Student bank account...

HopeAndDriftWood

Hello,
I'm expecting my offer to turn unconditional next week, and I have my student finance information, so I went to open a student bank account ready for uni.

Went to Halifax, who rejected me instantly, telling me I could have any easy cash card instead. Was worried, and even though I know I shouldn't have, I applied with Lyolds. Don't think I was even credit checked this time...got to the bit where I told them I've only lived at my current address for 7 months, and her screen went black, then came up asking her to phone up. She said not to worry, she'd sort it out, but then very abruptly said I'd been refused and forced me out of her office. She hadn't even checked my address/ID.

I'd really appreciate having an overdraft to fall back on...my credit file looks fine, got 11 searches from Feb but they should go in August. No defaults, and my contract is paid fine every month.

Am I not likely to get an account? Any advice on who might accept me?

Lokolo

Why do you have to get an overdraft now?

Pretty sure you're not going to university right now and going to running out of money in the first week. Wait until you actually need it.

HopeAndDriftWood

After going round the banks with friends who are going into their second years and them really struggling to open accounts (banks don't believe they don't already have accounts, presume they must have maxed out their overdrafts) I'd like to have it open and ready.

It would have also been helpful incase student finance don't pay me in time, and I have to pay accommodation.

GrammarGirl

Banks usually require proof of an unconditional offer/acceptance of a place before granting a student overdraft. Look at it from their POV - at the moment, you're not actually a student.

Wait 'til you've got your unconditional offer and then go back in, with proof of your place, proof of your address and some ID.

Mike1989

As far as I know you need confirmation via an unconditional/conditional offer to get an overdraft. For instance I have my student account with the Halifax, and they wanted my UCAS confirmation to get their student account with an overdraft. So as far as I know it is still the same.

However, I did remember HSBC offering an account before you get your confirmation. This is off their site when you click apply and it tells you what you need;

HSBC Student account - early bird offer
If you are thinking about uni or awaiting your proof of confirmation of your university place you can still apply in the same way. We will open you an early bird Student Bank Account and when you are 18 or over and we have seen your proof of an unconditional university place (which you'll need to bring in to a branch), we will automatically provide you with the additional benefits.

So if you wanted to go with HSBC< you could get a student account now. But I can't see it having an overdraft facility until you get your confirmation through. So I think its best to wait for your letter to come through, and once it does, I'm sure you'll get accepted.

HTH

Hi SaucySecrets,

I would apply for a Halifax Reward account online and get that up and running if you can, then when you get your conditional offer take your letter into Halifax and they will amend the status of the account to student (this won't affect your sort code, account number, card etc). As with the Halifax accounts they need to take you through an application for a current account first then they simply add an indicator to it to show its a student account.

When you go into Halifax, if possible, take notification from your college/univeristy which shows how long the course runs for or graduation date as they may only arrange for it to be a student account for a limited period (eg 2 years) if you don't have this. You can always take this in at a later date. I've known people who have used their full overdrafts then the account has changed to a normal current account incurring interest as they did not inform the bank how long their course lasted.

Hope this helps

xx

Haywarsa

My daughter has got her place at University. Being an organised person i would love to get her student bank account up and running ,however i have been waiting for Martin Lewis to publish his update. Its now August,have i missed it? if i have does anyone know which is best?

HopeAndDriftWood

Haywarsa wrote: »

My daughter has got her place at University. Being an organised person i would love to get her student bank account up and running ,however i have been waiting for Martin Lewis to publish his update. Its now August,have i missed it? if i have does anyone know which is best?

Martin hasn't published an update yet, but said he would soon. However, Natwest will undoubtedly be the best. You get a five year rail card, extra student discounts, £1,250 in the first year and they have excellent customer services. RBS offer the same, minus the railcard.

You can go into any bank now and open it, just take along ID, proof of address ( a bill or official letter, or a bank statement but not an internet statement) and proof of her uni place. They'll open it there and then, and post you your card and PIN within a week or two. You'll get a welcome pack, too, that has the application form for the railcard in.

You can even open it online, and just take the things in to your bank when they ask. If you open it online, you get a 4Gb USB stick too.

Hope that helps a bit!

atypical

Haywarsa wrote: »

i would love to get her student bank account up and running

Perhaps giving her the responsibility and getting her to open the account herself would be more beneficial? Don't forget to update the account details you have given to Student Finance when the account is open, assuming she is going to be takings loans/grants.

pengers

The NATWEST account may look good but beware how awkward Natwest are - certainly in Edinburgh. The website says you can upgrade online, but when we asked at the branch, they said he had to visit personally and bring with him a letter saying he had an offer / place at a University.

My son took all the necessary documents and they said it wasn't enough because the document from his University had to confirm the number of years the course was lasting for. Even the application form simply states that you just need a letter of an offer / place.

I have complained strongly that the Bank should make it clear what documents are needed.

whizzing

When do you think Martin might publish details of bank accounts being offerred. One of mine is going to Uni on the 5th Sept. Only four weeks away !!!! And these things generally take a bit of time.