Student - normal current accounts

scattersong

Hey first time poster here and in need of some advice.


I’m a student and have just applied for a Santander 123 current account and have been rejected. (I then made the stupid mistake of applying the next day for a normal everyday current account and was duly rejected for that as well)


Have checked all 3 credit reports, nothing untoward, am on electoral register but am unemployed (receive student loan etc though.


I currently have:
Natwest Student account – no overdraft
Natwest Current account
Natwest Student credit card
Metro current account
Metro insta savings and cash isa


I have savings which are in the instant savings with Metro, but am looking for a better rate. (i.e current account)
So I guess my question really is, where should I put my money?

I need it to be instant access which is why the 123 was perfect since it can have up to 20k, where as other accounts only pay interest up to 3k, 2.5k etc. That would be too much work, and require applying for many accounts (which I’d probably be rejected for).


Could I possibly open a basic account with Santander hoping that I could upgrade in 6 months to a normal account or something? (I know upgrading doesn’t really exist, but at least I’d be on their internal scoring system or whatnot)


Further question as well – could I switch my natwest current account with the switching service (providing I’m accepted) without any consequences? I’m just worried since they’ve been kind enough to give me a credit card that they might close all my accounts or something? I mean what would happen say if I opened up another current account with them just to switch it immediately?


Many thanks

dezza

If you sign up for a Santander 123 online, the first page of the application asks you to declare that you're not a full time student, so that could well be why you were declined for it. You could open a student account with Santander - that might well require you to close/switch the Natwest student account though.

TartanSaver

I have a student account AND a 1-2-3 with Santander, so there's certainly no blanket prohibition. Perhaps your unemployment is more the cause than your being a student. After all, what evidence do they have you can meet the minimum pay in requirement? I certainly remember income was one of the questions when I applied for the 1-2-3. It probably helped that I've been a Santander customer for a number of years (current acc and cc) and have been paying income into the account and making cc payments the whole time.

Basic acc might work, but don't hold your breath. My OH has had no joy with Santander (no UK credit history.) They probably just don't like the cut of yoir jib. You might try TSB for 5%? Showing you can run multiple accounts without getting into trouble is good for your credit!

Happygreen

My daughter only has received poor service from Santander. The whole family's been with them since they took over from A & L. She applied for a student account from having had a teenager account since she started banking. First she was rejected , after complaints got accepted but despite spending hours on the phone and in branches has since September not received her railcard she is entitled to...

scattersong

dezza wrote: »

If you sign up for a Santander 123 online, the first page of the application asks you to declare that you're not a full time student, so that could well be why you were declined for it. You could open a student account with Santander - that might well require you to close/switch the Natwest student account though.

Ahhh really? I applied by phone and they said it'd be totally fine - could be why!
Student account doesn't pay ever so much interest on ever so much though

TartanSaver wrote: »

I have a student account AND a 1-2-3 with Santander, so there's certainly no blanket prohibition. Perhaps your unemployment is more the cause than your being a student. After all, what evidence do they have you can meet the minimum pay in requirement? I certainly remember income was one of the questions when I applied for the 1-2-3. It probably helped that I've been a Santander customer for a number of years (current acc and cc) and have been paying income into the account and making cc payments the whole time.

Hmm that's true, lady was quite pushy on the phone working out how much income I'd get per month from student loan to pay into account. Of course, I guess they don't just want you shifting money in and out to cover the pay-in requirement.

Was still rejected even for the everyday current account though with no requirement, I guess I might appeal that and then see about upgrading to 123 in the future. TSB's 5% is only on 2k as well

Happygreen wrote: »

My daughter only has received poor service from Santander. The whole family's been with them since they took over from A & L. She applied for a student account from having had a teenager account since she started banking. First she was rejected , after complaints got accepted but despite spending hours on the phone and in branches has since September not received her railcard she is entitled to...

Guess it's hit and miss. Had a few teething problems getting railcard from Natwest as well.


Guess I'll wait a couple of months after the credit searches and appeal the santander

thebritishbloke

You'll find that most accounts offering good interest rates are all capped to certain amounts.

Go and open a TSB Classic Plus, Nationwide FlexDirect and two Tesco Current Accounts. That's £4,500 at 5% and £6,000 at 3%.