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  • Student Bank Accounts

    Hey
    I was wondering if people get a student account for the time they are at college, or if someone could tell me positives and negatives of having one?

    Thanks

  • #2
    Re: Student Accounts

    dont get a credit card type student account they are the devil you will only regret it 3 years down the line when you finish and they want the thousands of pounds of overdraft you have racked up
    Maybe I will never be
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    • #3
      Re: Student Accounts

      Acquiring new debt does rather defeat the objective of being sponsored to my mind; but I suppose for those who can't live at home and who have sponsors who are bit tight, it may be necessary. The trouble with student overdraughts and yoofs is that it invariably gets blown on impressing mates and trying to get your end away. Get one, so you can get access to freebies, but try and avoid the temptation to extend yourself. Save it for when you've actually got something to celebrate - like passing your exams (or popping your cherry ); better still, on getting an actual job at the end of it all...
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      • #4
        Re: Student Accounts

        Ok thank you, so would you just recomend I get a normal current account with a debit card rather than the effort of the student bank account?

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        • #5
          Re: Student Accounts

          No, get a student account - just check where the nearest branches are on Google maps.

          Maybe check this site for current best deals: http://www.moneysavingexpert.com/bankin ... nk-account

          You might want a student credit card for emergencies abroad when on your sea phases...
          Emeritus Admin & Founding Member

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          • #6
            Re: Student Bank Accounts

            I have a student account, with a stupidly big interest free overdraft Been in the black for the last year and a half, though my holiday in greece has taken me just into the red this month... still, my landlord tends not to charge me rent when I'm away so I should be back in the black after next payday, and then go well into the black on my next seaphase Student accounts are great, just don't see the overdraft as free money, see it as a buffer zone.

            Size4riggerboots

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            • #7
              Re: Student Bank Accounts

              Just a note thought (which upsets me) Student accounts are only available to people studying HNC or higher. And if you are taking the HND route then your first year is an NC Course and you wont be able to get student........ Well, a student anything!!!

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              • #8
                Re: Student Bank Accounts

                not a student anything??? worrying times
                I distrust camels, and anyone else who can go a week without a drink.

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                • #9
                  Re: Student Bank Accounts

                  Originally posted by Martyboy
                  Just a note thought (which upsets me) Student accounts are only available to people studying HNC or higher. And if you are taking the HND route then your first year is an NC Course and you wont be able to get student........ Well, a student anything!!!
                  CD reports otherwise... where did you get you info from? I want to clarify this for the wiki, so I don't mind contacting people and grilling them about it.
                  I suspect that if you take a letter to the bank stating that you are on a 3-year training course at a higher educational institution that results in you getting a HNC or HND that the bank staff will not bat an eyelid - especially if you show details of your sponsorship. Don't try and answer questions that haven't been asked about the details of your course structure.
                  Bear in mind as well that the student finance people regularly make mistakes and get things wrong, so always seek a second and then a third opinion... and maybe a fourth and a fifth... and a sixth...
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                  • #10
                    Re: Student Bank Accounts

                    I had no trouble with SFE, since I'll be on a three year course leading to an HND.
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                    • #11
                      Re: Student Bank Accounts

                      You cannot get any student finance or student bank account if your first year is national certificate. I tried myself this year. I managed to get the student account by pestering the bank for a while but they do say you cant have the student account until you start the HNC phase ( i got round this by changing a few things over but i wouldnt recommend this).

                      As for SFE, they will process your application and issue your payment information, its when the college come to confirm your course details with them that the trouble arises. The college have to scan the letter sent to confirm the details and if you are on NC then they will not confirm.

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                      • #12
                        Re: Student Bank Accounts

                        I had applied to SAAS for a student loan and grant, and they asked for confirmation from the college of the course I was studying, so I got the HR mob to get onto the college and the college wrote back:

                        "Sorry but we cannot do any college letters until Martin has started the course and is enrolled.

                        The first phase of his course is the National Certificate so he will not start the HNC\\D part of the course until September 2011 which is when I believe he can apply for funding,"

                        As for the banks............ I used to work as a Service Advisor in a Santander Branch so basing the knowledge purely on this. I suppose we could always try and chance our arm

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                        • #13
                          Re: Student Bank Accounts

                          Yeah there are ways round the bank account if you really need a student account just make sure any documents you take show HNC/D and not National Certificate.

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                          • #14
                            Re: Student Bank Accounts

                            wow. reading this.. means in my current situation I am fookt. What to do with the motor... grrrrrrr
                            I distrust camels, and anyone else who can go a week without a drink.

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