Part-time Student Accounts?

GlynG

I’m a part-time postgraduate student, who’s also working full time. Anyone know if there are any banks that have student accounts I can open in these circumstances? I’m suspecting the answer will turn out to be ‘no’ but an interest free overdraft (to transfer the money from to a high interest account) would be nice.

Presently the interest free overdraft on my existing graduate account (with Barclays) is due to close next month, though apparently the interest free allowance has been dropping for some time - discovered yesterday that I’ve been paying 14.9% interest on anything over £1,000, when I’d thought it was a much smaller % of anything over £1,500.

Apparently paid over £60 in interest in the last year alone! Somewhat annoying, really should read them bank statements... The bank lady then tried to sell me a Graduate Additions account for ‘only’ £5 a month, but I politely declined and transferred funds from my savings account later in the day to put me back into positive balance…

Glyn

Joey_3

Hi, I'm in the exact same position as you, and trawled the High Street banks today.

I currently have a HSBC Graduate account, and they can put me back to a Student account, but only for one year (they only allow a maximum of 4 years on student privileges apparently). My course is 3-5 years so I said that wasn't really good enough and I would look elsewhere.

I think the answer is basically "No", I have checked the terms and conditions of many accounts - most won't even cover Post Graduates at all, and those that do it seems they only cover full time. Co-Op Bank were the best I found today as they said they cover postgrads and they cover you for as long as your studying takes (they said they have covered PhD students), but when I read the T&C's I think they only take on those who are studying full time.

It seems so daft, I can't understand why someone doesn't offer an account for us - there must be more people like us and you'd think they'd want to try to get our custom. I know we're only part-time, but we're still students - we're still eligible for student cards etc. so why not bank accounts? What about those with families who can only study part-time but don't have any other earnings? It's bad enough that it's so difficult to get financial support for postgraduate studies, but now to find out I won't be able to get a decent interest free overdraft for the duration of my Masters is a real kick in the teeth.

I think I might have to accept HSBC's offer of the extra year, and then go back to the graduate account again (I hope I would go back to the beginning of the Graduate scheme but I doubt it). I guess I could transfer to another graduate account after the extra year at HSBC if I can get a better overdraft elsewhere.

jonesMUFCforever

Joey wrote:

Hi, I'm in the exact same position as you, and trawled the High Street banks today.



It seems so daft, I can't understand why someone doesn't offer an account for us - there must be more people like us and you'd think they'd want to try to get our custom. I know we're only part-time, but we're still students - we're still eligible for student cards etc. so why not bank accounts? What about those with families who can only study part-time but don't have any other earnings? It's bad enough that it's so difficult to get financial support for postgraduate studies, but now to find out I won't be able to get a decent interest free overdraft for the duration of my Masters is a real kick in the teeth.

I think I might have to accept HSBC's offer of the extra year, and then go back to the graduate account again (I hope I would go back to the beginning of the Graduate scheme but I doubt it). I guess I could transfer to another graduate account after the extra year at HSBC if I can get a better overdraft elsewhere.

To go on a post graduate course presumably you will have completed a degree course with all the free overdraft over 3-4 years and then most banks will offer a graduate account - more free overdrafts for up to 2 more years and now you want an account for a further course!
Banks will open an account for you BUT not on student terms - you have had the freebies now it is time to pay.

Joey_3

Fair enough, but what about those on a 7 year undergraduate course? I guess I just always presumed that whilst you were a student you would be eligible for a student account.

I never used the overdraft during my student years (until I finished and was looking for work whilst paying rent and bills), but since graduating I have wisened up and have put some of the money into a savings account. I don't particularly mind having to pay this back, but I do think it is a bit odd that most student accounts don't cover postgraduates.

I really feel for those postgraduates who are studying full time, having to fund the course themselves or getting a "Career Development Loan" (which frankly is a bit of a farce as you have to start paying it back immediately after you have finished and most people don't have a job immediately), and they can't have an interest free overdraft.

jonesMUFCforever

You get one shot at a free student account - the vast majority of degree courses are for 3 and 4 years.(+ further 2 years on free graduate terms).

I would like to buy a new car but I don't think Ford will give me one until I agree to pay for it. Same with postgraduates if they can't afford the course take a year out, earn some money and go back.
Honestly, I know some students who are in their 30's having never worked in the real world! They go from one course to another to another I'm sure some will retire soon having never worked!

Joey_3

I didn't think I was being too unrealistic in thinking there would be student accounts available to postgraduates - undergraduates get a student loan AND an interest free overdraft, it just seems the balance is a little odd. Some banks seem to have accepted that, and Co-op offer support throughout your postgraduate studies which I commend.

I've never expected to be given anything without having to pay for it, I've never bought anything on credit so I don't know where your car analogy came from, but I'm just surprised you can't continue your interest free overdraft whilst you're studying. I have worked full time and part time (I also have a Sunday job) for the past year and always worked during holidays as a student, but I still can't afford the £5k tuition fees as well as all the extra costs (e.g. books, travel, etc.) for my Masters on top of my everyday rent and bills. I wouldn't have thought it too much to ask to have the interest free overdraft extended, as I really don't see how you can be expected to start paying off the overdraft when all your money is still going on studying. I'll still be working whilst doing my course too, but I'll still struggle.

Hey ho, now that I know I'll be doing some research into what I think is best for my finances.

oldwiring

http://www.google.co.uk/search?q=hsbc+postgraduate+accounts&start=0&ie=utf-8&oe=utf-8

I don't know if this link will be of any use, but here it is for you to look at.