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Hi all,
Starting at Edinburgh Uni next month, so considering opening a student bank account.
Done a bit of reading/research already, but just looking for personal experiences/opinions- who do you use, why, how have you found them etc.
e.g Ive read a bit about banks advertising really good overdrafts, but then not being able to give them out.
Any thoughts would be appreciated.
Ta, Duane.
You'll be wanting current students for that sort of info, so I'll only throw in my 2p with lower weighting - I used barclays, got a 1K free overdraft and had no problems with it. But I would seriously say stay out of the overdraft at all cost and bear in mind that as soon as you graduate the overdraft will become chargeable....if you tell them you're not a student....
I had a bank of scotland one, but to be honest, the last thing you want is an overdraft. You promise yourself you won't use it but you will. I closed my student account as there was no real benefit other than racking up OD debts and now just use normal accounts.
I have the Halifax Student account, I find them ok to be fair but I always visit the branch as they are generally more helpful. My over draft limit is currently at £2150 and I am only starting my second year in September.
I went for the larger overdraft as the young persons rail card was point less for me.
I hate being in debt. Hate it. I'll hate having a mortgage.
Lloyds do a staggered overdraft, iirc for me it went something like
1st year, £1100
2nd year, £1500
3rd year, £1750
Graduation -i did postgrad masters so got a years grace at £2000
Real graduation £2000 interest free
1 year after graduation £1500 interest free £2000 total
2 years after graduation £1000 interest free £2000 total
3 years after graduation £0 interest free £2000 total
Not sure if they still do it but seemed pretty fair to me as it gives you time to clear while you're working without incurring charges if you're sensible, which i was.
Just go for whatever gives the best "gift" for opening an account with them. Chances are that you'll hit your OD limit no matter what it is!
I probably couldn't cope without my overdraft. I wouldn't be able to afford bike bits 😉 The way I see it if you use it during the term, then top it back to black during the holidays you're laughing. Free short term loan, Zero interest. It gives you that bit extra to play with, especially if you have nothing at the start.
If you have any savings at the moment, there's a chance that buying a computer, books, supplies (we needed tools, steel toe boots overalls and safety specs, drawing equipment) pots, pans, bedding, clothes etc could significantly dent them! It may not. It depends how much you have and if your parents are willing to contribute.
EDIT: with NatWest, second year was 1400, I'll extend that anyway to whatever the limit is this year. When I opened it the deal was 1 year at 0% interest after graduation.
Agree with oggles, use it but put it back in the black during the holidays. My maximum limit is £3000 interest free and the for a year when I graduate. So lots of time to pay it off.
Just don't go over your limit tho
natwest hassle free
first year 1k free od
2nd year 1650 free od
3rd 2200 free od
then graduated
2200 free od
1650 free od
1k free od
roughly... and a free railcard for 6 years - id do them agian fo sho!