Top Student Accounts 2007/08 Article Discussion

krax

Both my children are a year and a half into Uni and both went without free MP3 players etc in order to open the MSE recommended HBOS Student Account with its much higher overdraft limit. Unfortunatley HBOS do not seem to be as willing to increase limits this time around and despite asking, neither has managed to get their limit raised above £1000 as "they are not paying in amounts regularly enough" - which is hardly suprising as their only income is their student loans - which are paid in. Both are very disappointed and feel conned by HBOS.

St8_2

Tiggr777 wrote: »

I've tried on several occasions via telephone to transfer a student account to HBOS only to be told I cannot open a student account with them if I already hold a student account! The brain-dead moron on the phone insists that one must first close the existing student account, then park your money under a mattress or similar while you wait for their account to open. This knuckle dragger fails to understand that one cannot close an account which is currently in overdraft (as most student accounts are).
I fail to understand how these idiots get and keep their jobs and also how HBOS has got such a reputation as a good bank for students!
Help anyone?????

Another person complaining about the customer service staff! Really annoying. Its HBOS's terms and not the fault of the poor sod on the end of the phone. The way around this is not to close the bank and "park your money under a mattress" but simply downgrade your account from a student to a current account. This can be easily done but depends on how far into overdraft you are. Perhaps do it when a student loan payment goes in and your in credit for a while.

queenb2009

I've noticed a couple of people said they have two student accounts or are thinking of having more than one. Right, great but you can end up with a CCJ! I know someone who was taken to court by HSBC over this and got slapped with a CCJ for having 2 student accounts.

fallen_angel_shelley

can anyone help? i'm starting uni this year, my 1st year is a foundation year. do i still qualify for a student bank account? i have been looking in T&C of banks and they mention degrees but nothing about foundation degree years.

burf16

I suggest not going for Barclays. They charge you 2% for anything over £200 on your overdraft and not so good customer service.

seajones

Although the article recommends Natwest as a second option, I'd say to everyone to be aware of how they can behave. Whilst all banks can become suddenly very unfriendly once a customer is decided to be unprofitable etc., Natwest earned the nickname 'Naziwest' with flying colours in the cases of many of my friends.

After graduating, a Natwest student account naturally becomes a graduate account, and the free overdraft facility only lasts for a further 12 months. If, after 12 months the graduate is not earning much, and is still looking for work, does not pay in around £1000 monthly etc, Natwest are one of the quickest banks to 'call the debt' and cancel the overdraft.

If the bank do cancel someone's overdraft, it can mean an instant debt of up to £2,000 (with this particular bank), which they can attempt to recover through the small claims court. Most banks take some time to get to this point, but Natwest revert to it fairly quickly.

They are most likely to do this if you earn under £20,000 after graduation, or if you refuse their terrible deals on loans to pay off your overdraft.

Many of my friends from uni were stung by this, I only avoided it by the skin of my teeth. I'm also told similar things about HSBC. It seems to me that the larger banks are the least tolerant.

This is a shame, because by litgating against graduates who are just getting on to their feet, they are often ensuring that those graduates will never bank with them again, and statistically most will become solvent and profitable customers.

seajones

KatieMay wrote: »

I would just like to say, don't bother going with Natwest for the so called interest free overdraft or anything for that matter. I'm currently a student on her year abroad and recently just found out that I've had two letters from Natwest (sent to my home in England) stating that I must pay back my overdraft. If I do not, they will have to claim it back and issue a formal notice that will affect my credit rating.
I would like to add that I was only £263 overdrawn and I was entitled to be up to £1000 overdrawn. I really don't know what to do, they've really scared me even though I'm sure that what they've done isn't right. Since, when I signed up to my Student Account, I was told that I had an interest free overdraft available until I graduated. And I haven't graduated yet. So I feel conned.
Is there anything I can do? I'm really worried :-/ and I'm not going to be able to get back to England until the 20th of December. I've managed to pay off £250 already but it's hard having to go through my parents on this one.

What do you guys reckon? I'm sure that they weren't allowed to demand that I pay my overdraft off in one go like that?

They can recall the overdraft, and they don't even have to be particularly reasonable about it. Check your Ts&Cs, they make for amazing reading.

Do what I did, pay off the money, close the account, bank with someone else. You have a choice on this, and should take it before they screw up your chances of getting an account elsewhere.

Personally, I went to the bank to close my account, and did so as loudly as possible. When asked why I wanted to close the account, I had a whole spiel prepared that the entire branch heard.

I'm also a student union officer, and I recommend against certain banks that I have heard horror stories about, so I make it my business to cost them as much as possible essentially.

Wiggynut

Hello all - just wanted to ask a couple of questions.
when do you open a student account?

I have several offers from several Universities so will be starting 'somewhere' in Sept 2008 as a mature student (36).

do the 'student' benefits start in Sept 2008 or do they start from when you open the account?

Do you have to wait until you get the actual acceptence letter from a Uni once you have chosen to go there or
when your UCAS tracking status changes to show unconditional and it features a letter which you can print off - I'm guessing the former but just wanted to check.

also, this thread was about which is the best account and so far I can only see people saying to avoid certain banks... anyone actually recommend one? I'm with HSBC at the moment (definitely will not go to Barclays)

Thanks for any advice you can give.
:beer:

orionmoo

I have heard from students on another [student] forum that when they've tried to apply to a student account at Halifax, they're been rejected because their credit check came back as null, seeing as they do not have any credit rating, and thus ahve been rejected by Halifax. How is one suppossed to open an account with them and to get a credit rating in the first place, if you need a credit rating to open the account!!

Is it better to open a 16-18 year old account with them and then change it into a student account with them when you start univeristy? Will this increase your chances of being accepted, or will it make no difference? Will it just be the same as anyone from any bank asking for a student account with Halifax?

rodman

i went today to my local barclays bank and wanted to open student account but they told my my ucas letter is too old i received it in 2006, they ask me to call ucas and ask them to send me new letter which confirm my studies. Are they messing me around?? any help please??