Top Student Bank Accounts 2006/7 article Discussion Area

pollocmc

Hi,

I hope to be one of those that are deficit banking as martin called it. i.e. I'm gonna stick the overdraft in a savings account. I have decided to choose between RBS and HBOS for no good reason other than I've banked with them for the last 15yrs (I've just had to close my accounts for personal reasons - not financial).

What I can't decide is whether the £100 plus lower overdraft with RBS is better than the higher overdraft of HBOS.

My course is 5 years (plus a vocational year at the end which I'm not sure if it counts) so I'm inclined to think the higher overdraft is a better deal. Then again RBS might swithch to higher overdraft next year and no cash up front at which point i could increase my overdraft. hmm decisions decisions.

It is also my second undergraduate degree if that makes any difference.

any advice welcome.

tkane

Hi I'd be very grateful if someone could clarify the overdraft conditions with Halifax...

The website says there's a £2750 interest-free overdraft limit PER YEAR. Does that mean I can take out a total of £11,000 over the course of 4 years (that's the duration of my degree) and not have to pay anything back until the end of the course? I really don't understand as this seems TOO good to be true

Diminutive

Hmph, halifax didnt even get back to me, so I called and I got rejected for the student account >.>; Why the hell offer student accounts if you're not going to give them to students. I can't have a very different credit rating to many students!

pollocmc

Diminutive wrote:

Hmph, halifax didnt even get back to me, so I called and I got rejected for the student account >.>; Why the hell offer student accounts if you're not going to give them to students. I can't have a very different credit rating to many students!

Was it a local branch or a on/near campus one? You might have a better chance applying to them.

Diminutive

I decided just to apply with Natwest since I've had a child's account with them since I was very small, lol. I had a current account that I got about a month ago that I hadn't used, so they've converted that to a student account for me... I got approved for the overdraft (£1,250) within seconds, and it will be activated within the next 24 hours As well as that I already have the account number and stuff (Since it was just an upgrade not a new account) so I can give that to SLC now They are also going to send me a starter pack with a shiny new better card for the account apparently! And a rail card. hehe

haloman

Halifax rejected me today. Completely pointless - what's the point in advertising a student account if you can't get it? Going to convert my current Natwest account into a student account now.

qtanx

haloman wrote:

Halifax rejected me today. Completely pointless - what's the point in advertising a student account if you can't get it? Going to convert my current Natwest account into a student account now.

Tell me about it, I received my rejection letter in the mail this morning. I don't get how I "don't pass the qualifying tests" since I have an account with HSBC - £100 overdraft (usual crappy interest rate) but I don't use it, £100 cheque guarantee card, cheque book and all the usual extras with a full current account. I also have a capital one classic credit card which is paid off fully every month - WHAT IS GOING ON?

I applied online and they took forever to reply, I called halifax yesterday and the man in the call centre said a server crashed and they have to manually re-enter everyone's application details to the system. Some retard at halifax probably put something of mine in wrong and that could be why I was rejected. Do you think it's worth going into a branch and applying again? I could write a letter disputing the rejection but I'm not sure how effective that method is.

techno_geek

Do you think it's worth going into a branch and applying again? I could write a letter disputing the rejection but I'm not sure how effective that method is.

QTANX - It's probably worth a shot... I've regretted not disputing a couple of credit card applications. It's always worth a try, and you might succeed!:cool:

somner

anna_spanner wrote:

Can my daugher take up the free rail card offer with one bank. And then
change after her first year to take up the higher interest free overdraft with another bank and still keep the railcard until the end of her three year course??? It would then mean that she is also not too tempted to use up
such a large overdraft before the end of her course.

If you're talking about NatWest railcard then no. The railcard is valid until the end of the academic year and you receive a new one automatically just before the other expires. Providing the account is still open, of course.

moneysavingexpert2006 wrote:

can somebody tell me if it is possible to get an overdraft before you're actually at uni- i would really like one now before i go off to uni as i've heard student loans, grants and bursuries wont actually be handed over until you've started at uni

do i just open an account and apply for an overdraft there and then- if so how long will it take before i have access to the money

thanks

Last year I applied to HSBC, for a student account, about 3 times before the start of Uni, and they always rejected me. About two weeks before University began I went to NatWest and opened a student account there and then. I was able to go into my overdraught straight away and infact was -£160 before my first payment into the account, which was my student loan. Obviously you need to prove that you're going to have money coming in - student support notification letter.

Morn

Just wanted to add my 2p worth. I have just transferred to HBOS and have so far found it to be a smooth transition.

The staff in the branch were almost as entertaining as the adverts, and they take care of the paperwork for you all you do is sign.

A little advice for those who want their Credit Card, in my experience it is better to apply separately for one. I went through the process when I transferred my account, and found that they would cap the credit limit to £500 and also had a higher rate of interest after the 0% 9 month offer expired. By applying separately I got £1800 limit and a better rate.

Have fun

Ciao