Student Bank accounts

Former Member · April 2005

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 Thing is, some sites (HSBC in particular) appear to have out-of-date information and offers.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?

Former Member · April 2005

Some of the offers the banks offer for opening an account have been around for years and they tend not to change all that often, so I doubt it matters when you open the account with regards to those. Even if they discontinue one, another is bound to replace it straight away.

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.

Former Member · April 2005

It's probably a bit early now - most banks get their offers ready around sept/oct - though you can always apply earlier and upgrade your account. To get the best freebies you might want to wait until you actually get to uni as banks often give most stuff away during freshers fair.

Former Member · April 2005

The best time to apply is in Freshers Week, as all the banks tailor their rewards programmes to suit the Freshers market. Have a look a bit sooner because some banks give different rewards to early-signers.

Former Member · April 2005

Id say freshers week is def the best time, i opened one the summer before i went with halifax, and i wouldnt reccomend them to anyone, then at freshers week royal bank of scotland (and tons more) had their stalls, and I got a free toaster, toastie machine and kettle, as well as £80 put in my account for free, the staff in there are great, so helpful, the overdraft limits are fab, and they are kind to you if you go over a bit too. from what i know off other people, I think hsbc are good too.

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!!

Former Member · April 2005

Great. Thanks

I kinda figured that'd be the best time to apply; it just doesn't seem so organised to me - it means I have to have my first loan payment paid into my regular account. Ahh well.

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...

Former Member · April 2005

kate2419 wrote:

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!!

Is that really so important? I do most of my banking online/on the phone anyway, so I didn't think it would make that much difference...

Former Member · April 2005

Is that really so important? I do most of my banking online/on the phone anyway, so I didn't think it would make that much difference...

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.

Former Member · April 2005

For generally good financial advice look at www.moneysavingexpert.com - there's usually an easy to read up to date comparism of the best bank accounts and they'll probably put up something for student accounts later in the year.

Former Member · April 2005

i found last year that alot of banks took the special offers off after august....keep an eye on leaflets in the branches.

Former Member · April 2005

I actually have two bank accounts that I use for uni. I have one that my loan goes into a big outgoings out of (accomadation, tuition fees etc) and I have a student account that I use for every day things, because it has the overdraft if I need it. It's not hard to have multiple bank accounts, in fact it can help you organise your money better.

Former Member · April 2005

I use HSBC and can't say a bad word about it. It has an excellent online account option. They gave me a £1000 overdraft which will rise by £250 per year. I had a choice of a railcard or £50 as the free incentive. Their chip and pin card is accepted everywhere.

Also remember to think about insurance too, I'm with endlseigh but I couldn't be bothered to compare it with any others.

Former Member · April 2005

I'm with HSBC, and dont really have a problem with them, saying that the branch nearest me (not a student branch just a random one) is appaling and i detest it. And it seems to be the place where they send the staff as a punishment. THOU WILL GO TO ALBANY RD. I'd hate it there. But other than that its all good. TBH dont get caught up in it all.
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

Former Member · April 2005

I'm with Natwest and would actively discourage anyone from going with them. They removed my overdraft mid-June last year whilst I was still at University and tried to charge me when my cheque bounced. Their customer service is appauling.

Former Member · April 2005

I use my railcard all the time, well worth it because the account I have (with NatWest) is pretty good, too.

Former Member · April 2005

I'm wuth Natwest as well and have never had any problems except for the horrendous commision they charge on foreign currency cheques. I would think all the major banks have pretty similar levels of customer service though.

Former Member · April 2005

also remember it is possible to get refused a student bank account :impissed:

Student Bank accounts

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