bank account--confused! confused!
Great opening for a rant here (yes, I'm new). I opened a Bank of Scotland account this summer and have not been very impressed with them - e.g. deposits (/'lodgements') took days to clear, I wasn't supposed to use the counter service unless the transaction was over £300, getting internet banking set up took about 3 weeks and involved far too many letters, and the general attitude seemed to be 'go away student'.
Some of this might be avoidable, though, since you're based in the UK. I'm mainly in Dublin, but needed a UK account for research stints in Scotland... therefore had to take the most basic option because my ID is not from a UK university and my passport is American. You might be able to get a slightly better arrangement.
I have been a customer of Halifax since my undergrad days. When I went to get my current account changed over to a student account they told me I had to have a UCAS number which as a PG student I don't have. I asked the person at the bank could I speak to a manager to which he implied I was looking for special treatment (not fair treatment I would have assumed!). Anyway I phoned the bank and complained and I now have a student account with them. The only drawback being I will only have it for 2 years as a student account because by then I will have had a student account for more than six years with Halifax. By the time this comes around I will be looking for another bank account. I hear loyalty means zilch where banks are concerned.
I guess I am just very confused about what is on offer from banks...why would anyone WANT the student account that does not let you do anything except get money from a cashpoint?! This does not help me at all. I can do that with my US bank card, and moreover, with rent and so forth to pay, what earthly good is an account that only lets you deal in cash??!
Alternatively do what I do. As I am a "mature" (I use that phrase VERY loosely) student I do not qualify for any student perks. So I have an online savings account with one bank (into which my stipend goes and which pays the highest interest I can find) and a current account that gives me a debit card into which I can transfer what I need from my websaver. So you need a little planning but I'd rather get 6% off £0000s that way than 4% from a readily convenient one.
Make sense...?
The only advantages I get from having a local account are pretty basic:
Saving on currency exchange fees (my American bank is brutal there)
Direct debit option for bills, if you like that,
Direct deposit - if you ever work part time, a lot of employers expect it; also true for some academic funding.
I should have said that at least the Bank of Scotland debit card is Visa Electron, so you can sometimes shop with it. Bank of Ireland is a bit more friendly, but I don't suppose that helps!
Why don't you have a look at this page on our site:
http://www.findaphd.com/students/bank.asp
Hope this helps,
Postgradforum Team
You could try moneysupermarket or similar site to compare (student) accounts. I found I got a free overdraft as a student, card, cheques and online banking (Smile). I moved to Smile due to much higher rates of interest and online banking.
I needed a letter from the uni student services to say I was a registered student as well as lots of proof of ID/address with me. I'm not sure if there are differences for international students. There were issues setting up a joint standard account with my partner to pay bills as I had a student account but we sorted it eventually.
Thanks all for the many suggestions and the information. I have checked out some information on line and will call round to a couple of branches near me on Monday. I think the face to face meetings will be more helpful than on the phone! I get confused by some of the requirements--one bank asked if I was a UK resident, and I said, I do not know, how is "resident" defined, I have a student visa, etc. The bank person had no idea. "Resident" seems to be the key to a lot of the accounts, but without knowing its definition, its hard to say I am one. It has rather precise meanings in US law, but of course those do not translate to the UK definition, whatever it is...confused, confused....maybe I should stick all my money under my mattress at Bleak Towers.
ohhhh....no.........having just braved another phone call to a bank...now they tell me they offer different things from a phone call than they do if you call in person...the more questions I asked, the more attractive accounts became revealed...I don't know why this feels so overwhelming! but it does!
Depending on how long you are going to be in the UK you might still want to consider looking into a student account so you won't continually be charged a conversion fee from your US account. Also since the dollar exchange rate is not at its best it really might be a good idea. I am planning on opening up one there when I start my masters in London. Maybe take a look at some of these articles if you want to figure out the system a bit more before talking to more banks
http://uk.moneto.eu/investment/student-accounts/benefits/
http://money.uk.msn.com/Student/accountscardsinsurance/student_accounts/article.aspx?cp-documentid=4753836
http://www.thisismoney.co.uk/student
Hope that helps
