Co-operative bank student account 2010/2011: We want your feedback

mr.brightside87

What are the "few formalities"? I take it that a credit check has already been done as they wouldn't have said I was accepted (which is a mystery if it is this way round as I have a bad debt with my old bank). Is it just student information and loan payments?

BigCat9101

Hi,

After reading this thread I am a bit confused and wondered if someone could help me.

Basically I am returning to uni to study on a post grad course and am looking to open a co-op student account. My question is am I allowed to get the £1400 overdraft if I have other overdrafts in different accounts even if I don’t use them? Also, would I have to close/transfer my current account to co-op and use the account as my main account? As you may have guessed I have more than one account.

Thanks in advance

Concho

El_Burro wrote: »

I am a post-grad student in my second year and I applied for a Co-op account by chance a week before it was selected as top pick by MSE. As far as I know, all full-time post-grads are eligible as well as undergrads. The reason I applied was that I already had a student account with Santander but all they would give me as an overdraft limit was £250. I applied 3 times over 7 months for an increase and it was always denied. On my final request they removed my overdraft altogether hence my Co-op application. I'm so glad I decided to switch! The Co-op application was similar to other student accounts although you do get an initial decision very quickly. I found it a bit strange that you have to deposit £300 before they'll send your card but when I did they sent the card promtly and activated my overdraft. They even set the limit to the second year amount (£1700).

You need to phone them to set up telephone and internet banking (AFTER receiving your card) but they are very helpful and overall I'm very impressed.

Hi - Did you get a Visa Debit Card? As I see the poster below you didn't, and I don't really fancy having to use a Visa Electron card!

vleah

atypical wrote: »

You have 1 year after graduation before they turn your account into their normal current account (with the associated overdraft fees). From their T&Cs:
"At the end of one year after your final year of study your account will convert automatically to a current account"


I still can't see it. The T&Cs are here, they haven't used the words "up to" in anything relating to overdrafts. Have you seen it in a booklet they sent after you opened the account? In that case it may be a generic booklet, look for the student account section.

Hi, no I saw it online. It's under the section 'Account Charges', which is below 'Terms and Conditions'.

student89

mr.brightside87 wrote: »

What are the "few formalities"? I take it that a credit check has already been done as they wouldn't have said I was accepted (which is a mystery if it is this way round as I have a bad debt with my old bank). Is it just student information and loan payments?

yeah, ive just taken mine to a britannia, they want to see some id, acceptance letter to uni and student finace forms if thats how you said youd fund the account.
Theyll send you a letter soon if you dont already have it, you can either take these to a co-op or brittania or send them back yourself (but u have to send the originals and you wont get them back)

atypical

vleah wrote: »

Hi, no I saw it online. It's under the section 'Account Charges', which is below 'Terms and Conditions'.

'Up to' makes sense in that context. You get up to £1400 interest free, anything above that is charged at x%.

Blairweech

I am a mature student, so already have a credit record and am on the electoral roll. Applied online and was approved straight away, the only things I had to send were copies of my UCAS acceptance letter and Student Finance payment schedule.

Have to say their customer service has been top banana so far - rang to register for Internet Banking and a REAL UK person picked up the phone straight away - no 'your call is important to us, please hold', no shuffling through endless menus, no Greensleeves. A poor reflection on todays society when such a thing impresses me so much but there you go. I then immediately locked myself out of Internet Banking and they were very helpful and friendly about it.

According to the welcome pack, I will be sent my debit card and receive my £1400 o/d after I send my initial deposit of £300, which I have arranged, so will update when all that happens. You can also pay in/take cash out at Post Office counters. In the welcome pack, there is only half a page at the back which says 'now you are with us, you have access to a student credit card or these savings accounts' so no hard sell at all

So far, I am very pleased AND they have a sound ethical policy :money:

tpsaver

student89 wrote: »

yeah, ive just taken mine to a britannia, they want to see some id, acceptance letter to uni and student finace forms if thats how you said youd fund the account.
Theyll send you a letter soon if you dont already have it, you can either take these to a co-op or brittania or send them back yourself (but u have to send the originals and you wont get them back)

My local Britannia didn't want to sort mine out, so I have to travel 40 miles to my nearest co-op branch

vleah

atypical wrote: »

'Up to' makes sense in that context. You get up to £1400 interest free, anything above that is charged at x%.

Oh ok, thanks.

trini

I am a mature student and have just applied for this account. Received e mail within 30 mins to say subject to a few formalities (I presume proof of course/funding) I have been accepted.