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[MSE Dan]

This thread is specifically to discuss the

Student Accounts 2009/10 Guide

Click reply to discuss

Specific Threads to discuss individual bank's overdraft limits.

Please let us know what limits you got if you applied for any of the following top pick accounts:

Halifax
Barclays
Natwest
RBS

[Chris4]

Thanks for updating!

I think I'll go with Natwest.

[bc3000]

I've gone with Natwest too

[mattdriver200]

I'm going with Santander as it's 5% interest rate when in credit.

[payless]

Originally Posted by mattdriver200

I'm going with Santander as it's 5% interest rate when in credit.

only if studying at one of the 30 odd uni's though

[omnipotentstudenttype]

The guide seems to suggest that apart from NatWest and RBS the other banks don't mind you having more than 1 student account, and that NatWest and RBS don't mind as long as theirs is the main account.

With this in mind would it be possible for someone with an existing NatWest student account to set up a second student account with overdraft with, for example, Barclays?

[Lokolo]

Originally Posted by omnipotentstudenttype

The guide seems to suggest that apart from NatWest and RBS the other banks don't mind you having more than 1 student account, and that NatWest and RBS don't mind as long as theirs is the main account.

With this in mind would it be possible for someone with an existing NatWest student account to set up a second student account with overdraft with, for example, Barclays?

Yes that is fine. But be careful not to get into financial trouble as the banks can request the overdraft back at anytime without warning.

[granny-mo]

Hi,

Looking for a little advice please. I completed my degree 3 years ago and went onto a Barclays Graduate Account which I am still on (currently £1000 into my overdraft - which I do pay towards). I am due to start a masters in September and was wondering whether it's possible for me to open a student account with another bank (probably Halifax as I have a current account with them)? Or would this get me into trouble?

Thanks, Granny-Mo

[omnipotentstudenttype]

Originally Posted by Lokolo

Yes that is fine. But be careful not to get into financial trouble as the banks can request the overdraft back at anytime without warning.

cheers! It would only be put into an instant access savings account so should be no problems there

[atypical]

Originally Posted by omnipotentstudenttype

would it be possible for someone with an existing NatWest student account to set up a second student account with overdraft with, for example, Barclays?

I am considering doing this also but I don't think it'd work. Barclays will want to see the account being used and it seems they won't be happy with some use only once a month if you go by the T&C's:

"If we provide you with an overdraft and/or a Reserve, you will be expected to manage your personal current account in such a way that your debit balance is substantially reduced on a regular basis. You may also be asked to make payments into your personal current account to reduce the amount of
your debit balance from time to time."

This coupled with the fact that you only start with £200 automatically and have to ask for the rest.

[Hanfox]

I went with Halifax for the sheer simplicity that I've been with them for over 4 years already.

Applied online and the application failed. So I went in to a branch and had an advisor look in to it for me. They found that I had failed the credit check (I'm 23 and have rarely messed up anything money-wise). The advisor said he's had a lot of fails recently, but he'd see if he could reprocess the application. That worked perfectly and I received a £1000 overdraft as well. So I would advise to go in to a branch and not apply online when attempting to make sure that everything is entered correctly and to make sure your application is actually reviewed properly.

As an aside the tips page says that you can get £3000 overdraft every year. You cannot! It is a max of £1000 in the first year, £2000 in the second, and £3000 in the third! No where that I can see on the Halifax web page does it say every year just that you may be able to get £3000.

The advisor even said he'd emailed MSE numerous times to rectify the information (Martin directly, apparently) and has not been able to get the information rectified.

There's my little tale for you

[MSE Dan]

Hi Hanfox,

That's really interesting to hear. Halifax press office however has repeatedly confirmed that the £3,000 is possible for every year from the first year onwards. Plus there have been some (but sadly not loads) of cases we've heard of where applicants were given £3,000 in year one, usually after they were directly asked for it.

Despite all this, your feedback is really interesting, as it shows even more confusion throughout Halifax about what this account actually offers

Dan

[brewskeyboy]

I just started an application for a student account with Natwest based on the rail card and overdraft but they are only offering me an initial £500. Is this the case for everyone or am I getting the short straw here? I did a quick web chat with someone there who suggested that it would go up each term up to the £1250 by the end of the first year but they didn't know for sure if this is automatic or upon request. Ringing up or going in to a branch every term just to get my overdraft increased is a bit of a pain in the !!!!.

[MrsManda]

Originally Posted by Hanfox

It is a max of £1000 in the first year, £2000 in the second, and £3000 in the third! No where that I can see on the Halifax web page does it say every year just that you may be able to get £3000.

This isn't true, even though most branch staff seem to think it is. I've just finished my first year and I got £1000 initially then called customer services and asked for £2500 and got it. On the Halifax website it says:
'
Our Student Current Account gives you the following.

• An interest-free overdraft of up to £3000 in your first year, which continues while you are a student and for one year after you graduate (up to six years) depending on the length of your course. Typical 0% EAR (variable)

You can find this if you click Apply Now on the Student Account Page

[wackojacko99]

I haven't seen any posts about this, but is it not advisable to open more than one account? I'm currently with Lloyds TSB and would like to have Natwest as this thread has stated that Natwest's perks are great! Thanks to all that reply!

[thebean5145]

Hi,
I have a big problem, i'm starting uni in the end of September. I received my ucas acceptance letter and proceeded to open a student account with halifax. Except my credit check failed, this i believe is due to me having an account with Abbey which i had a problem with, they had been charging me for fees when the account was empty and had no out goings. So overtime it accumulated debt, the account didn't have an overdraft, so i was getting fees for this unauthorised overdraft, to which i'm still fighting to get it put right at the moment.
So my question is:

What can i do to get a student account?, even though bank will see that i have a poor credit check.


Many Thanks

P.S.

All of my other accounts have not had this problem.

[Robbie_Williams]

im going into my second year at uni and i already have an overdraft with natwest which has been battered to the max.

i tried getting another student account with halifax today but failed the credit check because my natwest account is drained.

1) apart from getting put on the voting list is there anything else i can do?

2)are there banks out there whose standards for credit checks are not so high

3) is there a bank that dosent require the student loan to go into their account (HBOS is 400 every qurater)

any help will be muchly appreciated. cheers

[jfwmb88]

Hi there,

I have just been declined a halifax student account! I have never missed a credit payment, have had stuff on finance and just got a tv on finance which I got accepted by hfc, Am in credit in debit account and really need a student account. What shall I do, apply for another? cheers guys!

[Lokolo]

Halifax are very strict on student accounts so don't be upset if you cannot get one with them.

There are number of ways to get credit.

- Mobile phone contracts
- Credit Cards
- Any sort of finance

However, these are expensive ways to get better credit.

You are better off going with another student account.

[Robbie_Williams]

Do you know what banks are less strict? (excluding all HBOS and RBS affiliated banks)