Postgraduate (masters) bank account

Luvly.cuppa.T

Hi all,
I popped into a few banks today as am looking for a student account . I graduated this year (as a mature student) and am now going on to do an MRes (Masters in research). I have never held a student account before but this year as there are no funds/grants etc I desperately need something to fall back on (aka the overdraft) as we have 3 kids to support on a low income.... oh the fun!

So I shall share with you what I learnt today....

Abbey- (who I have been with for years with normal current accounts)
Don't seem to cater for us 1 year master students. The course needs to be at least 2 years long to get the student account, and I believe that you need to have £250 coming in every month to it too. The graduate account needs you to have a certain income or a letter of a job offer.
So no good to me! (as won't be working throughout the course)

Natwest- One can apply for the student account! They start off with £500 overdraft, then it goes up per term to £1,250 in the last one. However woman wasn't too sure what a masters was and I assume that the overdraft offers are equivalent to that of freshers year undergrad.... Aparantly no income needed for the account.

Nationwide- don't do student accounts

Barclay's- One can apply for the student account! They give £200 overdraft to begin with, and then it can be up to the max of first year undergrad, £1,500, by applying. Woman there did say that you don't have to have a regular income for the account, BUT it would certainly be crucial to the amount of overdraft that you get.

Lloyds TSB- Once again can apply for the student account! They give up to £1,500 overdraft in the year. Again aparantly no income needed.


I haven't got round to the other banks yet, but to be fair this is a nightmare for us postgrads as there doesn't seem to be a specific market for us at all! I think it's hit and miss with the sales people- some seem to know their stuff inside out regarding postgrads and others just whittle off the sales chat aimed at undergrads, assuming it's all the same!

If anyone has anything to add, then please do!

MrsManda

I've no idea what they're like but HSBC has a Postgrad student account
Also, as you've only just graduated you could open a Graduate account, most of which have an interest-free overdraft included.

Luvly.cuppa.T

Ta muchly, I will have a look at that then!
Problems with graduate accounts is that I would suspect that starting an account now would mean I would have to have an income... which I don't!

melancholly

visiting branches near universities is often more productive as (hopefully!) the staff there have more experience of this type of thing! natwest were happy to extend my student account for postgrad study, although perhaps you're in a different situation having not had one before. if you did have a student account as an undergrad, it's usually much easier - i just turned up with my student card (which happened a few times - the last one being when my phd went into a 4th year!).

bikelesschick

MrsManda wrote: »

I've no idea what they're like but HSBC has a Postgrad student account
Also, as you've only just graduated you could open a Graduate account, most of which have an interest-free overdraft included.

Just be aware that a overdraft on a graduate account can be for limited time only (I think mine was for 1 yr). I am now on a 3yr postgrad and have an account with Halifax, not sure if they'll accept 1 yr courses but you could ask?

I was given £1000 overdraft on application but I know (from this forum) that not everyone has been lucky to get that offer.

Good luck

Luvly.cuppa.T

Hey all- thought I would update this thread.

As it turns out Lloyds don't do one year post grad courses neither...

Halifax turned me down via internet, but sent a letter saying do come in and have a chat. I had already at that point taken up an account with Barclay's. I do think that going in as a PG student is far better than approaching it online as you have no idea what goes against you this way. Plus questions aren't geared towards PG peeps.

So am with Barclay's-it's not the best, but guareenteed £200 overdraft straight away and a chance to up that after a bit. Actually not sure when I can ask for that, but I have yet to transfer everything over to that account and use it properly.... and use it!