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Sorry to bother everyone, a confusing bank question

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Only my second topic(I think) and its another problem/question but here it is. I applied for every bank and was turned down by each one for a student account(wasnt trying to open loads of student a… Read More
drbluebox Avatar
banned9y, 6m agoPosted 9 years, 6 months ago
Only my second topic(I think) and its another problem/question but here it is.

I applied for every bank and was turned down by each one for a student account(wasnt trying to open loads of student accounts btw just tried a different bank when I was turned down by one I went for another)

Anyway one day I was in town and I went into HSBC, and decided to try for a regular current account as im from Scotland so right now its a pain as im studying in England and theres no branches of my bank for hundreds of miles(as its a Scottish bank)

Anyway HSBC then gave me a regular current account with a £800 overdraft, confusing eh! a cheque book but no debit card.

I then also tried Royal Bank Of Scotland just as I want 2 accounts(not 2 student accounts) one for my loan/grant and another for savings and any other money I get and to pay bills.

Guess what they gave me a current account with a £500 overdraft(they said I could have more but I said £500 as a random number)

They have been open almost 2 months now and I asked both banks about changing into a student account and they said no problem as I already have a current account it just gets converted, and I will then get a bigger overdraft and HSBC said I would get a debit card(but the woman did say in HSBC she didnt understand why I got a cashcard in first place as the system said it sent out a Visa Electron card)

Why couldnt I get a student account anywhere but I can get regular current accounts which can be changed into a current account with the click of a button?!?!
drbluebox Avatar
banned9y, 6m agoPosted 9 years, 6 months ago
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banned#1
Sorry to bump message but anyone know why?
#2
The main difference between student accounts and ordinary current accounts are the charges. This is taken from the Halifax site.

Normally when you arrange an overdraft facility, you have to pay interest on the money that you borrow. However, all banks understand that students can struggle financially, so student overdrafts are offered interest-free, provided you stay within its limits while at University. So you don't have to pay interest on the money that you borrow through your overdraft.

The two accounts you have opened with overdrafts on will incur charges so be very wary if you do use them:) You are already a customer now but changing these accounts to student accounts will be more than the click of a button. You have to fill out all the questions about being a student etc. good luck
banned#3
Thats why I am confused, I assumed it was simply because students get bigger overdrafts so its more risky but if they offered me overdrafts that pretty much equal student ones why not offer me a student one.

It should be easy to change, both told me I can, theres even an upgrade option online for RBS which just asks for you acc number and sort code then thats it.
#4
drbluebox
Thats why I am confused, I assumed it was simply because students get bigger overdrafts so its more risky but if they offered me overdrafts that pretty much equal student ones why not offer me a student one.

It should be easy to change, both told me I can, theres even an upgrade option online for RBS which just asks for you acc number and sort code then thats it.


Students do get bigger overdrafts depending on what year you are into the course etc. Also students get interest free (mostly) overdrafts but as far as i am aware they need to know a lot about the type of course you are taking and proof of it when opening the account etc. Thats from my experience when i tried for my son.:)
banned#5
The funny thing is when I applied for both student accounts I asked for £0 overdraft

Strange system/

For my year I could of got a £1000 overdraft at either bank(im doing History)

I dont really need an overdraft I just got ones on my accounts to help me build up credit i.e go overdrawn by £50 for 2 days, then put £400 in, then a week or 2 later do same for other account building up credit score(which is bad due to my address having about 60 defaults from previous tenants)

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