Help with a new bank account!

mychemgal

Hey

Trying to find a bank account with a card so that I can order things online and can use a card in shops and get money out of machines.

At the moment I have an account with Nationwide, one of the 'smart to save' ones which is available up until I turn 19. I have just turned 18 and will be going to university in September so I am going to keep that account to save money in as it has quite a high interest rate.

I earn about £150 a month minimum in part time work so this would get paid into the bank account with the card and then I would just put about £10 a week into my Nationwide account. I did try to apply for a current account with Nationwide but was refused for some reason as I did not meet their requirements or something!!

If I have left out any information which is relevant just let me know and I'll fill it in. Ah I'm also a full time student at a 6th form and live at home with my mum.

Thanks in advance

mychemgal

Oh and I'm really not being lazy, this would be my first bank account and I have no idea what I'm supposed to be looking for!!

Nelski

knowing a little bit about your potential future missy can I recommend Coutts :D:T

Proper advice I am sure will follow:)

book12

Open a LTSB Under 19's account: http://www.lloydstsb.com/current_accounts/under_19s_account.asp

When you go to uni, upgrade it to a student account.

rb10

As you are going to uni in September, you'll (probably) want to have a student account then.

If it was me, I'd now open a normal current account with the bank that I wanted my student account to be with, so that it could be easily upgraded when you get your offer letter from UCAS in August.

The main players in student accounts are:

Halifax - interest free overdraft up to £3k (although will probably increase gradually, you won't get the whole amount straight away!), with good internet banking.
Natwest - generally offer a 5-year Railcard (gives you 1/3 off most train fares after 10am), but internet banking and customer service are both (in my experience of Natwest, and that of friends of mine) very poor.

The interest rate on the Smart account will probably drop once you turn 18. You can get 2.8% from the AA at https://www.theaa.com/savings.

mychemgal

Well I was thinking about that but then I thought I might not get the incentive type benefits of opening a student account for the first time? Really not sure how all this works!

rb10

mychemgal wrote: »

Well I was thinking about that but then I thought I might not get the incentive type benefits of opening a student account for the first time? Really not sure how all this works!

Certainly at Halifax upgrading an existing account gives you access to exactly the same benefits as opening a new one (in fact, possibly slightly more, as they will know by then that you can run the account well, so give you a little more).

mychemgal

thanks, now how do I choose which type of account I want? Does anyone have any feedback about Halifax? I'm assuming their everyday account though from looking at it? Not many banks seem to have an account where you don't have a minimum pay in!

mychemgal

Apparently Halifax can't offer me an account either :S what am I doing wrong?