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Best Student Bank Account

naksa Avatar
9y, 2m agoPosted 9 years, 2 months ago
Hello,
Im looking to open a student (or under 18) bank account with any UK bank.
What banks offer the best deals/promotions when you sign up?
Thanks in advance
-Sarge
naksa Avatar
9y, 2m agoPosted 9 years, 2 months ago
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#1
I opened one with HSBC a few years ago and it's been good so far. The offers at the time were £50 creditted to your account or a Young Persons Railcard for 5 years. The railcard is obviously worth more, but only if you use the train alot, which I don't so I took the money instead.

Natwest are offering a similar thing I believe. HSBC were giving away MP4 players a last year I think. Most of the people I talk to are with HSBC or Natwest, although students are hardly the most savvy of bankers.
#2
according to moneysupermarket halifax give 10%
#3
I think natwest gives a free young persons railcard which is good if you use the train a lot.
banned#4
[url]www.moneysavingexpert.com[/url] has a full review of student accounts

http://www.moneysavingexpert.com/banking/Student-bank-account

I remember he even posed getting the highest 0% overdraft that you can get, withdrawing the whole amount and putting the money into a savings account to make interest on the overdraft amount given. Some students found this interest paid the fees due, reducing the loan required (I'm not sure this is totally possible)
#5
Dont go with NatWest. Their fees are ridiculously high, they charged me fees when I wasnt overdrawn, and they wouldnt close my account when I asked them. It took me 2 months to get the account closed.
#6
Seems like a long way off, but it's worth checking what the terms of the overdraft will be after you've graduated. Many accounts let you keep an interest-free overdraft for several years. They just reduce the overdraft amount each year, giving you time to pay it all off one you have a job.

However, some don't. I was with the Halifax when I was a student (a good while ago now, so they may have changed their terms). They offered about £1.5k overdraft, interest-free, which I made full use of while a student. Once I'd graduated, I got a year where it was still interest-free.

However, after that year, the entire overdraft was charged at their standard (extortionate) overdraft interest rate. It's tough to pay off that sort of money when you're earning minimum wage and living in an expensive part of the country. It cost me lots in interest, and I've never forgiven them.

I only mention this because the amount of interest you pay at the end could more than offset the value of any free gifts they offer up-front!
#7
For university student accounts, Halifax are advertising the biggest intrest free overdraft of upto 2700 available in the first year although you are unlikely to be offered it all at first. They also do a year intrest free after you graduate but it can be hard to get the account. I was turned down for it due to a lack of credit history, why they thinks its bad im not in debt is beyond me but tahts another matter...

Other accounts have between roughly 1k - 1.5 intrest free overdraft with various perks.

Check it out here

http://moneycentral.moneyextra.com/studentaccounts/

Personally, I think the bigger the intrest free overdraft the better, with some amazing intrest rates appearing at the moment, put it all in savings and make yourself some tasty money, far nicer than money off guidebooks or AA breakdown cover...

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