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Student Bank Accounts
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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?
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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Comments
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.
I didn't have a student account as I didn't need one but people seemed to go with NatWest.
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:
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:.
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:
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.
I graduated a year ago and still have the £2000 interest free overdraft, I think it gets reduced to £1500 free this month.
I also got a 5 year railway which has been very useful. It doesn't expire for another 2 years either
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!
I know several people who use NatWest for the student account, and Nationwide for the day to day current account.
Not true. Some banks say you must use their account as your sole student account, but not all.
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.
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!
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.
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