my student account is already open.

    I went with them, because the staff at my local branch were actually quite helpful, and the 5-year railcard seems a good one too. Trouble is, I am told that they will only do it until I reach the age of 25. Seeing that's just over two years away, I do wonder.

    If you are a student, you can get a young persons railcard at any time. And you can get one till you're 26 in any case (hence me going to get one later).

    Natwest are PANTS in my experience.
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    JsTJsT Posts: 18,268 Skive's The Limit
    katchika wrote: »
    If you are a student, you can get a young persons railcard at any time. And you can get one till you're 26 in any case (hence me going to get one later).

    Natwest are PANTS in my experience.
    Only if you do over 20 hours 'contact' time a week. Getting the forms authorised is probably too much hassle for Natwest when they do thousands a year.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    katchika wrote: »
    If you are a student, you can get a young persons railcard at any time. And you can get one till you're 26 in any case (hence me going to get one later).
    Excellent.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I was with Natwest for my student account and they were fantastic, really helpful and never once charged me when I went over my over draft etc. Highly reccomended.:thumb:

    I graduated a year ago and still have the £2000 interest free overdraft, I think it gets reduced to £1500 free this month.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I have a Natwest one which has been brilliant for me.

    I also got a 5 year railway which has been very useful. It doesn't expire for another 2 years either :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Asta wrote: »
    I was with Natwest for my student account and they were fantastic, really helpful and never once charged me when I went over my over draft etc. Highly reccomended.:thumb:

    I graduated a year ago and still have the £2000 interest free overdraft, I think it gets reduced to £1500 free this month.
    Rich still has his overdraft too :yes:. He almost paid it off, as well, except then he HAD to go and buy a big expensive guitar :yeees:.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm with NatWest and I got a free railcard (worth £100) and I get a free overdraft too which goes up each year.

    HOWEVER, I hate Natwest, they're always messing me about (not tranfering money when I tell them to then I'm stuck without cash for the whole weekend) and always trying to sell me credit cards ( I cannot be trusted with one right now) so maybe you should look into not just the benefits such a railcards etc but what quality service your bank will give you.:chin:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    nicolalou wrote: »
    I'm with NatWest and I got a free railcard (worth £100) and I get a free overdraft too which goes up each year.

    HOWEVER, I hate Natwest, they're always messing me about (not tranfering money when I tell them to then I'm stuck without cash for the whole weekend) and always trying to sell me credit cards ( I cannot be trusted with one right now) so maybe you should look into not just the benefits such a railcards etc but what quality service your bank will give you.:chin:

    I cant remember where but I know theres a thing that says whether this customer has consented to marketing for credit cards etc. Was probably in the small print of your contract when you set up your account. You can always complain in branch if it bothers you!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    NatWest have been prats over my student account, but the straw poll around college (uni) quickly concluded that no one was actually significantly better than any other when it came to student accounts, and the NatWest discount and railcard was one of the most useful 'bribes'.

    I know several people who use NatWest for the student account, and Nationwide for the day to day current account.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Scary Monster wrote: »
    I know several people who use NatWest for the student account, and Nationwide for the day to day current account.
    The key is to manage your money carefully. You are only allowed to have one student account. However, there is nothing to say you can't have your loans and grants paid into a different account. All the SLC say is it must be paid into an account in your own name. You could have it paid into a high-interest savings account, for example, and transfer it as you need it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    stargalaxy wrote: »
    The key is to manage your money carefully. You are only allowed to have one student account.

    Not true. Some banks say you must use their account as your sole student account, but not all.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    stargalaxy wrote: »
    The key is to manage your money carefully. You are only allowed to have one student account. However, there is nothing to say you can't have your loans and grants paid into a different account. All the SLC say is it must be paid into an account in your own name. You could have it paid into a high-interest savings account, for example, and transfer it as you need it.

    Most banks say you can only have their student account if you don't have one from anyone else and have your loan paid into it, but not all.

    A solution that works for many is to pick the student account with the most useful freebies and overdraft to you (and worth asking what happens to the overdraft when you graduate), paying your loan into that if you need to do so to satisfy the requirements for the account, and then using whatever account you fancy, high interest savings, a current account from a bank you get on with, for general stuff and just transfer money to/from your student one when you need to.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Scary Monster wrote: »
    Most banks say you can only have their student account if you don't have one from anyone else and have your loan paid into it, but not all.

    Isn't it illegal to have more than one student account?

    I have my loan paid into my Nationwide account now because I set a current account up with them for my year abroad. They're the only bank who don't charge for withdrawing money abroad. Absolute bonus, saved so much money!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    nicolalou wrote: »
    Isn't it illegal to have more than one student account?

    I dont think so. The banks might not like it but there is little they can do to stop you having however many accounts of differnt types with whoever you fancy (Apart from ISA/TESSA accounts, because you can only have one of each for tax reasons). The T&C might be a bit restictive on student acounts but there are always ways round it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Im definatly going to recommend Halifax now. They have not only let me keep my full interest free overdraft facility for my year long postgrad course, they have given me the it interest free until October 2009.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Renzo wrote: »
    Im definatly going to recommend Halifax now. They have not only let me keep my full interest free overdraft facility for my year long postgrad course, they have given me the it interest free until October 2009.

    Wait till that comes back and bites you...

    Natwest are cunts. They kept harassing me when I was at uni because I didn't have my loan paid into their account, and so they kept freezing it and sending me threatening letters.

    Oh well, only a few hundred left to pay off until I can close it for once and all.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    katchika wrote: »
    Wait till that comes back and bites you...

    Natwest are cunts. They kept harassing me when I was at uni because I didn't have my loan paid into their account, and so they kept freezing it and sending me threatening letters.

    Oh well, only a few hundred left to pay off until I can close it for once and all.

    Im not waiting til October 2009 to pay it off, Its going to be "paid off" when a loan from another bank comes in to fund my postgrad :|
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    co-op is pretty good if it hasn't already been mentioned :yes:
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