Co-operative bank student account 2011/2012: We want your feedback

Former_MSE_Wendy

Hi all,

In our newly published Student Accounts 2011/12 guide, the Co-operative Student Account is one of our new top picks.

It offers a guaranteed 0% overdrafts of £1,400 in year one (as long as you're accepted). Then £1,700 in year two and £2,000 in year three.

We're after feedback from people who have applied this year and want to know your experience and if you had any trouble getting the overdraft.

Thanks for all help in advance

ecoten

The main guide suggests in the 'compare student accounts' section suggests that the Co-Op terms and conditions outlaw opening a student account with another bank.

I had a quick look through the Terms and Conditions and couldn't find the clause which limits this. I saw clause 3 under the Student Accounts section but that seems to refer to joint accounts rather than student accounts.

Where is the clause in the terms and conditions about opening a Student Account with another bank? Secondly, is it only a Student Account you're not allowed to open? What if the applicant has a regular current account with another bank?

Thanks for any advice

devildog

.posted in wrong place

atypical

ecoten wrote: »

Where is the clause in the terms and conditions about opening a Student Account with another bank?

Last page, last section, point 3 here:
"You may not open a student account with another person"

ecoten wrote: »

Secondly, is it only a Student Account you're not allowed to open? What if the applicant has a regular current account with another bank?

They specifically talk about student accounts so any other accounts should be fine. I think they really should have defined what they mean by "student account" as it is a woolly term.

You might want to open a Halifax Reward Account and transfer £1,000 through it every month for £5/month (or £6.25/month if you reclaim the tax). Plus you get extra interest on their generally competitive savings accounts.

777gb

atypical wrote: »

Last page, last section, point 3 here:
"You may not open a student account with another person"


They specifically talk about student accounts so any other accounts should be fine. I think they really should have defined what they mean by "student account" as it is a woolly term.

You might want to open a Halifax Reward Account and transfer £1,000 through it every month for £5/month (or £6.25/month if you reclaim the tax). Plus you get extra interest on their generally competitive savings accounts.

It is student accounts. My daughter has just applied online for one of these accounts and the application process asks is you have another account ... and then if it's a student account. She has an existing Current Account (not Student) at Barclays and her application has been accepted.

studentucs

Was happy to be accepted for the account but unfortunately cant go through with the application.
This is because they request to see original copies of student finance documents and uni acceptance letters, which will not be returned. I need both these documents to enrol in September and they are important things to keep filed.
They do offer the option to go to your nearest branch and show documents in person, however mine is about an hour away so wont be opening this account.

sundin13

Edit - I've just seen that the MSE comparison table includes Smile - and it doesn't seem to have as generous an overdraft - only £1000 in first year, though that's not necessarily a bad thing.


Hi, does anyone know if there is any difference between the Co-op account and the Smile (Co-op internet) student account? I bank with Smile myself and so DS1 is going to set up one of these - just not sure if it matters which!

Thanks

S13

circle

atypical wrote: »

Last page, last section, point 3 here:
"You may not open a student account with another person"

ecoten is right, he saw that clause and it is only referring to condition 18 (Joint Accounts) stating that it does not apply for a student account. So it means you can't open the account as a joint account with another person. It does not mention opening a different student account with another bank and I don't see anything outlawing this either?

EDIT: However, the first thing that comes up when you apply for the account online says To be eligible for a Student Account with The Co-operative Bank you must: Agree to transfer any existing student account to us (you must not hold any other student account with another bank).

That's that then.

atypical

circle wrote: »

ecoten is right, he saw that clause and it is only referring to condition 18 (Joint Accounts) stating that it does not apply for a student account.

You're right. Seems I was being a bit stupid!

sue311

My son was turned down for a student account at Co op because he has no other account and has not had credit anywhere

nearlynewbie

My son has opened a co-op student account. He had to send certifed copies of orignal documents(to prove name address etc as no previous bank account and then pay the money into the account over the counter (quite a palaver as we don't live anywhere near a branch- ended up doing it on holiday in Portsmouth and we live near London)> we started doing this in June and it took ages but were motivated by the large 0% interest overdraft .When we phoned the student account people they were helpful about not being able to send the documents (student fiance and UCAS offer) .
Overall not a smooth experience due to there being no local branch but individuals very helpful within the process.