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Student Bank accounts
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Trying to be all sensible and stuff, I've started looking at student bank accounts - I'm going to uni this autumn. Thing is, some sites (HSBC in particular) appear to have out-of-date information and offers. So I'm wondering if I'd be better off waiting until nearer the time...
More particularly, does anyone know the best time to apply for a student account to get the various offers etc?
More particularly, does anyone know the best time to apply for a student account to get the various offers etc?
Post edited by JustV on
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I opened mine after I moved to uni as it made sense to open the account in the branch closest to me during term time. Some of the banks may also make an appearance at your freshers fair or any other events to try and coax you into signing up with them, so you may find it easier to get the information you need then.
just from what someone else said about waiting so you know you have a branch near you at uni, this is really good advise, but, make sure you have one near you at home too, as my nearest rbs is a 20min drive away, not too handy!!
HSBC and NatWest both did a free railcard last year, which would be very useful, but NatWest's site made no mention of it, and HSBC's had a different offer that ran out October last year...
I'd say it is still important to have a branch near you. I also do most of my banking online, infact I use an e-savings account mainly these days. However, with student finances as they are you may find you need to go to the branch to ask questions, increase your overdraft, query fees, enquire about other services. Things have happened to me over the past four years that have required me to make a quick trip to the bank in order to avoid paying some horrendous fees, so I've found it extremely handy to have a branch close to me.
Even if you never use the branch, there's certainly no harm done in having one close to you. Perhaps I wouldn't go as far as saying choose the closest, but make sure you can easily get to a branch should you need to.
A tip I have with regards to online banking also, is try to get an e-savings or at least an account with a decent rate of interest set up to run alongside your student account and have your student loan paid into that. Most student accounts carry a current account interest rate or less, which is usually something fantastic such as 0.1%PA. If you get an account which pays out at least 4% as most e-savings accounts do, then you're likely to make a few extra quid when your student loan arrives, especially if you have the money sitting in your account for any period of time. It's not going to make you a fortune, but who'd say no to a few extra quid?
That's exactly what I do, have my ingoing money go to one account and then move it over to the student account as I need to use it. If you do decide to do that however, make sure you keep your student account active otherwise the bank may threaten to cancel your overdraft facility etc.
Also remember to think about insurance too, I'm with endlseigh but I couldn't be bothered to compare it with any others.
Intrest rates? well not like my account is in credit very often so i dont care!
Overdraft, most if not all have them as standard
Free stuff, might sway me a little from one bank to the other.
Now this may be a very bad thing to say; but just pick a bank that you like the look of cos' there all the same!
Bopz