Compare 2008/09 Student Accounts

Abbey

Barclays

Co-operative

Name

Student Current Account

Student Additions

Student Account

Eligibility Criteria
(You must be at least 18 to get an overdraft)

Must be a permanent resident in the UK, in full time education studying a degree/degree equivalent or post graduate course

Must be a permanent resident in the UK, in full time education studying a degree/degree equivalent or post graduate course

Over 18 in full time education on a course that qualifies

Sign Up/Other Incentives (selected)

Six cinema tickets (12 if you take out a Barclaycard too) if you open the account by 31 Oct and deposit £500 (and make one transaction on the Barclaycard, if applicable) by 31 Dec

Year 1

£1,000

£1,000

£1,400

Year 2

£1,250

£1,250

£1,700

Year 3

£1,500

£1,500

£2,000

Year 4

£1,800

£1,750

£2,000

Year 5

£2,000

£2,000

£2,000

Interest Free Average (3 year course)

£1,250

£1,250

£1,700

Interest Free Average (5 year course)

£1,510

£1,500

£1,820

Are these interest free overdraft rates guaranteed or are they done on a case by case basis? If case by case what proportion of people get the maximum?

Yes

Case by case basis

At the bank's discretion

Agreed Overdrafts beyond the 0% limit

9.9%

8.9%

9.9%

Unauthorised overdraft rate & fees
(ALWAYS AVOID – talk to the bank first)

28.7%

If you go past your overdraft, you'll be charged a ‘Personal Reserve’ fee of £22 every five working days, until crediting the account to clear the reserve. You’ll be advised of your personal reserve limit once an application is successful. Any payments debited from the personal reserve will be honoured.

Payments beyond the personal reserve will be bounced, unless they fall into the category of a guaranteed transaction (e.g. a cheque payment guaranteed with a cheque card). Customers will pay £8 per item for a returned or guaranteed transaction, capped at five per day.

15.9%, unpaid items £30

What is the in-credit interest?

4% on balances up to £500, 0.1% on above that

0.1%

0%

Can accounts already open at other banks be transferred & will they get this year's rates?

Yes

Yes, providing they meet the bank's criteria. Interest free overdraft will be in line with year of study

Yes, the overdraft will be inline with year of course

Is there anything in your terms and conditions to stop them opening a student account with another bank too?

No, but the account must be used as the main account and have regular activity

No, but you must ensure that this is your main current account and it must be credited with any main source of funding

No

Is there anything else we should be aware of?

N/A

N/A

After graduation the account keeps its student account terms for one year and then the account will be migrated to a standard Co-operative current account

HBOS

HSBC

Lloyds TSB

Name

Student Current Account

Student Service

Student Account

Eligibility Criteria
(You must be at least 18 to get an overdraft)

Over 18 and in/about to enter a full time, three-year course.

A university confirmation letter or UCAS check is needed.

Permanent UK residents on/about to start a full-time undergraduate (eligible) course that lasts for at least two years at a UK university or college of higher education.

17 year-olds can apply, although won’t receive credit facilities until their 18th birthday, if applicable.

Students must have applied through UCAS and have a UK university offer letter

Sign Up/Other Incentives (selected)

N/A

Two years’ worldwide travel insurance if £250 is credited before 31 Oct 2008. Trips must be taken between 1 March 2009 & 28 Feb 2011

Free NUS Extra card worth £10 Refer a friend scheme: up to £100 cash. £20 28 days after your account has been opened, then £20 per friend who also open a student account, up to £80.

Offer ends 15 Sept 2008 and at least £200 must be credited to the accounts before 31 Oct 2008.

Free YHA membership for a year worth £9.95.

35 free eMusic downloads if you’re new to eMusic

Year 1

£3,000

£1,000

£1,500 tiered in the first year:
£500 for the first six months
£1,000 in months seven to nine
£1,500 after that

Year 2

£3,000

£1,250

£1,500

Year 3

£3,000

£1,500

£1,500

Year 4

£3,000

£1,750

£2,000

Year 5

£3,000

£2,000

£2,000

Interest Free Average (3 year course)

£3,000

£1,250

£1,500

Interest Free Average (5 year course)

£3,000

£1,500

£1,700

Are these interest free overdraft rates guaranteed or are they done on a case by case basis? If case by case what proportion of people get the maximum?

