Top Student Accounts 2009/10 MSE Guide discussion area

samwsmith1

Lokolo wrote: »

About 8 months.

11-08-2009, 6:25 PM <--- first post

Thanks
Was hoping for one sooner as looking at the early bird at HSBC for starting in September 2010 to setup around now.

Money_saving_Martyn

Hanfox wrote: »

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

Maybe it was not rectified because the advisor was wrong. I've had 3000 every year. This is now my fifth year. Judging by other comments this is unusual, but possible.

hungrystudent

Hey guys,

This is my first post so excuse me if I've posted this wrong...

I applied for student account in 2004 and decided to go with my existing provider Lloyds TSB. I told them I had been accepted at Bournemouth University and will be starting my 4 year Sandwich degree that October. Filled in forms, job done

All went swimmingly, no problems at all. Enjoyed the benefit of the maximum OD, internet banking, Student discounts blah blah blah...up until I reached my 3rd year (2007).
One summery afternoon, I logged onto my online banking and found my STUDENT account had been changed to a GRADUATE account with my overdraft being reduced from £2000 to £1750. So I went to my bank and explained that I still had 1 more year to go to which Mr Bankman say's "Nothing to worry about Sir, the accounts are very similar. We apologise and we will look into it". He increased my overdraft there and then which put the spring back in my step...which was short lived.

A few months later I check my online banking and find the same problem... Overdraft reduced to £1750 but instead of sprinting down to my local branch I clicked the little tab on the left which said "Overdraft". It gave me the option to increase it for a short term which was fine by me as I thought the 'problem' was being sorted.

I carried on doing this every time my overdraft reduced. I also found that I had incurred further overdraft charges for using this facility. (even though it should have been interest free)

Anyway, finished exams and passed with flying colours. I am now finally a Graduate. Found a job, carried on with day to day life and also carried on manually increasing my overdraft...



After I graduated I never really used the account other than a couple of direct debits. I didn't close the account as I felt it was my entitlement to own an 'interest free' overdraft. Apparently, my account was reviewed on 13th September 2009, so I went online again and tried to increase the overdraft to its normal £2000 limit. "PLEASE CONTACT YOUR BRANCH MANAGER" it displayed which scared the crap out of me.

Anyway, arranged to meet my bank manager and she told me my account had been put into collections. This meant that I was over my agreed overdraft limit by £250 along with the huge bank charges that go with it.
I argued my case and they agreed to cancel the charges once I removed my account from collections as there was nothing that the branch could do. With the balance cleared they also agreed to increase my overdraft back to its original £2000.

I paid the £250 that day and waited a further two weeks until I called into my branch again as nothing had been done. Manager lady explained that my credit rating had been affected so Lloyds could not give me the increased overdraft which meant I had lost my £250.

This directly affected my credit card payments as at this point as I had been made redundant and had was also on benefits. I could not afford to keep up any of my payments so I was £250 down, incurring credit card charges, further bank charges on my 'Graduate' account and was also unemployed. My Jobseeker allowance was also swallowed which meant I was penniless!

I wrote to customer complaints and they replied by stating that I was in the wrong and they could not accept my complaint. They did offer to remove £75 pre-notified unplanned overdraft charges but would not accept liability.


I am in real trouble now guys, I am truly in the 'Downward Spiral' as these charges are flying at me from all angles!:mad:

Can anyone help? Has this happened to anyone else?

Any advice would be greatly appreciated

p.s. Apologies for the really long message, had to get it off my chest.

The Hungry Student x

karendb

Hi - sorry if I've missed it somewhere but do we have an updated Best Student Account guide somewhere? The info shown on this one is now out of date.

I'm looking for one for my daughter due to go to Uni this October. Because of generous bursaries, she shouldn't have to borrow too much and we were looking to park any excess in a savings account. A free railcard would be handy as a bonus as well.

Thanks -

keet83

im going back into studying on a one year top-up degree. last time i had a HBOS student account and dumped the £3000 overdraft into an ICICI account. i am now wondering if i should open several student accounts this time and do the same again, however will this effect my credit scoring once i have finished.

i will pay it all back once the 0% overdraft ends, i just wondered if it showed up negative on your credit score after it has all been paid. due to it being a normal debit account i dont think it shows how much or how little you have in, only if you have gone passed your agreed overdraft.

i'm i right with this and should i go ahead with it?

djmartin999

Just thought I'd post my experiences with the banks, as I've managed to get 5 student overdrafts within one month of each other!

