How do you open a bank account?

steelmole

Might be a bit of a stupid question, sorry, but what do I need to actually open a student bank account? Can I just walk in there and sign something? I was going to go with Natwest after reading the article on this site.

Also, how exactly does the overdraft work? I read on there site there's a £38 pound charge for going overdrawn, but everyone seems to treat these overdrafts as if they are free money.

braken2000

I am assuming you are going for a student account here ...

You usually need two forms of ID, one of which is usually a drivers licence and the other being a recent utility bill (NOT MOBILE PHONE BILLS!) If you are under 18 then you can sign under reduced proof of ID. It is all to do with the FSA.

The overdraft for a student a/c is interest free which means you can go up to the limit they give you (if any) and not get charged for it. If you go over your limit however you will pay through the nose.

The best thing I can suggest is go into your branch with two forms of ID, your UCAS stuff, acceptance letters etc. Or if you are already at Uni then your student card. They should help you!

GL

tinkerbel

I opened my student (natwest) account online and not till quite late, after had had my results I think in august.
I opened it online because they sent you a free (relatively good) webcam for doing it this way and it saved a trip to the bank. I did have to send off a copy of my UCAS confirmation letter confirming my uni place and I never got this back so good idea to send a photocopy/take a photocopy with you. Also, because I did it online (i think) I had to have my card etc sent to a branch of the bank so that when i went to collect it I could show some ID. It's not too hard to open the account, just make sure you pick the right account.

With the overdraft thing, i am by no means experianced but with the natwest student account you have an authorised overdraft (up to £1250 in year 1) and if you go over that, then i think that the charges will hit in as that is unauthorised. The £1250 though is at 0% and you dont have to pay it back untill (i think) after you graduate, so it is like an interest free loan really.

Helix

If you want the freebies like the Railcard and webcam then your best off holding off opening an account until the summer around July/August as they arn't offering them at the moment.

If you are worried about the loans form you can just give the details of your current bank account for now and then its easy to change when you open a student account.

braken2000

I would wait until closer to the time, I did and got a free voucher for Topman because it was a special offer on the day, and the railcard etc.

steelmole

The form has to be in by June, so I guess I can wait a bit longer. I just thought it'd be best to do it now when I have a little free time.

Helix

steelmole wrote: »

The form has to be in by June, so I guess I can wait a bit longer. I just thought it'd be best to do it now when I have a little free time.

Do you not have an existing bank account that you could put on the form for now? Then its easy to change once you have opened and account it only takes a few clicks online. You will probably find Natwest won't let you open one now anyway and you will have to wait until they start their marketing for people starting in 2008.

steelmole

No, don't have a bank account already, I've never needed one. When will they start making this sort of thing available to 2008 people?

Helix

It will probably be around late June/July. What you could do is open a standard account with Natwest now and then when they start the student accounts for next year its easy to upgrade online and you still get all the offers. Also the account details stay the same so you wouldn't have to tell the student loans company.