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  • FIRST POST
    • TheGardener
    • By TheGardener 20th Mar 17, 5:35 PM
    • 1,887Posts
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    TheGardener
    Student Bank Accounts
    • #1
    • 20th Mar 17, 5:35 PM
    Student Bank Accounts 20th Mar 17 at 5:35 PM
    So says
    "Usually, to be accepted you'll need a UCAS confirmation letter with an unconditional offer, or, if your offer's conditional, you'll need to have A-Level results that meet that condition.
    As soon as you've got these, you can open an account, allowing you extra time to make full use of its benefits before the start of term...
    "

    But actually, even if you have all of the above - it seems you also have to be 18. Which makes the opening of one of these accounts a real pain for anyone born in July/August - because having given SLC all your bank details when you applied (before MAy) - just as you are expecting the loan payment to arrive is not a good time to change your bank account details meaning only the older kids in the year group get the advantage of using the accounts before term starts.
    Last edited by TheGardener; 20-03-2017 at 6:12 PM.
Page 1
    • Dobbibill
    • By Dobbibill 20th Mar 17, 6:18 PM
    • 2,135 Posts
    • 3,252 Thanks
    Dobbibill
    • #2
    • 20th Mar 17, 6:18 PM
    • #2
    • 20th Mar 17, 6:18 PM
    SFW normally process the first payments in October meaning they can go in and amend their bank details before the payment is processed, so in theory should be able to use the facilities earlier - that said, it's not ideal to be using the OD prior to the end of term as it should really be used for an emergency. With things like rail cards, they would have 4 yrs from when they open the account so will be able to use it after their peers' have expired.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • TheGardener
    • By TheGardener 20th Mar 17, 9:44 PM
    • 1,887 Posts
    • 1,746 Thanks
    TheGardener
    • #3
    • 20th Mar 17, 9:44 PM
    • #3
    • 20th Mar 17, 9:44 PM
    He was not really planning on using the OD at all if he can manage it - it's just the frustration of trying to get everything all set up and ready to go and having to leave a fairly important bit right to the last minute and as we all know - changing banks and bank details can go awry just when you need it not to. He'd have been happy if he could open the account and OD facility not be available until after August but that's not an option apparently. He has an unconditional offer so everything else is sorted.
    • Dobbibill
    • By Dobbibill 20th Mar 17, 10:08 PM
    • 2,135 Posts
    • 3,252 Thanks
    Dobbibill
    • #4
    • 20th Mar 17, 10:08 PM
    • #4
    • 20th Mar 17, 10:08 PM
    I know what you mean - getting everything set up is a logistical nightmare.

    Is he studying at home or away?

    I remember my DS going off a few years ago - so much to do, trying to get a step ahead can be challenging on times.

    Top tip - if he is willing to do it - set up the student loan to fund the student account and then weekly pay into a different accounts for his bills and spending - essentially converting the loan amount into a weekly wage.

    It really did teach my DS budgeting the right way. I'm pleased to say, he is graduating this year and still has his OD in tact, so he's not trying to get out of a huge OD on top of finding a new job.

    The hardest part is the first few weeks - especially when all the other students are spending the OD on Freshers and getting a bit excited with the lump sum. Once the initial few weeks are over it becomes routine and just the norm.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Luckystar
    • By Luckystar 12th Apr 17, 10:12 PM
    • 925 Posts
    • 3,180 Thanks
    Luckystar
    • #5
    • 12th Apr 17, 10:12 PM
    • #5
    • 12th Apr 17, 10:12 PM
    If your son already has a bank account it may be possible to switch it to a student account and retain the same sort code and account number which won't affect the student loan payment. My daughter is in a similar situation having a summer birthday, she has a nationwide flexone account which we have been told can be upgraded to a flexstudent when she is 18 and retain same bank details. Hope that helps
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