New Student Accounts 2005/2006

NellyLock

wirm wrote:

As Hallifax won't let me have an account with them I'm going to try HSBC. Trying to decide between the 10 free CDs or £50 cash. Anyone know what the 10 cds apply to? Is there a limit to the price, as some cds are more expensive than others.....

worm...why did you rule out natwest?? roll back 3 years and i wish i had taken the account which gave the free rail card...its value for me far exceeded cash alternatives...i didnt really care about which bank it was i took the overdraft and used a high rate alternative (as a grad now i intend on holding onto the account while the overdraft is int/free) then closing it

Viv

Is that it then Halifax have said No. Is that the end or do you have any sort of appeal. The application did not pass the qualifying tests. What are these tests? If my daughter is a student with a place offered what else do they need? I am offended now!

Savvy_Sue

In the full table of accounts, in the full table of accounts here? Only under HBOS, the answer to this question:

Is there anything in your terms and conditions to stop them opening a graduate account with another bank too?

seems to belong in the box below, about anything else you need to know.

Great article, will pin my son down while he reads it as soon as he's back from France!

As for being rejected, I would phone or go into branch, it may just be that web applications are very inflexible.

And for the 16-18 year olds, I know NatWest offer an account which allows card withdrawals and purchases from the age of 11 which has worked well for my brood, and I am sure some BS and other banks offer similar!

braken2000

i went into HBOS and i also got refused. Well reffered, could it be cos i already have a student account with natwest? the guy at HBOS said that if you have not banked with them before then this usually happens.

Savvy_Sue

braken2000 wrote:

the guy at HBOS said that if you have not banked with them before then this usually happens.

WHAT? How insane is this? "We don't want to open student accounts - for people who may not yet have needed a bank account! - unless they've banked with us before"? They cannot be serious!

CrispyUK

I've got a similar problem with HSBC and opening the account before results day.

Their leaflets and promotional items state "Don't wait until you get your results to open your Student Account. Have everything in place well in advance. That way, you can enjoy your summer, knowing your bank account is sorted."

So I applied to upgrade my existing account online and received a letter from them which states I need proof of ID and address (why when I already have an account with them?!?) and original proof of unconditional acceptance onto a qualifying course.

Think I'll pop into the bank and ask them what's going on tomorrow.

Viv

Has anyone been accepted for this account or do they advertise the best account then not let anybody have it?

muddyfox470

Ok, i did eventually open my Student account, and it is now showing as a student account on the online banking, so at least it works (i cannot check for paperwork, as i am living away from home at the moment)

But the overdraft only gets activated when you can confirm your results

Ian

EDIT: Sorry i forgot to mention that i opened my account with Natwest.,

ashy_mashy

Hi,I've been confused since martin said HBOS is better than NatWest because of their higher overdraft. However the final overdraft of NatWest over the 4 years is 2000 and for HBOS it is 2100,so only 100 difference. But NatWest gives you 100 in the form of a rail card which unlike the extra 100 HBOS gives you, you do not need to pay back. Plus I dont understand why a bigger overdraft is that much better, as it means you'll have to pay back more money in the end. HBOS has no incentives and they give you nothing for free, whereas NatWest give you a free rail card.Is the big overdraft the only reason HBOS is better than NatWest?

I have already signed up online with NatWest and was asked to send proof of UCAS things etc. But I have not replied to them since I found out MSE has said HBOS is better, so Im kind of stuck.I keep thinking a free rail card is better than a bigger overdraft since I might not even use the overdraft to its full limit.

Savvy_Sue

I think the point about the size of the overdraft is only relevant if you think you will use it to put some money into the highest-interest giving account you can find. So £1000 overdraft which isn't costing you anything is earning you %5 gross credit interest = £50 for books or booze or whatever over the course of the year.

BUT at some point you have to pay the overdraft off. If you haven't managed to save it all, that £50 dwindles. And my son currently shrugs and says "It's only £50"!

Idea: maybe he should lend his interest free overdraft to me, and I'll stooze it for him!

I think it's likely my DS will go with NatWest as well, because it will be easier. He already has a NW account, and although he has a savings account with Halifax I think the 'no hassle' route will appeal to him! Plus the railcard should be useful. Haven't yet checked whether he applied for all year round accommodation at Uni or just term-times, if it's term-times I suppose he'll expect us to go get his stuff three times a year. Otherwise he can get the train!

Mind you, he hasn't got his results yet so this could all still be castles in the air!