Confusing Student Seeks Student Account

elliedarlington

On the surface, this may seem like a simple question: which is the best student account for me? However, I'm not an ordinary student!

I graduated this summer from University, but as of September I will be continuing to study at the same university on a postgraduate masters course which I hope can lead to a PhD.

However, as an undergrad I never had a student account, preferring to stick with my Nationwide Flex Account because I had sufficient savings so as never to need an overdraft.

But being postgraduate, I am not eligible for government funding such as student loans, and am having to fork out the £4,000 tuition fees and living costs myself. I have saved for the fees and will be getting a term time job to help pay living costs. However, I think I will probably need an overdraft.

I went to NatWest, and they said that since I haven't had an account with them before, I wouldn't be entitled to their railcard (no great loss) and could have an interest free overdraft of about £1200. The Halifax account seems like the best option but I don't know if everywhere will accommodate me as a normal student.

If I do get an overdraft, I hope to be able to transfer some of my savings into a savings account of some sort until I need to pay installments of tuition fees and the like. I currently keep them in the Nationwide e-saver but I don't know if there's something better I could be doing with the money. I've read about Kaupthing Edge, but my dad thinks it's a bit dodgy & another Northern Rock waiting to happen.

Any ideas?

mp80

I wouldn't worry about Kaupthing being dodgy - like any other UK bank, your savings are protected up to £35,000. I'm sure most Icelandic people think the same about Birmingham Midshires

I seem to recall that HBOS had the best student account. I'd apply for that and whack any spare money you have into the highest instant-access ISA you can get.

Have you also considered credit card stoozing? If you offset your purchases on a 0% credit card for a year (or longer, with some accounts) into an ISA, you gain money on the interest in the ISA without having to pay any to the CC company - you can make effectively free money (probably a couple of hundred quid if you're lucky) and then pay off the card when the 0% period ends.

mp80

In reminiscence, how wrong were we!

JAYk_2

The best thing to do is to look at all the banks that offer a Student current account. Pick a few that you like. Go in-branch and enquire.

These banks offer resonable student current accounts, they have overdraft facilities, you don't have to use them:
Halifax
Lloyds TSB
Barclays

You have also stated that you'll be continuing on at your Uni, that means you're still going to be student.:)

jambosans

This thread is two years old, the OP will have finished their Masters.

JAYk_2

jambosans wrote: »

This thread is two years old, the OP will have finished their Masters.

Yes lol, but it might help someone today.:)