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Student Accounts

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Right well i got a letter from UCAS the other day giving me information on getting a student account. Is there any real point or advantage in getting one?

I have an account with Natwest at the minute but is there any need to change it to a student account? All i can see that is any different is that it has an interest free overdraft of upto £1250.

Get a free 5 year railcard with it if you open one. I mean that would be useful.

Any thoughts?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    generally the point of them is the interest free overdraft. If you don't think you would need such a thing then there's no point in having the account and should consider yourself lucky.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    GoodFella wrote:
    Right well i got a letter from UCAS the other day giving me information on getting a student account. Is there any real point or advantage in getting one?

    I have an account with Natwest at the minute but is there any need to change it to a student account? All i can see that is any different is that it has an interest free overdraft of upto £1250.

    Get a free 5 year railcard with it if you open one. I mean that would be useful.

    Any thoughts?


    depends whether you need the money.

    i have an interest free overdraft and then a normal overdraft of £700 on another account that charges around £6.10 a month interest. you'll probably need your overdraft but if not then no need.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well im pretty certain i will need an overdraft. I dunno, i'll look into it. Might get it.

    Oooo and oh joy i get a free webcam if i do it online! Great! :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i'd get one even if it's just for when you run out. perhaps keep your ordinary account and then open up another student one - that's what i did. shop around for the best free gifts. i didn't! :cool:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The reason banks want students to get accounts with them is that once you're banking with them, the theory is that you'll stay banking with them once you graduate. So they offer you incentives to open an account, ie. interest free overdraft and free gift. Whether you actually need a student account seems a moot point to me - why look a gift horse in the mouth? They're not charging you to open an account after all, so you might as well open one and take advantage of whichever free gift takes your fancy.
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