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One of your first tasks as important in many ways as arranging your accommodation is to plan your finances. As a student, you will almost certainly face heavy financial pressure over the next few years. Which is why it is important to organize your finances. Many of the main banks give special incentives to students, if they open an account with them, so before you open an account you may want to find a few details about the banks and the types of accounts on offer. Most of the banks now offer online banking on the internet and telephone banking but as a student you may still require a local branch.

To open a student account you most be an eligible student. In most cases that is :

    •  full time undergraduate course of two years or more at a university/ college  

    • full time postgraduate course of one year or more at a university/college

    •  eligible for LEA (Local Education Authority) support

Please note for most Banks students studding Conversion coursed, City & Guild, RSA, GCE A level, GCSE, BTEC (Except HND/HNC) , NVQ (Levels 1 to 3), GNVQ, SQA, Pre-registration Nursing & Midwifery diploma courses and Part time courses are not eligible students. 

 

 

Points to consider when wanting to open a student account:

    • Location of the bank. Most student unions now have at least one branch of a high street bank inside or near the main union building, in most cases there is a cash points in the building.
    • Overdraft facility. Although most banks now offer interest free overdraft facility to students, they differ on the amount of overdraft, some banks do not have student account and will charge an interest on overdraft.  
    • Account Incentives. A part from free interest on overdraft facilities, some banks offer other incentives to students

Table below shows the major banks Student Accounts with brief descriptions

 

Bank Year one overdraft Third year overdraft Incentives
Abbey National No student accounts, Normal accounts available to students
Bank of Scotland 800 1000 Discount Insurance
Barclays 1250 1250 20-40 BOOK & CD  Voucher*
Co-op 1000 2000 None
Halifax 500 1000 None
HSBC 750 1500 Discount Insurance & 50 or a 4 year rail card
Lloyds-TSB** 1500** 1500** 30 cash & 10 Virgin Voucher**
Natwest variable# variable# Discount Insurance & Holiday & a CD player or 35
RB of Scotland 1000 2000 Various***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 40 voucher if you apply successfully for student Barclaycard (visa card)

** Only applies to existing Lloyds TSB  customers (or if your parents already bank with Lloyds TSB), this account is by telephone or the internet. Interest free overdraft up to 1500 during first 3 years of study and up to 2000 during years 4 & 5 if still a student.

*** 20 first year discount on possessions insurance, Discounts on books, CDs, Videos, phone bills, and various other benefits on concert tickets, holidays, travel money & travel insurance.

# The amount is set according to your finances, and you must prove that you need it.

 

Credit Card (Visa/Master) lost/stolen hot lines;

BANK TELEPHONE NUMBER
Abbey National Bank 0645-724724
Barclays Bank 0541-540100
Bank of Scotland 01383-628444
Capital one Bank 0800-9525150
Co-operative Bank 0990-365366
Egg Internet Bank 08451-233233
Halifax Bank 08457-203099
Hamilton Bank 0800-772233
HSBC Bank 0990-400500
Lloyds-TSB Bank 0800-0969779 or 01273-204471
Natwest Bank 01702-354040
Nationwide Building Society 0845-7992222
Royal Bank of Scotland 01268-298929
Sainsbury's Visa Card 0541-542543
Tesco Visa Card 08457-104010
Woolwich Bank 020-83014949
Yorkshire Bank 0990-168653 or 0990-168654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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