Student banking

A5H · 24 Jun 2006 at 20:30

Well as I've finished applying for my fees loan and seeing if I'm eligible for anything else (I aren't). I've decided that I need to get my finger out and get a student account from a bank.
Currently I have a halifax account with my savings in it. (This is also where my loan is set to be debited).
Can I keep this account and still have a student account that I can transfer to whenever I want?
Or am I only allowed 1 account?

Which banks are you with?
What interest free overdraft do you get?

I was looking all over for a side my side comparison but can't find one. So I guess the only way to know is to ask

Cheers,
Ash

Indy500 · 24 Jun 2006 at 20:33

You're probably not going to be able to open a student account with a different bank while you still have an account with Halifax.

Hostile_18 · 24 Jun 2006 at 20:33

Sex is like banking once you make a withdrawl you lose interest.

Indy500 · 24 Jun 2006 at 20:36

Hostile17 said:
Sex is like banking once you make a withdrawal you lose interest.

Ha ha.

AFAIK Halifax pay the best rate of interest on a current account.

Bigsy · 24 Jun 2006 at 20:36

I think the rule is 1, and I could only get 1 when I tried (I went round trying to get all the freebes).

But, I did know people that got more than 1, the year in industry guy I work with atm managed to open 3 and has never had any come back.

A5H · 24 Jun 2006 at 20:38

I dont mean 2 student accounts though.
I want one student and my one normal one.
Just because it's going to be a lot of hassle otherwise :/

Indy500 · 24 Jun 2006 at 20:41

A5H said:
I dont mean 2 student accounts though.
I want one student and my one normal one.
Just because it's going to be a lot of hassle otherwise :/

If you want to keep your Halifax current account (or whatever its called) other banks are unlikely to offer you a student account. Usually, student banking agreements are exclusive. However, I may be wrong, as policy changes annually...

A5H · 24 Jun 2006 at 20:46

Ah man that's pretty annoying. Thanks for the info

iBot · 24 Jun 2006 at 20:48

just tell them you dont have another account.

Once you have your account your free to transfer money where ever the hell you want.

Adam · 24 Jun 2006 at 20:48

Natwest - Free 5 year young persons rail card worth £100.

Indy500 · 24 Jun 2006 at 20:52

Adam said:
Natwest - Free 5 year young persons rail card worth £100.

Dont know if this still exists, but back in 2004, Clydesdale offered to pay off all the interest on your student loan if you banked exclusively with them thoroughout university.

Gas Panic! · 24 Jun 2006 at 20:58

I started Uni last year... I had (and still have) a "regular" Barclays account, and I opened up a Natwest Student account last August. They're two different accounts.

I have my loan paid into the Barlcays one, and "steal" the Overdraft from the other.

NiCkNaMe · 24 Jun 2006 at 20:59

Wow, what an offer... the interest rate on your student loan is related to inflation so your getting a great deal there

dboundy · 24 Jun 2006 at 21:20

I have two student accounts.

One with HSBC and a £1000 overdraft and another with Natwest with £1250 overdraft.

Both go up this year as well. £1250 and £1400.

MrMatteh · 24 Jun 2006 at 21:44

ive just applied for a natwest one as occasionaly i get a little close to the red at the end of term/before summer job etc..

I have a halifax "cardcash" account, i stated this when i applied for my natwest one. surely that wont hurt my application, what do they want me to do, close my halifax one and *then* apply for my natwest one?

Well, hope i get the account anyway

Saberu · 24 Jun 2006 at 21:44

sr4470 said:
You're probably not going to be able to open a student account with a different bank while you still have an account with Halifax.

You sure about that? I don't bank with Halifax specifically but I was able to have my student loan go to my Lloyds account and my student account as my HSBC one.

Indy500 · 24 Jun 2006 at 21:51

Saberu said:
You sure about that? I don't bank with Halifax specifically but I was able to have my student loan go to my Lloyds account and my student account as my HSBC one.

Well, I did say I may be wrong. Best to check with the banks themselves for current policy.

Adam · 24 Jun 2006 at 21:58

sr4470 said:
Dont know if this still exists, but back in 2004, Clydesdale offered to pay off all the interest on your student loan if you banked exclusively with them thoroughout university.

Better of getting your loan payments paid into the natwest account and then moving it to an ISA if you are concerned with the interest - best of both worlds.

Indy500 · 24 Jun 2006 at 22:00

Adam said:
Better of getting your loan payments paid into the natwest account and then moving it to an ISA if you are concerned with the interest - best of both worlds.

Dont ISAs have tax charged?

daven1986 · 24 Jun 2006 at 22:04

you can have as many accounts with banks as you want. the "1 account only" refers only to student accounts i.e. you cannot have a student account with natwest AND hsbc. however you can have 1 normal account with natwest and a student account with hsbc - as it happens i have this, and neither party have complained nor did they even ask about other accounts

daven

Student banking

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Hostile_18