RBS: First port of call as they offered it all over the t'internet. I managed to get £1400 just like that, no speaking to anyone. Never been into a branch. Just a couple of phone calls later in the year. Free memory stick. Yay!

Lloyds TSB: As I bank with Lloyds the most, they were happy to offer me £1500 overdraft, although I do have a good credit score with them (Amex credit cards up to £1450 per month, and always pay on time, and used to do saving with them during VI form).

Halifax: Originally they told me that would beat Lloyd's offer, by going up to £2000. Then reduced to £1500 and then further to £1000 within a month of opening it. I think they got a little confused, but didn't want to push it!

Natwest: Had to go in branch, got approved £1600 overdraft, despite explicitly telling the woman I would be using it to go into regular savings account, opened on the same day with Natwest (5% at the time).

Barclays: Had to go in brance, got the £200 overdraft, and haven't tried to expand it yet. Will try to when I graduate in a month's time.

Santander: Got refused.

So anyways, just goes to show that its very possible to open multiple student overdrafts! Just make sure you set up transfers to supply all the accounts with nominal amounts of money so they don't flag up on their computer systems as unused accounts - unfortunately I learnt the hard way with RBS: after no payments in or out of the account for 5 months, I had to pay it back. Since then I've put a bit on money through each of them. None of the others have given me grief yet.

misagh

I have been a customer with Abbey/Santander for a painful 9 years now, and started uni last september at the age of 28. I went in today to see if they would change my account to a student account so I could take advantage of the interest free overdraft and this is honestly what I was told :

We don't let people sign up to student accounts in the month of June.
We also changed our terms and conditions recently, and are only making our student accounts available to people about to start their first year, or people transferring their student accounts from another bank.
Basically, because I'm starting my second year in september, I can't have a student account. but if I was a first year, and applied in any month other than June, that would be ok.

The guy in the bank even had the nerve to tell me that the only way they would give me a student account is if I opened up a student account with another bank, then asked Santander to transfer it over to them. How insane is that?

I have been with Abbey/Santander for nearly ten years, even though they have literally screwed me out of hundreds of pounds over the course of that time, and they want me to go to the trouble of opening a student account with another bank, and then getting them to transfer it to them?
If anyone has an address for Santander management, would you be able to pm it to me as I would genuinely like to make a complaint about this. I've tried to speak to their complaints department, but they seemed totally uninterested in what I had to say, and either hung up on me or the line went dead.

Babz22

Hey, Im just looking for some advice really.
Im starting uni in september and need a student account and/or loan. However i have really bad credit. so i do not know how to proceed as
i dont want to make it worse and when you apply and get rejected this leaves a bad mark does it not?

Any advice would be greatly appreciated on where has the best deals and if my credit will affect the outcome

Thank you! Babz.

ThinkingOfLinking

Babz22 wrote: »

Hey, Im just looking for some advice really.
Im starting uni in september and need a student account and/or loan. However i have really bad credit. so i do not know how to proceed as
i dont want to make it worse and when you apply and get rejected this leaves a bad mark does it not?

Any advice would be greatly appreciated on where has the best deals and if my credit will affect the outcome

Thank you! Babz.

I'm in the same boat; I opened a Step account with Natwest with no trouble and they're going to upgrade it to a student account in 2 weeks time. I may not get an overdraft but I'll get the other benefits such as a free railcard...

Oldernotwiser

The_Old_Bag wrote: »

I am really really confused.

Youngest waiting for exam results next week, could be starting uni in Sept/Oct 2010.
Therefore will need a Student Bank Account starting 2010/11.
I thought I was really, really late getting this organised, so sat down at my PC today determined to sort out all the paperwork before lunch today.......but MSE is still "working on" a thread for this topic !!:eek:

When I sorted out eldest child, I read up the MSE thread and we organised student bank account months before the results came out.

Would someone please explain to this Old Bag, as she is seriously losing the plot !!

Am I late, is MSE late, has someone moved the gate posts ????:question:

Is the 2010/11 thread somewhere else?
I have hunted through the main site, and done a search on the forums, but could find nothing ..... so I am very confused:(

I'm a bit confused as to why you're the one sorting out accounts for your children. If they're capable of going to university, surely they're capable of organising their own bank accounts?