Student Accounts?

[epi]

Hi guys,

Looking to sign up for a Visa CC account of some sort student wise, any recommendations on whats the best to go for?

Cheers,
epi.

[shiato storm]

word of advice - if you can afford one, take out a loan and put it into a high interest saving account (where ever you might find one), wait for three years(or when ever your course ends), take back the money and pay off the loan, the remaining interest should be reasonable after several years if you don't touch it...enjoy.

[THCi]

So, in other words, dont take a CC, use debit, but take out a loan for the cash that the Debit card will be taking out?

[Sibu]

Err, surely a bank loan interest will be higher than the interest on savings?


If you meant put your student loan in high interest savings, thats a better idea

[fondie]

Take out a student account with the bank with the best student account deal at the time, most will offer you a credit card, which you might as well take. Then take out the overdraft on your student account, as it should be free, and put it in a cash mini ISA.

[Sibu]

Nice idea, but that can be risky. If the bank doesnt see any activity in the account they can demand you pay back the loan in a short space of time, which if you've spent the money, or put it in a fixed term deal (ie bonds) then your screwed.

But an ISA sounds nice...you can take money out can't you? its just a limit to how much you can put in iirc

[fondie]

yep, you can take it out anytime you like, you're only allowed to deposit £3600 per tax year though. i think it's unlikely the bank will demand the money back though, hopefully you'll be making a few transactions through it anyway, leave a couple of hundred (of the overdraft) in there for beer, and if you do need more money transfer it from the ISA and if you can't wait the couple of days for the money to be transferred from the ISA, that's why they invented credit cards!

[Nemeliza]

A natwest jumped me the moment i finished enrolling for uni, they offered a 1250 overdrafe which i think might be standard these days. i really didnt bother asking much questiong i just said gimme the bank account and let me be on my way.

[TomWilko]

I took the Natwest student account, pretty useful i say It gives me Switch - i think CC is option but i havn't applied. A huge overdraft + £55 in my bank when it opened cos it was connected to the UNI i was going to...

[epi]

Hmmm interesting, may see what NatWest have to offer, though does it mean the bank adjoined with your Uni or within Campus gives special deals to student there?

[Sibu]

OK, here are the student deals i know of:
Natwest, cash upon deposit of 250 quid in your account, i think its about 50 quid

HSBC: 5 yr railcard or £50 cash

Lloyds TSB: Coach card, entry into free draw paying student fees and discounts on buyiong mob phone contracts somewhere

Barclays: Cash given after 300 pound deposit, more if you apply for cc successfully

Standard overdraft in the first year is £1000. If your looking for a larger overdraft in the first year, either take out multiple accounts or go2 halifax, no incentives to open, but they have a £1250 overdraft in the first year.

Epi; i don't think the uni has to be connected a natwest branch to get the 55 pound credit. Otherwise this would be considered an unfair advantage to students of specific universities

[fondie]

Originally posted by Sibu
take out multiple accounts

i don't think you're allowed to take out multiple student accounts btw, that's not to say it can't be done but i've heard of people getting into trouble when the banks have worked out they've got multiple student accounts and demanded all the money back! the banks lose money on interest free overdrafts, but they're not doing it out of the goodness of their hearts!

[TomWilko]

Originally posted by epi
Hmmm interesting, may see what NatWest have to offer, though does it mean the bank adjoined with your Uni or within Campus gives special deals to student there?

Mine was just a bank in the City Centre. If you're going to get a Natwest one try opening the account to the biggest branch in the City you are studying.

[Sibu]

Originally posted by fondie
i don't think you're allowed to take out multiple student accounts btw, that's not to say it can't be done but i've heard of people getting into trouble when the banks have worked out they've got multiple student accounts and demanded all the money back! the banks lose money on interest free overdrafts, but they're not doing it out of the goodness of their hearts!

Its not against the rules or anything. But to try to prevent you from doing it they tend to demand 200-300 pounds is put into the account within a month. As for the interest free overdrafts, if you simply take out the overdraft and leave the account dormant chances are they will ask for it back. If they see some activity in the account, its less likely that they will demand the money back.

In regards to the natwest account, i had a quick look and...
When opening the account (after deposit of cash sum) you will receive £40 credited to your account. If you opened the account on campus, they will give you an extra £15.