Top Student Accounts 2010/11 MSE Guide discussion area

rev_henry

student2010 wrote: »

I'm trying to decide whether to go for a Natwest account and get a Railcard or The Co-Op with with the bigger overdraft.
To get the Co-op one I need to deposit over £300 - does this mean that once I have then opened the account and deposited the money I will just be able to take the £1700 out and put it in a savings account?
Thanks.

I beleive that is the case yes. I'm trying to decide the same as you! Although I'm leaning towards NatWest atm because I will genuinely save with the railcard, and I don't anticipate actually needing all that overdraft.

mclovin1991

I opened an account at both Lloyds and Natwest yesterday, I was unaware that Lloyds state in their terms and conditions that you're not allowed another account. (I wasn't asked by the bank if I had an account elsewhere either) And now I've noticed someone saying they're going to charge for your allowed overdraft, should I just go back to Lloyds and close my account, or should I make use of the overdaft?

Martini

We'll be looking at the Nat West account for the Railcard benefit as well. Looked earlier on in the year and it was only available from RBS for Scottish students! We'll also set up online banking and transfer money to savings accounts. My son started with his savings of £3500 last year and nearly ran out of money before his student loans, grants and bursary started to pay out in January. He ended the year with over £5000 in the bank so it makes sense to get the highest interest rate possible.

student89

mclovin1991 wrote: »

I opened an account at both Lloyds and Natwest yesterday, I was unaware that Lloyds state in their terms and conditions that you're not allowed another account. (I wasn't asked by the bank if I had an account elsewhere either) And now I've noticed someone saying they're going to charge for your allowed overdraft, should I just go back to Lloyds and close my account, or should I make use of the overdaft?

I havn't recieved a letter from lloyds saying their going to be charging from now on. Maybe it jsut hasn't arrived yet.
also do you know if u are not actually allowed another account with lloyds (ive got everything with lloyds but want a natwest 1 for the railcard) or if its a case that it has to be 'your main account'?

rev_henry

student89 wrote: »

I havn't recieved a letter from lloyds saying their going to be charging from now on. Maybe it jsut hasn't arrived yet.
also do you know if u are not actually allowed another account with lloyds (ive got everything with lloyds but want a natwest 1 for the railcard) or if its a case that it has to be 'your main account'?

I'm not sure quite how it works with Lloyds but there's usually ways and means of getting around this. Check the t&cs closely. See if you must pay your loan in or can just shuffle money around and make it look used.

ion47

student89 wrote: »

I havn't recieved a letter from lloyds saying their going to be charging from now on. Maybe it jsut hasn't arrived yet.
also do you know if u are not actually allowed another account with lloyds (ive got everything with lloyds but want a natwest 1 for the railcard) or if its a case that it has to be 'your main account'?

Lloyds don't state anything about paying in a student loan, maybe because not all students get one.

As for the overdraft charges, I can confirm that whilst Lloyds are going to charge £5 a month for overdrafts from December, Student Interest free (soon to be called Interest and Fee Free) overdrafts are NOT affected and will remain completely free (i've defenitely checked this).

MrTomato

After 2 applications being turned down, my 3rd one for the Co-op has been accepted!

I'm quite happy about that. I'd much rather have a £1400 overdraft than a £500 with a £26 railcard.

rev_henry

MrTomato wrote: »

After 2 applications being turned down, my 3rd one for the Co-op has been accepted!

I'm quite happy about that. I'd much rather have a £1400 overdraft than a £500 with a £26 railcard.

If you don't mind my asking, who turned you down and do you know why?

aj14

I'm trying to decide between Santanders account and Co-ops account, the reason for santander was partly the overdraft and partly the insurance offered with it. Is the insurance offered value for money, ie can i get similar insurance else where at decent rate, in which case i would go for the co-op account and bigger overdraft?

appreciate the help

littlemergirl

I'm going to be starting the LPC part time in September. As this is a postgraduate and part time course, does anyone know if I am entitled to the same student account benefits?

Thanks.