Money, money, money...Student Bank Accounts

[squirrel88]

So it's that time of year again when us newbies have to open a student bank account. At the moment I'm having trouble deciding which one to go for . I know the basic advice is to ignore freebies and go for the one with the highest 0% interest overdraft...but they vary so much!...so I'd be grateful if current students could give me any advice...and maybe say what their good or bad (or both!) experiences have been with their respective banks.

Thnx v much

[FruitcakeLiz]

Natwest seems pretty good this year- with one of the biggest overdrafts and a free 5yr young person's railcard

[Apollyon]

True, but if you don't need the railcard, the whole offer doesn't see quite as good. I'm with Natwest at the moment but I'm drawn towards HSBC because they give a similar amount of overdraft and a proper Mastercard credit card which is essential for stuff like ebay.

[FruitcakeLiz]

Mmmm fair enough but i'm personally stearing clear of credit cards for as long as poss!

[jennielennielunarlady]

Definitely steer clear of credit cards! I would recommend a bank with internet banking facilities. Being able to look up your bank balance at any time makes it much easier to keep track of your money! Though its a lot less easy to stick your head in the sand!
Have a look at the comparision tables that appear in the Times. They usually have a student one at this time of year. I'm with Smile (the co-operative banks online arm) and would really recommend them.

[squirrel88]

Lol...me to...scared about the debt I'll be in with student loans etc...so I'm defo not thinking about credit cards. Also...can't you use a debit card on ebay?...pretty sure you can ...Halifax gives the highest overdraft by a mile...dnno how reliable they are tho...as in customer service etc...dnno abt internet banks...aren't they a bit of a risk?...as in more chance of fraud?

[hcg556]

was with natwest this year and altho i'm lovin the £1250 interest free overdraft, their service is pants, i never even got my railcard even tho i went into the branch what seemed like a million times, they basically told me they'd sent it out so it must be my fault i havent got it. THEY ARE RUBBISH! and now its too late to get a railcard i am swapping next year.

[GladtoB]

About bank accounts. Am in the US right now but will be starting med in UK in the fall. So in the US they throw Visa and Mastercard cards at you, literally. All debit cards too are visa/mastercard too so you can shop online, etc without using a credit card. And in order to get a monthly phone plan (or car, house etc, etc) you need to have a credit history so most students have a credit card for that reason. So I have 2 free student checking accts which have Visa debit cards (I just opened the second because it's free for 5 years so I'll be done with my course here by then if I want to go back, and there's no minimum balance on them) and I have a Visa credit card from my bank, linked to one of the student checking accts, and I hardly ever use it.

I was wondering if when I come to the UK I'll be able to get a visa/mastercard checking/student acct? I have an excellent credit rating here in the US (prob coz I never use my credit card), will they be able to see that and give me the benefits? Also - I'd like to get a monthly phone plan - would they be able to access my credit rating here and use that? I really hope to get a Visa/Mastercard *debit* acct in the UK, since I an extremely cautious of credit cards, and I already have one and don't want another if I can help it.

[GladtoB]

Also - how long does it take to open a student bank acct? I once tried to do this in the UK when I was visiting family but I remember it taking forever and numerous visits and I ended up leaving the country before I was done. Here it takes about 5 minutes, even as an international, and the banks come to the student activities fairs to facilitate this.

[WAMS]

Also - how long does it take to open a student bank acct? I once tried to do this in the UK when I was visiting family but I remember it taking forever and numerous visits and I ended up leaving the country before I was done. Here it takes about 5 minutes, even as an international, and the banks come to the student activities fairs to facilitate this.

I'm not sure about international students, but all of the university branches (at Leeds there is a Barclays, Natwest, LloydsTSB next to the main entrace to the uni) will be out in force, with stalls and tents and extra staff to persude you to go with them.

I'm with Barclays and haven't had any problems, although I'm not sure what deals they do now.