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Student account opening question

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So the Student loans company want to know which account to pay me in but I can always move it into a student account right? As you need the loan to open the account? Just making sure so the bank can…
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9y, 10m agoPosted 9 years, 10 months ago
So the Student loans company want to know which account to pay me in but I can always move it into a student account right? As you need the loan to open the account? Just making sure so the bank can't moan about it when I go to open a student account...
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9y, 10m agoPosted 9 years, 10 months ago
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#1
Can move it where ever you want :thumbsup:
#2
Okay. So I should just get it put into my current account, then open a stud. account and transfer it?
#3
You'd be best waiting a while to open your student account. As Natwest had a majority of the student market share last year the main banks are waiting for them to launch their student account benefits before they announce theirs.

When you do apply for your account you will need your LEA letter if you do it before June or if you wait til after June you can just give them your UCAS number. Oh and most of the banks will let you open the account without your student grant being paid in when you open it.

Not that I'm running a student campaign for a very popular high street bank :whistling:
#4
Natwest easily looks the best, but as you said I'll wait and see what others offer:thumbsup:
#5
Normally HSBC roll out a MP3 player, Natwest do the railcard with extra discounts at stores when you show it and if you apply online will give you a webcam, Lloyds are the worst normally and Barclays I have no idea about....

Wait until about June 10th and they should all advertise by then.
#6
Yeah I'm with HSBC at the moment but some silly mp3/mp4 player doesn't compare to a railpass
#7
I'm with the RBS (Royal Bank of Scotland) and i never needed the loan going in. There are always people that dont use student loans mind.
I just needed to go into the branch with my Matriculation card and they changed my account over to a student one.
#8
Im with Natwest student account, honestly mate do not go Natwest. The rate is **** lol its like 0.2 %. If i were you i would get the loan in a normal current account, and if i wasnt going to use it just put it straight into an ISA. For Student Accounts though do your research on the interest you'll get for each account. I think Halifax is 2.0% but im not too sure. Although i must admit Natwest does look good lol
#9
Im with Bank of Scotland and they wanted my loan to be put into the student account.... but then i transferred it straight to an ISA so no biggy :thumbsup:
[mod]#10
daniel_r
Im with Bank of Scotland and they wanted my loan to be put into the student account.... but then i transferred it straight to an ISA so no biggy :thumbsup:


My god, a sensible student. What no PS3, HDTV, 6 months supply of alcohol. :giggle:
#11
Well you have me sussed Syzable :p The train pass would be useful, I already have an mp3 player and probably anything else they give away as a gift..
#12
Syzable
My god, a sensible student. What no PS3, HDTV, 6 months supply of alcohol. :giggle:


HAHA... but im an old man so thats probably why
[mod]#13
daniel_r
HAHA... but im an old man so thats probably why


That's true, i forgot you're a mature student. :oops:
#14
daniel_r
Im with Bank of Scotland and they wanted my loan to be put into the student account.... but then i transferred it straight to an ISA so no biggy :thumbsup:

It's completely in our right to do this isn't it? I mean it is technically our money, we have to pay it back so we can get a bit of interest right? :thumbsup:
#15
Yup its fine to do that.... the only condition for me with the Bank of Scotland for having a student account was that i got my loan paid in there. However the day the money hit the account i transferred it straight into the ISA.
#16
Most of em let you open an account without paying loan in but the freebies are normally conditional on paying loan in. If your applying for a loan and don't have a student acc yet don't worry - they send a confirmation slip you can return to change it from your current bank acc if you wish. Be careful reading small print - some do specify having one account (and a few even have arguably illegal penalty clauses for having more tha one) as it is quite popular to go for ALL of the student banks.. Half a dozen freebies and thousand in free overdraft. Easy £ to take everything out of free overdraft rght to limit then shove the lot in a high interest ISA.
#17
My advice would be this (and I said this last year when all the university students-to-be started looking for offers):-

Don't go for the bank that has the best "freebie". This really is one of the times in life where you should ignore the freebie and go for the bank that provides the best service that you require. Those services will be different for each individual, but some examples include interest free overdrafts, student credit card availability, online banking facilities etc. etc.

Then, once you've chosen your bank, consider the "freebie" as an added bonus. When I signed up, NatWest seemed to have the best facilities for me (most notably an on-campus bank at my University) - I signed up before the days of online banking, and they instigated this at a later date. I received £50 cash from NatWest but this is not the reason that I signed up with them.

I would therefore urge others to approach bank accounts in a similar way, don't be drawn in by the freebies!

PS Also bear in mind that technically you are only allowed one student bank account, so if you go for the first "freebie" offer that you see, you won't get a second chance to set up a student account with another bank.

Sorry, lecture over.

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