Student bank a/c and loans

oldhaggis

My son hopes to start Uni in Sept and has applied for his student loan. He doesn’t have a bank a/c yet and SLC keep sending repeated requests for his a/c number. We read on your website that Halifax student account is best as it gives the biggest overdraft facility. However, they won’t let him open a student a/c until he has a firm place, ie after A level results in August.

So what now? How did other people keep SLC off their backs? We tried ringing Halifax, who initially said he could open a normal current a/c with them and then transfer the same a/c number to a student account. We dutifully went to our local branch who said you couldn’t do this. They refused to let him open a normal current a/c because they require a minimum income of £250 per month to do this.

They suggested he open a basic account with them, which gives a debit card but no chequebook. When he asked to do so, they said he could only apply for it online. He has done this as a starting point.

The education authority people who handle student loan applications told us not to put an interim a/c on his application form but wait until he has a student account.

I would be grateful for other students’ experiences and advice.

kg87

Hi
1st of all, as for Halifax having the biggest overdraft. Yes, this is true in that they claim to offer 2750 but as you've probably seen from my own plea earlier today that Halifax don't actually give u the fully 2750, only 1000.
You can try Lloyds TSB, they shud give u an account. If this fails to, u can give the SLC an account number now, when it comes nearer the time that uni starts, you'll get a letter from them confirming the bank details and amount you will b receiving for the loan. In this letter u can also change the bank details, so by this time, your son will have his results and therefore a student account.

Hope that helps.

Helix

Your meant to put a normal account down and then you fill in a form to change it once you have a student account. I think you can even do this online once the application has been processed. This is what I was told anyway and what I have done.

kr15snw

I put my current account details on the form and just transfer the money into my student account when it comes in. You can change this though so that the money goes into your student account, I just havent been bothered.

keeperbear

oldhaggis wrote: »

He doesn’t have a bank a/c yet and SLC keep sending repeated requests for his a/c number.

So what now? How did other people keep SLC off their backs? We tried ringing Halifax, who initially said he could open a normal current a/c with them and then transfer the same a/c number to a student account. We dutifully went to our local branch who said you couldn’t do this. They refused to let him open a normal current a/c because they require a minimum income of £250 per month to do this.

I would be grateful for other students’ experiences and advice.

Who do you bank with, Halifax? If so, go into the branch and ask for an appointment with the manager. Explain the situation, and tell them that your son needs a normal current account with them. Tell them that you will take your business elsewhere unless they help you out. I did this with Lloyds TSB and they helped my daughter open an account there and then. Banks are supposed to help good customers, not hinder the personal development of family members.

CrispyUK

I've noticed a few of the banks let you set up your student account earlier in the year for this purpose and then simply activate the overdraft once you've got proof of your place. Certainly the banks should let you set up some sort of current account which can simply be upgraded to a student account.

However I'm not entirely surprised to hear Halifax are being a pain about it, I've been banking with them this year and generally find them awkward for various reasons. HSBC on the other hand have always been pretty good and also have the better online banking!

If you don't want to be messing around you could always provide your (i.e. one of the parents) account details then change this once the student account is set up. You can change it via the forms Student Finance provide, or far easier on their website