Switching Student Bank Accounts

havaska

Hello

Starting this September I will be a 5th year student (dentistry) and would like to know how easy/possible is it to switch bank accounts.

I'm currently with HSBC and have a £2000 overdraft. I get a student loan this year but it's reduced to £1600 as I also get an NHS grant which is £2600 (non-repayable). My problem, is the NHS grant is split into 12 and paid on the third friday of every month, yet I have to pay my rent on the third of each month. I will have enough money to cover my expenses but as the year progress I will have less and less until it gets to the stage where my bank account will not be able to support me as my costs will go out before I get my money to cover that month

To that end I was looking at the Halifax bank account with the £2750 overdraft. Essentially I want to switch my HSBC overdraft to Halifax and have access to the extra £750 which would make my life a LOT easier. Is this possible and how often do people get the full amount?

Many thanks in advance!

Stubert

My friend who's just graduated is having a load of problems switching from HSBC to RBS. Generally switching isnt too bad, but I think its RBS rather than HSBC in my friends case that is holding everything up. Shes been trying to switch for about a month, RBS just aren't acting on anything.

Clive_Woody

Twas a few years back that I was a student, but I seem to remember friends opening more than one student bank account to take advantage of more than one overdraft. May not be able to do this now, but might be worth a shot.

Another suggestion would be to go and have a chat with your bank manager, sometimes they will be prepared to increase your overdraft limit beyond the advertised limit (mine at Natwest did) particularly as you will be a high earner once you graduate as a dentist.

Stubert

Apparently they check to see if you open two student accounts.

jenleigh

Hi there,
i'm due to graduate/qualify as a nurse in October but recieved a letter from HSBC informing me that my student account was changing from a student account to a graduate which carries a 9.9% interest on overdraft, (search this site for information about what a problem HSBC have been). To cut a long story short i went to Lloyds TSb to try and open a graduate account but because i'm still a student until october(only 2 months) they switched me to a student account, i'm happy with this, from this experience i've learnt its never too late to switch!You can switch your overdraft across easily enough and if you put a search in on this site you'll find the banks offering the biggest interest free overdrafts. Good luck.x
:rotfl:

Broke_Student

If you are not in overdraft the best way forward, in my opionion, is to downgrade you student account to a regular current account so you can still use it as normal. Then apply to open a student account elsewhere and dip into the overdraft once accepted.

I have heard that banks can be abit awkward about customers opening student accounts after the first year of their course (they assume you already have an overdraft and are absuing the situation). Therefore I would write a cover letter and sent it with a handwritten application (not online). Also send evidence of closing/changing your old student account. Doing all this should force them to consider your case on an individual basis and I would say it is more likely you will be approved!