Natwest Student Account 2009/10: We Want Your Feedback

I got £1,250 from the day the account was opened (in early September). It seems NatWest has changed this now as it says on their website:

"You can apply for an interest-free overdraft - up to £1,250 in your first year. However, to help you budget we normally offer a limit of £500 in your first term, £1,000 in your second term and £1,250 in your third term."

I will be requesting an increase in my overdraft to £1,400 after 6th September as this is when NatWest has said they will increase peoples overdraft (in a letter that came with the renewed railcard). Seems to suggest the process is merely a formality.

I plan on sticking with NatWest for my postgrad course if they'll have me - was with them all through my undergraduate degree and three year graduate period, and never had any problems with increasing my overdraft or anything else.

I opened a NatWest student account just before my first year (now entering year three) and have had no problems. For the first time I requested the full overdraft limit two weeks ago, simply walked into the bank, spoke to enquiries who did it then and there in only a few minutes and with absolutely no fuss. I've always received my annual free railcard without problems.

I have been very impressed with their service.

Hey,

I was given the £1250 o/d limit straightaway from the time my account was opened, though the process to open the account was very slow and took a few weeks as I think the branch had hundreds of other accounts to open around the same time (it was from the busy Leeds University Branch which is on campus, and there was literally a crowded room of students in the room upstairs waiting to open accounts every day during the first few weeks of term). My student loan also came very late, so the overdraft came in very handy during that period, and I was pleased to have been offered the overdraft facility even though I had not made a single credit into the account for the first few weeks of account opening.

As for the railcard, I got that, but it expired on the 31st of July and they didn't automatically send me my second railcard, but I just rang up earlier and I should be getting my next one within the next couple of days.:jThey also checked that I had been using my account in the past 3 months which I think is one of the criteria to qualify for a renewal).

Natwest are very adamant about not increasing the initial £1250 overdraft they give you in first year and will not extend it past this under any circumstances (even temporarily) untill you reach your second year (which this year is the 6th September I believe - I hear sometimes you have to either apply for it in branch or they do it automatically - different advisors have given me different information). Instead they will offer you a credit card (that's if you've not already got one) if you've already maxed out or nearly maxed out the £1250 limit you get. I wouldn't go for the credit card personally as you'll just land in even deeper money trouble (if you've maxed your overdraft and spend on the card, will you even be able to afford the minimum payments each month throughout summer if you're skint and not been able to find work in this present economic crisis?!) and it's just more good news for Natwest if you end up owing them even more money.. Just make sure you don't get into this situation like many first years do at the end of first year (including myself ;P) and DO spend your money wisely (especially after you get your last loan installment), and don't be afraid of looking at your bank balance! Easier said than done though.. Everyone learns from experience in first year and is usually more money conscious thereafter in 2nd and 3rd year and beyond...

Also I have been told in branch that the Overdraft extension is subject to 6 months good account history, few (if not any) bank charges (- which are only given for unpaid items) and for going over the o/d limit, as this affects your internal credit score (I was told by the lending department that Natwest carry out internal credit scores when deciding to increase your overdraft limit).

Hope this helps!

I went into Natwest today and they said that as I was 26 I wouldn't be able to get the railcard with the student account. This seems inconsistent with what other people have got. I don't want to open an account with them and then find I can't get the railcard. Can anyone suggest how I can make sure I can get the railcard before applying?