Ideal student account (Natwest Student Banking)

Member Name: AbsintheFairy

Product:	Natwest Student Banking
Date:	07/11/09 (37 review reads)
Rating:

Advantages: Excellent student package, realistic graduate package

Disadvantages: None really

I think NatWest's student account seems to attract a lot of strong opinions, both good and bad! This review is based purely on my own experience.

Aged 16 I opened a young person's account with them in order to get 2 free CDs (!). I think this account was called a Card Plus account but I can't be sure, it was eight years ago after all!

In the summer before I went to uni, I visited my branch to get my account changed to a Student Account. The process was very straightforward and I got the full £1250 overdraft, a credit card (for emergencies, I may as well say now that I never used it!) and £25 for opening the account - sadly I started uni the year before they introduced the railcard offer!

I didn't use the overdraft in my first year at all, as I had some money saved from a summer job, but during my second year I started to go into it, and had it increased at the beginning of my third year, to the full £1600 I was entitled to. I did this at the branch and there were no problems.

During my second year I registered for online banking, this was a very simple procedure which involved getting a Customer Number sent in the post and choosing a password and PIN. Being able to view my account details online is very useful and I have not (as yet!) had a problem with fraud.

I have never gone over my agreed overdraft limit, or had a direct debit/cheque etc. bounce, so can't say how sympathetic they are in these cases, however there was one occasion late in my third year when I tried to take money out and the ATM wouldn't let me... I checked my balance online and I had no money left! Full marks to NatWest for not letting me take any money out as I surely would have been charged.

When I left uni my account was automatically upgraded to a graduate account. As a student it's VERY important to check what happens when your student account changes - most don't and get a shock! The Halifax account for example offers up to £3000 interest free overdraft as a student, but once you graduate you need to pay this back in a year which is totally unrealistic! With NatWest your interest-free overdraft limit reduces to £1000 a year after graduation, £500 two years after and to £0 three years after, which is easily achievable so long as you manage carefully. Note that only the interest-free limit changes: I still had a £1600 limit three years after graduating, it just wasn't interest-free any more.

However, three years after originally graduating, I went back to uni to do a full-time 1 year MA so was able to get my account (which by now had turned into a Current Plus account, their standard current account) converted back into a Student Account! I went into the branch to do this and there was some confusion at first, as it wasn't a a student branch, the advisor wasn't sure if 1-year postgrad degrees were eligible, and when she phoned to check the person on the other end said they weren't! I had to get the booklet and point out the T&Cs to her! However it was all sorted - just remember to stand your ground if this happens to you, stay polite and get a copy of the T&Cs! In addition, as I was technically in my 4th year of study I was able to get an interest-free overdraft of £1800!

The 5-year railcard is supposedly only for 1st-year undergraduates, but I got an email welcoming me to the account with a special code: I took a chance and applied for the card and it arrived in the post about a week later!

I know some people have had less than pleasant experiences with NatWest, but my experiences have been very positive and I certainly recommend them. They offer a very realistic overdraft, and when you take the graduate package into account as well I personally think it's the best!

Summary: Recommended account