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scholarship / natwest student account

Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
i just recieved a £6000 scholarship to my uni!

i know i'm in a very fortunate position now and after setting up my student account with natwest i'm wondering if another account would be more suitable... perhaps a higher interest one? at the moment, my student loan is being paid into my halifax current account, but i could always move it to the natwest one if necessary.

i know with hsbc you have to say that it will be your main account. is this also true of natwest, or can i just keep it going on £0 ?

i want to earn some interest on my loan money... but don't know which type of account is best, and who offers the best interest rates. i already have an ISA so i can't get another one.

does anyone have any info on this sort of stuff? i am hopeless when it comes to finances! :D

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    When you open any student account you do it on the premise that your loan money will be going into there. If you don't deposit any money into the account they will ask you why. Why don't you put £1000 into the Natwest account, transfer your money from Halifax and ask the Natwest about an ISA?

    I have always found Natwest to be very very helpful.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    thanks!

    Q1. Are you allowed to hold two student accounts at once? or is it like an ISA?

    Q2. The scholarship money (£2000 a yr) will be going towards my accomodation (£2400 a yr) so basically it's all going to be gone by october when they make the withdrawal from my account. Could i keep an account going, even though i didn't have a massive amount going into it? I could always get my wages paid into a new one, like HSBC, as you suggested, and maybe transfer the money that my dad is giving me.

    Q3. does the loan come in termly installments?

    Q4. is HSBC really better when it comes to student accounts? Natwest offered me a £60 incentive, HSBC offered only £50.

    Q5. i'm scared that if i don't pay my loan money or something into natwest i'm going to be breaking some sort of contract :S
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Im an advisor for Natwest. What you should do is place the money in a regular savings or e-savings where you'll gain more interest. This way should you need it you can get it. You should fill your ISA come April 6 as that is obviously the best account.

    I could give you the big chat buttttttttttt i won't put you through that. Go to natwest and arrange a customer service review. They'll understand your situation and suggest the best options.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    I've had several bank accounts in my time and I have to say that NatWest has always been the best as far as I am concerned!

    I have an Egg savings account though and have a very high level of interest which is great!!
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    or smile but i really depends on how you personally feel about on-line banking.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by Kat
    or smile but i really depends on how you personally feel about on-line banking.
    I've never heard of them!
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    I'm with HSBC, good interest rates, 4 year railcard and a large overdraft.
    A good idea is to set up 2 accounts. A student account and an ISA.
    Set up a standing order so that each week £25 goes into the ISA from your other account.
    After a few weeks, if you find yourself struggling for money, you can look in your ISA and find you have £300 odd quid in there that could really help.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    smile is the internet division of the co-operative bank, they have an instant access savings account with a cash card and a high interest isa, the highest interest-free student overdraft i've found (£2000) and an ethical banking policy if you look for that aswell
    nationwide e-savings or isa is also good
    and if you want free cash go to abbey national (£40), hsbc (£50) and natwest (£40 and £60 at some branches), open all three accounts to pocket £150 and either keep a bit of money moving in and out or close them down using the afore-mentioned dumb-blonde tecnique
    they probably won't notice anyway and if they do they won't care, everyone does it
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by salonika
    (£40), hsbc (£50) and natwest (£40 and £60 at some branches),

    £40 for non student cities and £60 for student cities (how they define them god knows!!!!) But it was in my work quiz!!!
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