Looking for the best student bank account?

Jlawson118

So for those who keep trolling me on other posts, let me just add here first that I know I've been a little mixed with banks this year if you've seen my other threads, but last night I decided it's going to be a little more beneficial for me to open a student account.

I don't want to go with HSBC as they have ripped me off twice. Last night I was looking at the Santander account although I've been informed that they only accept first years, so I'm a little stuck as I just started my second of four years.

I could do with the overdraft facility more than anything as I'm struggling with university finances at this moment in time. I have one on my First Direct account but I'm looking for an interest free one. I don't plan to purposely go into it, but it'll give me peace of mind knowing it's there for an emergency.

I know there's the MSE article regarding these, but I'm just wanting to know some real life opinions on where would be best to go, whether you have one yourself, or your children have one whilst studying, any advice?

Dragonfly1

I've been informed that they only accept first years, so I'm a little stuck as I just started my second of four years.

Not true.
You need to switch an account from another bank provider to open the Student Santander account in years 2 onwards.

As a side note for others, you can also own a Santander 123 Current Account and get the student account if you wish - although you can only have one, at any one time. Longer story posted on a similar thread tonight

Jlawson118

Dragonfly1 wrote: »

Not true.
You need to switch an account from another bank provider to open the Student Santander account in years 2 onwards.

As a side note for others, you can also own a Santander 123 Current Account and get the student account if you wish - although you can only have one, at any one time. Longer story posted on a similar thread tonight

Yeah I've discovered that one now about the fact I can apply in the second year, however, can I open one without switching another account? I don't really have an account that I want to switch

Dragonfly1

Jlawson118 wrote: »

Yeah I've discovered that one now about the fact I can apply in the second year, however, can I open one without switching another account? I don't really have an account that I want to switch

The OP on the other thread seemed to suggest he was told that he could do it without switching another account.
I'm pretty sure this is inaccurate advice though.

They insist on you swapping to them (from another bank account) from year 2 onwards because they presume, most likely correctly, you already bank elsewhere. They want you to give them your business instead.

You should ideally use a free-interest overdraft facility rather than the one which you inferred was fee-paying (First Direct). Do you need both? This then goes out of my knowledge of expertise re: swapping accounts with an overdraft, presumably you need to pay it off in full before the switch is complete but I'm not clued up on that stuff.

P.S. For most folk, opening up a bank account used for switching is fine. I wouldn't advise it as you are unlikely to have a long credit history as a student although there are exceptions to that rule (You're probably not an exception though if you need overdrafts)

Jlawson118

Dragonfly1 wrote: »

The OP on the other thread seemed to suggest he was told that he could do it without switching another account.
I'm pretty sure this is inaccurate advice though.

They insist on you swapping to them (from another bank account) from year 2 onwards because they presume, most likely correctly, you already bank elsewhere. They want you to give them your business instead.

You should ideally use a free-interest overdraft facility rather than the one which you inferred was fee-paying (First Direct). Do you need both? This then goes out of my knowledge of expertise re: swapping accounts with an overdraft, presumably you need to pay it off in full before the switch is complete but I'm not clued up on that stuff.

P.S. For most folk, opening up a bank account used for switching is fine. I wouldn't advise it as you are unlikely to have a long credit history as a student although there are exceptions to that rule (You're probably not an exception though if you need overdrafts)

I don't ever want to switch my First Direct account :rotfl: They're the best bank I've ever been with, and I've also got one with Barclays now that I'm disappointed with some aspects, but I don't really want to leave them. I also don't want to lose the FD overdraft, because at the end of the day, it's a safety net if I need it. The only reason I have it now anyway is because I insured my car in August and needed to borrow just short of £1000 whilst waiting for a cheque to clear, so it was the cheapest option, and it's there again if I ever need it. I understand completely what you're saying about the credit scores and two overdrafts seems pointless, but in all honesty, if ever I needed it again in the future, I absolutely cannot be bothered with all of the questions and them waffling on about the terms and conditions.. I might as well just keep it there whether I use it or not, which I'm unlikely to use it unless something expensive crops up again and I need a short term loan

I've applied for a NatWest student account anyway I've never fancied NatWest but they seem the next best one for the student account alongside Santander and HSBC. I've had numerous trouble with HSBC in the past and don't want to go there for a third time..and with the way Santander have presented signing up if you're a second year, I can't be bothered with that hassle either. That, and I've heard bad things about them in the past anyway from family friends.. :beer: