Nationwide FlexStudent account 2016/2017: We want your feedback

Former_MSE_Sam_M

Hi all,

In our Student Accounts 2016/17 guide the Nationwide FlexStudent Account is one of our top picks.

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

AlexWorrall

Mature students - BEWARE, there's a potential nasty surprise for you in the Student Account: If you are a mature student with things like a mortgage and maybe a car loan, you might apply for the Student Account and be rejected. In my wife's case, this was apparently because the NW considered she was a bad risk as she had no income to service those debts even though I have the income to support the (joint) debts, and she has savings amassed specifically to cover the income gap for this time. This decline also results in a negative on your credit rating.

It gets crazier: Their alternative offer is a Basic Account (i.e. no overdraft) - but she apply for this, and she was rejected because the application asks if you have money problems, and when you say 'No' you fail the criteria for the account.

My wife is a 45+ y.o. with a 25+ year plus unblemished history with NW - they have our bank account and our mortgage and she HAD a perfect credit rating before we applied for the student account (we checked).

Even the local branch said this sounded bonkers but HO wouldn't budge. It seems that NW really haven't thought this one through.

Emfrog

REJECTED! Again a mature student and also a Nationwide customer! Marvellous!! Looks like I will have to bank elsewhere!

roytour

I was looking at this for my son who starts uni this year but felt the benefits insufficient and instead we went the santander route

Luckystar

My 18 year old son opened the flex student account yesterday, he already has the standard flex account with them which he opened at 16. Accepted no problem with the full £1000 overdraft in the first year. He said the advisor explained it all really well. Although it offers no extras like a railcard, Amazon giftcard etc he thought it was easier than starting again with another bank. The only negative was he couldn't switch his existing flex account to the student, only the flexone account allows the switch.

[Deleted User]

After a complete mess with Barclays who didn't seem to have any systems in place for dealing with a young man with ASD who needed a new card (he kept getting stressed when asked ID questions, branch no help at all), I was hugely relieved to have him open a Flexstudent account so easily. At long last he'll be able to have a debit card again.

Barclays left me no choice.

Not many benefits but as far as I recollect they aren't one of the banks who've been having problems with their IT systems lately so its the best option.

djh1697

@alexworall "My wife is a 45+ y.o. with a 25+ year plus unblemished history with NW - they have our bank account and our mortgage and she HAD a perfect credit rating before we applied for the student account (we checked)"

All the credit file will show is a credit seach, it does not show that she was declined? I am going to start in September at uni as a mature student, so the advice is helpful.