Which non Student account?

sunil237

well im 90% sure i'd be getting the halifax student account (AFTER THE 4TH AUGUST AS THEY GIVE £3000 INSTEAD OF £2750) and i'l get approx £4000-4500 maintanance loan/grant.

my kind kind family are willing to pay my accomodation £4019 (on a cashback account ) and i am going to pay them back with my retained funds and my money from work/summer death work.

now heres the part i can do with some advice on, and the main info i'd say you need i'm 21 years old.

i will have £7000-7500 intrest free (the maint loan at inflation rate) and i am looking for an account where i could put it.
i've searched on the website and it says Kaupthing Edge have the best rate (correct me if i'm wrong) at 6.36% gross/6.55% net on their savings account.

would this be the right bank to go with?

i've also then something called R85 form to claim tax free intrest, would a student apply to this?

hmm just thought of something, seeing as id have enough money to live on as im not covering that accomodation free would it be better for me to get the halifax £3000 overdraft and let it gain interest (which will be accumulating for 4-5 years) or natwest account to gain £1250 first year, £1400 next, £1600 last and their infamous railway card... train is £4.90 and will be used 0.75times a fortnight x 45~weeks = £33.75 so i'd save only £11 a year for home journeys and the £80~ intrest.. compared to £190~ intrest.

k sorry about that last bit i guess i answered my own question i like to do stuff like that lol

ok 1 bad thing it has no card, so id have to keep some funds in another acount not earning the intrest

Titch89

sunil237 wrote: »

would this be the right bank to go with? get a wide used debit card type?

You don't get a debit card. The way you 'take' money in & out is to transfer it between accounts.

i've also then something called R85 form to claim tax free intrest, would a student apply to this?

Only if you don't earn (student loan doesn't count) over the tax free allowance, which I believe is around £6k. (or will be soon?)

sunil237

ok thanks, i just called them up and found out about the card thing, didnt realise they closed at 8 when i typed that up.
i take it i should be sensible and limit my earnings to the non taxable limit, as i definatly won't earn over that much by much.

Gemmzie

When are you 22? I'm wondering if you'd qualify for the A&L Premier 21 account, it's 10% AER up to £1k so you could use that as your spending account?

sunil237

350 days to go.

read up a little on it. 10% account is for 16-20 year olds.

premier direct current account
8.5% with monthly minimum deposit of £500 and 8.5% is limited to £2500 and 0.1% after that. i'm not worried about the excess i won't go over, but if i put in the £500 each month can i remove it aswell?

it also offers a max overdrat of £2000 at 0% for 12 months...

Gemmzie

Yes sorry, I've had two hours sleep!

Yes you can, it just needs to go in regularly like a wage.

sunil237

lol go sleep you'l save more money on lighting bills

k thanks il give them a call tomorrow.

gave them a call and its a debit card account with a cash back credit card aswell (if i qualify). +£50 cashback and £100 switching account (my natwest one is rubbish anyway)
and after £2500 i can just do a standing order from kaupthing to a&l and back again, same day/day after

k thanks for that think it sorted my plans out.
all cash to halifax (student account) same day all out to kaupthing.
£2500 from halifax over draft to a&l and £500 to kaupthing
then all other maintanence payments to kaupthing
with £500 every month in and out of a&l from kaupthing.

sunil237

hmm went halifax today.. went to the persons room and she said i hadn't got an appointment, kindly enough she let me have 1. she said NO you cant have an account before your actually at university, so that 4 august - 31 september or what ever dates i was given was also a lie..

and for other peoples info aswell.. the account lets you have £1000 overdraft upto 4 months. keep your account +ve figures inorder to get an increase, and in major credit if you wanna reach that £3000.

so all in all that was a waste -.-

sorry for double post but just to inform of my situation and if any1 knows why we cant have an account untill uni starts.

Gemmzie

Do you have an unconditional offer?

regularsaver1

you have to have an offer letter from uni, not conditional, or after results - so you can arrange the account before start date

melancholly

sorry, wish i'd seen this thread earlier - halifax offer the biggest maximum overdraft possible but hardly anyone seems to qualify for it.....