student bank account

Wrig

hi, been lurking here along time, this is my first thread though i think.

just a general woundering relly about a few things.

first when you apply for a student bank account with over draft when do you get it (i have offers from uni's that ive accepted)

does credit history/age/debt effect what you can get or even if you can get a account.

lastly i have accounts with halifax and llyods would this mean i have to go with them or close them and open up a new account.

had a quick look for these but seemed to be about student acounts after you finish uni. thanks :T

melancholly

when you finish uni, you get a graduate account - you can only have a student account when you are registered as a student!

you probably won't get the account opened with full overdraft until you have started at uni and shown you are actually there. you could fail all your exams and not go to uni so having applied isn't enough. i'd hold off applying until the summer when you know what the new offers are as they can change the freebies a fair bit from year to year.

closing other accounts will depend on their terms and conditions. some student accounts expect you to use them as your main account and some current accounts require minimum amounts to be deposited each month. there's no simple rule! you should pick the best student account for you (be that for them offering the best overdraft or because the branch is close to you or whatever you see as a priority).

your credit history can play a part but that will depend on the bank. if you have a poor credit history then avoid halifax as they are less likely to offer a large overdraft.

there is usually an article on the main site for each new year of student accounts - look out for it over the summer.

Wrig

thanks just what i needed to know, and yes i have bad credit history but thats getting better each month.

to be honest im not halifax biggest fan, had a 1500 overdraft with them and they wanted it all back for no reason which i paid and cant get a overdraft with anyone since then, though do have two credit cards.

Lokolo

Wrig wrote: »

thanks just what i needed to know, and yes i have bad credit history but thats getting better each month.

to be honest im not halifax biggest fan, had a 1500 overdraft with them and they wanted it all back for no reason which i paid and cant get a overdraft with anyone since then, though do have two credit cards.

All banks can, and will do this if you do not use their accounts.

lorietta

If you have a student account they usually credit check you. Most students don't get the full amount when they first apply as a matter of principle, and it increases year on year. With natwest, usually the first year they will only give you a £800 overdraft to start with and increase it to £1500 in the second year if you have been sensible with it.

I don't know if they do a formal credit check, mine was opened in the matter of five minutes after having the account for about 3 months. It was my main current account, but I had my loan paid into a savings account also with natwest.

To open a student account you usually have to have proof you've been accepted on the course, a UCAS letter or a letter from the university is fine, but you can open them before the registration date.

GothicStirling

Wrig wrote: »

thanks just what i needed to know, and yes i have bad credit history but thats getting better each month.

to be honest im not halifax biggest fan, had a 1500 overdraft with them and they wanted it all back for no reason which i paid and cant get a overdraft with anyone since then, though do have two credit cards.

If you have a bad credit history, no bank will give you an overdraft or student credit card. My best advice would be forget it, you will have to get through the degree without using credit. It can be done, my sister is doing it - she has a student bank account with Natwest with no overdraft facility. She lives off her student loan and wages quite well.

I on the other hand is graduating with a £1,800 overdraft from RBS.

GothicStirling

lorietta wrote: »

If you have a student account they usually credit check you. Most students don't get the full amount when they first apply as a matter of principle, and it increases year on year. With natwest, usually the first year they will only give you a £800 overdraft to start with and increase it to £1500 in the second year if you have been sensible with it.

I don't know if they do a formal credit check, mine was opened in the matter of five minutes after having the account for about 3 months. It was my main current account, but I had my loan paid into a savings account also with natwest.

To open a student account you usually have to have proof you've been accepted on the course, a UCAS letter or a letter from the university is fine, but you can open them before the registration date.

When the credit crunch happened, most banks changed their rules re Student Accounts. In my first year I recieved £1200, now a first year will only get £500 (don't ask me what I spent it on, I haven't a clue.)

But yes they will credit check you, banks are really tetchy about toxic debt.