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PostPosted: Sun May 10, 2020 3:15 pm 
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Joined: Tue Sep 04, 2012 6:27 pm
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Any advice on choosing a student Bank Account? My daughter is not sure which one to choose. Any good ones out there?


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PostPosted: Sun May 10, 2020 4:27 pm 
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DD and I will be looking at moneysavingexpert.com, there’s a student section on there with lots of useful info and advice that is worth looking at.

Until they actually have a confirmed place at uni they can’t actually apply for a student account and a lot may change between now and then.


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PostPosted: Sun May 10, 2020 5:24 pm 
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For the purpose of nominating an account for the student loan application, it does not have to ? be a 'student' account, just the account they are using already is fine (but they do need a bank account to complete the application).

(I know that you didn't actually ask about this, but IME, the question / assumption that the loan can only be paid into a 'student' account ' usually pops up sometime soon in any 'student bank account' thread :lol:. One thing, though - as far as I'm aware, it does have to be the student's bank account. From what I have read in other places, some parents seem very miffed that they can't make their offspring have the loan paid into the parent's personal a/c, so that they, the student, can have the loan for which they are responsible doled out to them as weekly pocket money :roll: ).

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PostPosted: Mon May 11, 2020 1:55 pm 
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Tinkers wrote:
DD and I will be looking at moneysavingexpert.com, there’s a student section on there with lots of useful info and advice that is worth looking at.

Until they actually have a confirmed place at uni they can’t actually apply for a student account and a lot may change between now and then.


Martin Lewis did a special presentation for students couple of weeks ago

Although it was mainly aimed at explaining student finance, was questions about which student bank account. Basically he said offers tend to come out from mid July so need to wait until end July or early August to choose best deal this year.

You can leave the bank to be paid section blank on the student finance application (and add it later, similar to if you need to update because course / university changes during clearing).

So once you have first choice offer start the student finance application (can take few weeks), but wait 2 months before opening a dedicated student bank account


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PostPosted: Mon May 11, 2020 4:27 pm 
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My younger DCs seemed quite impressed by Santander's offer of a free 4-year Student Railcard. Now they are not so sure that was a good idea after all :lol:
(Santander also had a good interest rate on the first £2,000, but I think that offer has a limited lifespan).

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PostPosted: Mon May 11, 2020 6:44 pm 
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Here’s the guide. There’s a section on student accounts in there, plus other useful stuff.

https://www.moneysavingexpert.com/students-family/


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PostPosted: Tue May 12, 2020 5:58 pm 
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Loopyloulou wrote:
My younger DCs seemed quite impressed by Santander's offer of a free 4-year Student Railcard. Now they are not so sure that was a good idea after all :lol:
(Santander also had a good interest rate on the first £2,000, but I think that offer has a limited lifespan).


My DD also had got the Santander account. She found the Railcard and interest rate useful.

She already had a Santander account, so gave its details when filling in the finance stuff, then when she converted it to a student account, I think the account no etc stayed the same.


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PostPosted: Tue May 12, 2020 6:26 pm 
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Yes, DS2 did the same, the account number didn't change.


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PostPosted: Tue May 12, 2020 6:43 pm 
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Ditto DS1...he got some money for transferring it to a student account too.


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