When to apply for student bank account?

TheEffect

Is it too early to apply for a student bank account? Will I get the overdraft now if I apply?

I've applied for student finance and have confirmed my unconditional place already.

Thanks.

barnabee

My daughter had to wait until she had her confirmatory statement from Student Finance.

She completed her application online using her normal bank account details initially. Once her statement arrived she had the choice of converting her normal current account into a student account or opening a brand new account.

If you choose to open a new account remember to update your bank details in your student finances account.

MrsManda

Some banks may allow you to open a student account with a small OD if you present them with your confirmation of your unconditional place but not all will - I opened mine a few months before I went to uni as I had an unconditional offer but I know many people who were turned down until closer to September. My advantage was that I already had a current account with the bank (with a interest OD) so they didn't have much issue with moving it to a student account.

As Barnabee said, if you are thinking about your SF application you can always put an account down and change it later. Or open a current account and upgrade to a student account when you can.

choc_mouse

Congrats on your uni place!

For an overdraft you need to be 18 or over. I think you could just try applying now and they'll request any necessary confirmation (e.g. Uni offer or Uni registration). You could always add the overdraft later.

hbloomers

Congratulations on your uni place!

Do you really need an OD now? I understand its nice to be organised and all, but if you have it you'll be more tempted to use it. I don't know if its sensible to get into debt before you even start uni!

TheEffect

Thanks for all the replies.

I'm currently with First Direct and have a £250 interest free overdraft that I do not use (Always in credit). The main reason for wanting to get a student account now was to be organized and an added bonus of being able to put the interest free overdraft into a savings account.

I've got a HSBC Bank Account that I do not use, so I will just use this for my student finance and when it gets closer to the time, I'll change it to a student account. I'm not sure on what's going to happen to my First Direct account, as I believe they do not like students.

minerva_windsong

Based on my experience (with the Halifax), don't open it until you know when you're starting and finishing the uni course, especially if you turn 18 early in the academic year, as they don't understand that it's possible to be 18 and not at university.