Account acceptance and overdraft limit determined on a case by case basis

All credit is subject to status

Assessed on a case by case basis.

Successful applicants will have a £500 minimum overdraft.

The number of applicants refused is negligible

Agreed Overdrafts beyond the 0% limit

7.2%

Additional borrowing over the interest-free limit at three per cent above Bank of England base rate

N/A

Unauthorised overdraft rate & fees
(ALWAYS AVOID – talk to the bank first)

24.2% with a £28 fee per month. Paid item charge of £20 (max one per day), failed item charge £20 (max one per day)

Additional borrowing over the interest-free limit at three per cent above Bank of England base rate.

Returned items (incl. cheques, Direct Debits, standing orders): Up to £10 = no charge Up to £20 = £10 per item £25 plus = £25 per item.

8.2%

Students who exceed their planned overdraft limit won’t be charged a fee the first time it happens.

Thereafter, they will pay a flat monthly fee of £15 and then a lower unplanned borrowing fee on a daily basis, irrespective of how many transactions they make that day. Being over the limit by less than £25 will cost £6 per day, from £25 to £100 will cost £15 per day and over £100 will be £20 per day.

What is the in-credit interest?

2.02%

6% on balances up to £1,000. 0.10% above this

0.1%

Can accounts already open at other banks be transferred & will they get this year's rates?

Yes. The interest free overdraft will be in line with the current year of study.

Yes, the rates will be based on the rates available at the time and the year of study the student is in

Yes

Is there anything in your terms and conditions to stop them opening a student account with another bank too?

No

Yes

Yes

Is there anything else we should be aware of?

The account remains interest free for one year after graduation

N/A

Lloyds TSB also offer an Islamic Student account which is designed to meet the requirements of Islamic law (Shariah)

NatWest

RBS

Smile

The Basics

Student Account

Student Royalties

Student Account

Eligibility Criteria
(You must be at least 18 to get an overdraft)

Permanent UK residents on/about to start a full-time undergraduate (eligible) course that lasts for at least two years at a university or college of higher education

Starting your first full time higher education course in the UK for a duration of at least two years

In full time education on a qualifying course, depositing a student loan payment or at least £300

Sign Up/Other Incentives (selected)

Free five-year Young Person’s Railcard (renewed each year provided you have used your account in the previous 3 month period).

£50 off mobile broadband.

£100 off an Asus laptop.

Free webcam if account is opened online.

Students from OR studying in Scotland: £100 cash or a three-year railcard worth £72, plus a month’s bus travel in Glasgow, Edinburgh or Aberdeen.

Students from AND studying in England or Wales: £50 off mobile broadband from 3 & £100 off an Asus laptop.

Everyone: Free webcam if account is opened online.

N/A

Maximum Interest Free Overdraft Limits

Year 1

£1,250

£2,750

£1,000

Year 2

£1,400

£2,750

£1,400

Year 3

£1,600

£2,750

£1,800

Year 4

£1,800

£2,750

£2,000

Year 5

£2,000

£2,750

£2,000

Interest Free Average (3 year course)

£1,420

£2,750

£1,400

Interest Free Average (5 year course)

£1,610

£2,750

£1,640

Are these interest free overdraft rates guaranteed or are they done on a case by case basis? If case by case what proportion of people get the maximum?

Assessed on a case by case basis

Assessed on a case by case basis

The overdraft is at the bank’s discretion

Agreed Overdrafts beyond the 0% limit

N/A

N/A

N/A

Unauthorised overdraft rate & fees (ALWAYS AVOID – talk to the bank first)

17.81%

If you exceed your arranged overdraft facility or go overdrawn, you will be charged £38 for each unpaid item (eg. standing order, Direct Debit, cheque payments)

29.84%

15.9%

What is the in-credit interest?

0.1%

2.02%

2.27%

Can accounts already open at other banks be transferred & will they get this year's rates?

Yes, but they won’t be eligible for the free incentives

Yes, but they won’t be eligible for the free incentives

Yes, the overdraft will be in line with year of course

Is there anything in your terms and conditions to stop them opening a student account with another bank too?

No

No but it must be used as the main account

No

Anything else we should be aware of?

N/A

N/A

There is no graduate account. After graduation the customer will keep their student account terms for one year and then the account will be migrated to a standard smile current account