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Higher education

Talk to other parents whose children are preparing for university on our Higher Education forum.

Original poster

Bank account for gap year?

12 replies

bigbadbarry · 14/09/2022 16:45

Has anybody's teen managed to open a student account during their gap year? We specifically chose HSBC because they advertise this as being possible. DD has a confirmed place for the next academic year but when she gave the code from the uni, the bank said it was not possible. We then contacted the uni and they also agreed this was not possible.
Have your kids just opened normal current accounts for this year instead? Any advice?

OP posts:
lightisnotwhite · 14/09/2022 21:11

I would definitely open a current account just for the cash incentive to swap banks at a later point. Not HSBC as this year the student account only gave you £100 I’d you weren’t a current account customer. Santander are good for students so not them either.
The only stumbling block may be some of the better offer current accounts require minimum monthly payments which might be difficult if out if the country or on zero hours.

Original poster
bigbadbarry · 15/09/2022 07:37

Thanks. So as far as you know it is not possible to just start with a student account now?

OP posts:
Alarae · 15/09/2022 07:42

Out of curiosity, why do you specifically want a student account? Generally the main benefit is the 0% overdraft which helps with accommodation payments (if needed to be paid before student loan payments).

Perhaps just open a normal account with the bank they ultimately want a student account with, then they can convert it when they start their studies?

sidewayswalking · 15/09/2022 07:44

Mine already had current accounts, since they were 11, so nothing to open. One changed to a student account when they started uni because there was a £100 cash joining offer. The other didn't bother and just stuck with their normal current account.

Original poster
bigbadbarry · 15/09/2022 08:16

Alarae · 15/09/2022 07:42

Out of curiosity, why do you specifically want a student account? Generally the main benefit is the 0% overdraft which helps with accommodation payments (if needed to be paid before student loan payments).

Perhaps just open a normal account with the bank they ultimately want a student account with, then they can convert it when they start their studies?

Honestly we have just had a massive move and I haven’t had time to look into it properly! I assumed there would be more benefits 🤷‍♀️ I’ll steer her to a normal current account.

OP posts:
nothinglikemyname · 15/09/2022 08:21

If she will be travelling abroad, my priority would be to look for an account with no fees for overseas spending, like Chase or Starling.

The savings could be significant over a high street bank.

sidewayswalking · 15/09/2022 08:25

They don't have a current account already?

abovedecknotbelow · 15/09/2022 08:31

Have they not got an account already?

For travel I'd open a Monzo account.

OnaBegonia · 15/09/2022 09:22

Agree, Monzo is good for travelling and nice easy to use app.
Has she never had a bank account?

Ban6 · 15/09/2022 12:44

Monzo have changed their terms recently, so Starling's the best for travel now.

Original poster
bigbadbarry · 15/09/2022 14:09

sidewayswalking · 15/09/2022 08:25

They don't have a current account already?

No

OP posts:
Original poster
bigbadbarry · 15/09/2022 14:10

abovedecknotbelow · 15/09/2022 08:31

Have they not got an account already?

For travel I'd open a Monzo account.

She has a child's savings account. We've been abroad for 5 years so she's behind on all sorts of things

OP posts:
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