Co-operative bank student account 2012/2013: We want your feedback

Former_MSE_Alana · 7 August 2012 at 5:45PM

Hi all,

In our newly published Student Accounts 2012/13 guide, the Co-operative Student Account is one of our new top picks.

It offers a guaranteed 0% overdrafts of £1,400 in year one (as long as you're accepted). Then £1,700 in year two and £2,000 in year three.

We're after feedback from people who have applied this year and want to know your experience and if you had any trouble getting the overdraft.

Thanks for all help in advance

zkellerman · 9 August 2012 at 6:38AM

Had absolutely no trouble applying for the Co-op student account. Applied online, got accepted no hassle - I'm a mental health nursing student starting 2012 and live alone and I'm not swimming in any kind of money (unless you count the pennies in my wallet that I can't get rid of!).

They required a little evidence but this was easy going and again no trouble (I can't remember what evidence they required but it's on their website). Turnaround times from application to getting the account up and running were quick (about 2 weeks if I remember right but it took another week for cheque book, PIN number and the debit card to arrive after depositing the £300 into my account, though I could access my account online before these arrived). When depositing the £300 required to activate the overdraft / get the debit card, I was asked to set up a PIN number for my card and set up the security question answers (which included a memorable date and school, though I imagine these are randomly assigned).

Received one of those wireless card-reading machines that look like calculators they use at the banks (the ones you put your card in) to help / access online banking more securely, which I thought was a nice touch - though I haven't used it yet as I don't really want to fiddle around with it, but it does come with clear instructions.

Switching my direct debits from my old Barclays account to the Co-op was incredibly easy and was done online, the Co-op kept me informed of the process and this has taken 2/3 weeks for the direct debits to be transferred into my new account (in which they do it for you). You can receive a list of direct debits going into your new account from the Co-op but this makes the process take longer and I didn't feel the need to do this as I can just check it all myself online. Standing orders and regular money transfers have to be rearranged yourself though, I believe and you have to inform whomever pays you of your change of bank account details.

One word of warning though, in their terms and conditions it does state you have to ask them to increase your overdraft limits in year 2 and 3 when the need arises, it is not done automatically.

As far as I am aware, other than the HUGE guaranteed overdraft, the Co-op does not offer any other benefits and they do not have a graduate account (who knows though, this might change within 3 years as the Co-op are increasingly becoming a much, much more popular bank). Your 0% overdraft lasts a year after graduating so remember to pay it off before then! Their interest rates and charges are incredibly favourable though compared to the other banks offering student accounts.

All in all, really pleased with the Co-op - it was all relatively quick and completely hassle-free and I can use my overdraft before University has even started - which will really help in being used to purchase a motor for commuting to University and my uni placements.

Klor · 10 August 2012 at 6:28PM

I've tried applying for this as it is the best for my circumstances and to help me move in much easier!

However i was declined (If anyone has any big common reasons why this may be). But ringing them tomorrow so will give a feedback on customer experience/service

Vashda_Nerada · 13 August 2012 at 5:31PM

I'm in my 2nd year at uni so I applied for this account as they're far more ethical than my current bank, but as was the case last year, I was refused an account.
No idea why tbh, my credit used to suck but its now pretty good. Don't think I'll bother applying again next year, I can see how this is going to go

tjdjer · 14 August 2012 at 12:25PM

Klor wrote: »

I've tried applying for this as it is the best for my circumstances and to help me move in much easier!

However i was declined (If anyone has any big common reasons why this may be). But ringing them tomorrow so will give a feedback on customer experience/service

When you say declined, did you apply and get declined OR did you apply and send in your evidence and the get decline :S

studentsaver11 · 21 August 2012 at 4:55PM

The co-op bank and myself have not gotten off to a very good start, hence why I have changed my student bank account over to my current provider, Lloyds TSB, before the co-op one had even started. I applied online for a student account on Friday 10th August and by yesturday (10 days later) I had gotten fed up off hearing nothing from them so decided to go into my local Britannia Group bank. When asking the assistant about not having any info back from them she explained that that particular bank did not deal with students so I was then taken into a room and put on the phone to head office, without any assistance or help from her. She simply went back to do her business. When I was eventually through the man explained that they had been overloaded with requests and were behind. He then told me that I had been sent a letter through the post with my account details on which I have not yet received. This then worried me in case it had been sent to someone else's address. He then told me a reference number (I think it was) which I could use to deposit £300 into my bank account through the branch I was at so I could receive my overdraft and a direct debit card. I then explained that I would use my student finance when I get it but the man became stroppy and, shockingly, told me that the £300 could not be part of my student finance?! This put me off co-op all together. I then went over the road and made an account with Lloyds which was easy and great customer service. Once back home I had to cancel my co-op account through the phone which started further problems as the man dealing with student accounts on the phone first said he could not cancel accounts and within 2 minutes he said he would do this for me?! I am still quite worried I may have 2 student accounts which is illegal so am going to phone co-op back tomorrow to confirm they have done this.

My advice would be to not go with co-op.

nmr1991 · 22 August 2012 at 2:21AM

Maybe it is just your branch, my nearest branch has been already really late, I sent my application form in 2 weeks ago, received approval of my application 3 days after in an email, then last Friday, received a letter in the post saying I need to send 1 proof document (including AS12 UCAS confirmation letter) which I took my Provisional Licence and Counterpart with me to my local branch otherwise had I posted my documents, they wouldn't get returned as is their policy. The bank adviser then said (in person) I had to wait 4 - 7 working days for my account to be open or receive more stuff asking for more documentation. I didn't give them my student finance letter, even though I had it to hand at the time.

They also said that I can use my maintenance loan to activate my £1400 overdraft for the first year once they receive confirmation that I am attending the university.

j-josie · 23 August 2012 at 5:10AM

Only took DS a few minutes to apply on line but everything went swimmingly and he has now received his cheque book/card/PIN etc. I transferred £300 in (which has to come straight back to me as he's not allowed to keep it, lol) so account now activated and everything seems good.

He did apply a few weeks ago though so maybe that was a good time as I expect they are swamped with applications post A Level results day.

he popped into the local branch to query something and they set him up with all his security stuff for telephone banking etc so it has all been very painless. Internet banking will be the next step

fishybusiness · 23 August 2012 at 12:57PM

Already have a COOP account, applied for student account, accepted and happy except....

The acceptance letter says

"As soon as your account is showing a balance of £300.........At that point we'll also send you your Debit card."

So, no debit card until my student finance money is paid in. I will then have to wait however many days it takes to receive a debit card and then PIN.

Thing is I need to get at my money straight away, not 14 or however many days it takes to get a debit card up and running.

I need it now, along with the card reader thingy so I can use my money when I get it.

So, I won't be paying my student finance money in to my student account...shame really.

j-josie · 23 August 2012 at 6:21PM

Fishybusiness: could some one help you out temporarily, like I helped my DS? I paid in£300 so that the account could be activated and card/pin issued but DS gave me the money back again once he had his debit card.

Only took about a week from deposit to card issue so how he's all up and running before he gets to uni..

fishybusiness · 23 August 2012 at 8:49PM

That is a fair point.....

I can understand the bank not giving a penny of any student overdraft until student money is confirmed and paid in.

I can't understand a bank not issuing a debit card until the money is paid in. I've had plenty of accounts that issue cards as soon as an account is opened, including my very own Coop account.

That's my grumble

Co-operative bank student account 2012/2013: We want your feedback

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