University - class of 2021

[WhereIBelong]

Originally Posted by Kat11

I have a question about bank
accounts if anyone has any ideas?

Dd has a Santander current account which she can swap to a student account. Is it best she does that or open a totally new dedicated student account with say HSBC? She has all her savings in Santander so don’t want the finances to be mixed up.

Kat

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Neither of mine have bothered with student accounts, they are lucky enough to not need an overdraft and have had both current and savings accounts with their bank from age 11.

[Kat11]

Originally Posted by WhereIBelong

Neither of mine have bothered with student accounts, they are lucky enough to not need an overdraft and have had both current and savings accounts with their bank from age 11.

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Oh right, I thought she might need a special one for the student loans to go into. So she can keep her normal account and they’ll put the money into that one? She doesn’t need an overdraft either. Can you tell this is my first one going to uni! 😊

Kat

[PoohBears#1fan]

DS won't be bothering with a student account, my DD did when she went to Uni in 2014, all it did was give her a free overdraft that she didn't use, better off to stick with their own bank account.

They're just to lure them in in the hope that once they graduate, the free overdraft is in good use, and no longer free.

[Kat11]

Originally Posted by PoohBears#1fan

DS won't be bothering with a student account, my DD did when she went to Uni in 2014, all it did was give her a free overdraft that she didn't use, better off to stick with their own bank account.

They're just to lure them in in the hope that once they graduate, the free overdraft is in good use, and no longer free.

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It’s just Dd thought she needed to have one, I presume her friends must all be getting one? And I wasn’t sure. Glad I asked on here now. Thanks.

Good to know we can just give her usual bank details over and they’ll put it in there as that’s much easier and one less thing to organise!

Kat

[WhereIBelong]

Originally Posted by Kat11

It’s just Dd thought she needed to have one, I presume her friends must all be getting one? And I wasn’t sure. Glad I asked on here now. Thanks.

Good to know we can just give her usual bank details over and they’ll put it in there as that’s much easier and one less thing to organise!

Kat

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And one less thing to go wrong!

Some student accounts offer stuff like a railcard, but that was not enough of an incentive for mine to put in additional change when they are happy with the banks they have. We just checked that their uni city had a branch of their existing bank in case of emergency.

[RuthieR]

DS opened a Santander 123 student account with the free 4 year rail card. He has another account with Natwest and has now linked the 2 so can transfer cash between them. He has 2 accounts so if he looses one card he is still able to access cash. He has just changed his bank details with Student Finance so his maintenance loan goes in to new Santander account and his rent will come out of there, also his shopping from there too. His old Natwest is to fall back on when the other runs out of cash!

[kathrynmc]

My daughter has two accounts, they are straight forward current accounts rather than student ones. She will use one for most things and the other as a backup

[Leanne1977]

DS has opened a Santander 123 student account. He gets a 4 year rail card that he will get use of and he wanted a dedicated account just for his maintenance loan and his NHS learning support fund to go into.

[CrispyA]

DS already had a Santander account so has just changed it to a student one.

[elmspenguin]

DD opened the Santander 123 student account as she will use the free 4 year railcard quite a lot and already has used it a couple of times. Her maintenance loan goes into there and once her accommodation rent has been taken she will transfer the remaining money for food to her normal account. She hopefully won't need the overdraft facility but it is handy for her to have for an emergency.