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Student Bank Accounts?

lewiep Avatar
1d, 3m agoPosted 1 decade, 3 months ago
So I am starting Uni in just over a month, and was wondering if anyone can give me advice on which are the best stufdent accounts, with the best freebies. I think I heard that one of the banks gives you ten free chart CDs when you open a student account?
lewiep Avatar
1d, 3m agoPosted 1 decade, 3 months ago
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#2
my honest opinion on this, is that the natwest offer is the best followed by lloyds. i bank with lloyds and get a interest free overdraft. do not just look at the freebies. look at thinks like overdraft about telephone or internet accesss and also look at availability of branches near uni. just a word of caution the lloyds offer of a free ipod shuffle is only for a limited number of applicants and that you must transfer or deposit £500 into you account to be successful. check the other banks for other terms which may exclude you.
#3
Great info guys (Steff and dead). :thumbsup:
#4
all student bank accounts get free interest overdrafts.....

im with abbey who suck gonads...BUT i started with 1250 overdraft and every year subject to how you use and abuse your account it goes up 250 max £1750. Their customer service is appaling though and they offshore their department which annoys me as my buisness is in the UK not halfway round the world.

My girlfriend is with Lloyds and when shes been struggling with money they have increased her overdraft no questions and she recently made a complaint about overdraft charges and they were very helpful and gave us advice on how to reclaim these back. So they have better customer services imho
#5
Charges -- you can get any charge you've ever had back. A woman I know did it and claimed back £100 in charges from her bank that had been paid a long time ago. Apparently they're not allowed to charge you (or something) and template letters are available to help get the money back.

Re accounts, I believe moneysavingexpert has a low down on which ones are best. Don't just look at the gifts, especially if you think you'll need the overdraft.
#6
its not quite as easy as that!

you need to have a financial advisor to look into your claim (Citizens advice Bureau) sometimes you WILL have to go to court with the bank as they quite clearly state what the charges are. you can claim as far back as 6 years etc etc. its long winded but im doing it as I have about 1500 worth of chargers over 4 years, its not a matter of they arent allowed, the max allowed is £12 but banks charge £30 which becomes unlawful as they are profiting from it to the tune of £3bn a year :x :(

Credit cards are easier to claim back on.
#7
lloyds are offering a free ipod shuffle with their account. while stocks last!:-)
#8
i am just about to start third year Uni. Use HSBC student account fantastic customer service and my branch is open on a SUNDAY!!!!
Also have natwest account (just standard current account) customer service ok. Would say though if you are going to be away from home the best offer is deffinetly the Natwest one.
#9
I did this all last year, decided on Natwest as the railcard is very valuable for a student.

One thing I will say is that certain banks only let you bank with them exclusively. i.e. HSBC. Others such as natwest don't mind.

So get a Natwest account, and then sign up to another. All you have to do is put £50 or so until the 31st october to get the offer, and another overdraft.

However, remember overdrafts have to be paid back, some friends were into multiple overdrafts by the end of the 2nd term!
#10
this article on MSE sums things up nicely!
#11
I've just been through this with my son who is starting university in September. My advice would be to forget the freebies - the interest free overdraft is worth more than any free gift. HSBC offer the largest interest free overdraft, if they give you the maximum, which isn't guaranteed. We went for the Royal Bank of Scotland. The overdraft is pretty good in the first year at £1250 and all applicants get the maximum. In addition they offer an interest free loan of up to £2000 when you finish University for up to three years - something we couldn't find with other banks, which is worth a lot. I've just noticed that there is a limited offer to pay £55 into the account when it is opened which helps as well. Sadly it is only limited to certain English and Welsh branches (check before you apply) and we live in Scotland (It's a Scottish bank as well!!) Typical. Hope this helps.
#12
merlinthehappypig
I've just been through this with my son who is starting university in September. My advice would be to forget the freebies - the interest free overdraft is worth more than any free gift. HSBC offer the largest interest free overdraft, if they give you the maximum, which isn't guaranteed. We went for the Royal Bank of Scotland. The overdraft is pretty good in the first year at £1250 and all applicants get the maximum. In addition they offer an interest free loan of up to £2000 when you finish University for up to three years - something we couldn't find with other banks, which is worth a lot. I've just noticed that there is a limited offer to pay £55 into the account when it is opened which helps as well. Sadly it is only limited to certain English and Welsh branches (check before you apply) and we live in Scotland (It's a Scottish bank as well!!) Typical. Hope this helps.
I agree I think this is one time to forget the freebee. Go for the bank that will best suit you at university. I'm in my last year of a 6 year course and what clinched the deal for me was the overdraft that is available to NatWest student customers. I have to say I am impressed with them and would recommend them. The £50 cash for signing up with them was just a bonus really.
#13
All this talk of overdrafts... I rang around loads of companies (before starting my degree) in the Yellow Pages and was lucky enough to secure a sponsorship throughout my degree, paying my fees. The company also gave me summer time employment which was very valuable when it came to getting a real job..

As well as all this, I worked Saturdays in m&s and other clothes stores, which meant that I was lucky enough in that all my student loan just went in to my ISA.. Working in m&s over Christmas usually meant £200 worth of discount as my 'bonus'. Casual employment at Tescos also gives my mum 10% off of her shopping..
#14
polak
All this talk of overdrafts... I rang around loads of companies (before starting my degree) in the Yellow Pages and was lucky enough to secure a sponsorship throughout my degree, paying my fees. The company also gave me summer time employment which was very valuable when it came to getting a real job..

As well as all this, I worked Saturdays in m&s and other clothes stores, which meant that I was lucky enough in that all my student loan just went in to my ISA.. Working in m&s over Christmas usually meant £200 worth of discount as my 'bonus'. Casual employment at Tescos also gives my mum 10% off of her shopping..
That's good that you can do that, but a lot of people won't be able to. Many courses are not they type where people can get sponsorship (e.g. medicine) and most people won't have time to work during term time. I agree that working during the holidays is a good idea, but some NHS courses (medicine, midwifery) have extremely short holidays especially towards the end of the course.
Interest free overdrafts are the best way of borrowing money as a student (apart maybe from borrowing from parents!) as you pay back what you borrow... no interest... not even inflation.
Hence it is probably best to get a student account with the overdraft facilities that best suit you, not the one with the best freebie.
#15
on the upside though NHS funded courses you dont get a student loan but you get a monthly bursary paid to you every month regardless of if your at uni or its the summer hols.
#16
amino
on the upside though NHS funded courses you dont get a student loan but you get a monthly bursary paid to you every month regardless of if your at uni or its the summer hols.

This is a freebie discussion so I don't want to start discussing the ins and outs of different course loans. That said, you are not totally correct as some NHS courses get a bursary plus a reduced load. Overall this amounts to approximately the same per year as that which non-NHS students receive (you just don't have to pay it all back). Some courses like medicine only have a bursary for the last 2 years.

Polak was stating that in his case he did not need a student overdraft. I thought it worth mentioning that as courses are different, many people will be in a different situation to him.

My point is that for the majority of students it is important to look at the overdraft facilities (usually interest-free) that are offered. Different banks offer different overdraft limits. Do not be sucked in merely on the offer of a "freebie".

It may also be worth mentioning that you are only allowed one student account, so you cannot go round collecting all the "freebies" from the different banks.
#17
jay2 - you can apply for a visa credit card however you automatically get a visa debit card which i find is far superior to a credit card (better control on money etc) you can also get a cheque book.

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