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NatWest Student Account 2009-10: A Guide
The student account is available from June 8th to October 10th 2009.
This is a guide to what NatWest offer Students for 2009/10. It is specifically UK resident students only guide. If you are an International Student then please start a thread and I am sure knowledgeable posters will advise on.
It is meant as a guide as to what the eligibility criteria is, what courses count, and what identification is required. I will then go into the Incentives such as the railcard/USB memory stick offer.
In February, this year, my association with NatWest ended when I was dismissed from RBS Group. The thread is not meant as a promotion to the NatWest account but to help you with any queries you have. I have decided to post some key facts at the bottom of post 1 which were some of the main questions that appeared last year. It is meant for information only and most answers should be answered on the post. I expect that not many things will have changed from last year but please feel free to PM me if you think there is an area of the guide that is incorrect as I only have NatWest website to check details on this year.
Eligibility
-A permanent UK Resident(resident in the UK for 3 years or more prior to the course commencing including Isle of Man, Channel Islands, and Gibraltar) on/about to start a full time course for at least two years at university or college of higher education in the UK.
-A permanent UK Resident on/about to start a full-time postgraduate course for at least 1 year at a university or college of higher education.
Eligible Courses
-Undergraduate degree, e.g. BA, BSC, LLB or Bed
-Postgraduate course e.g. MA, MSC, PGCE or PhD
- A Diploma or Higher Education, BTEC Higher National Diploma(HND, National Vocational Qualifiction(NVQ) levels 4 and 5 only, Diploma in Nursing Studies.
How to Apply
Either via natwest.com or in the branch.
Identification-Proof of Student status
Conditional/Unconditional offers can be accepted up to August 19th and Unconditional/Admissions letter from 20th August onwards.
Student ID card stating year of Study(NUS cards are acceptable).
Original Student Loans Company Letter confirming funding is available or Student Loans Funds paid into and account.
Local Education Authority award/SAAS.
Identification requirements when applying in branch
Proof of Identification, ie Passport or Driving licence(provisional is acceptable up to the age of 20)
Proof of address, Bank statement, parents utility bill(if surname the same).
Eligibility for Non UK Resident Students/International Students
(1) Credits of £5000.00 lump sum or more paid into the account after the first year tuition fees are paid in full. Proof of payment is required.
(2) In receipt of £5000.00 during the course of the academic year from sponsorship, a recognised body or government agency(written confirmation is required and must total £5000.00 once tuition fees have been paid). Parental contribution does not form part of the £5000.00.
(3) Have a full time permanent job in the UK after completion of academic studies(proof of this is required).
No overdraft facility will be given to Non UK students and initially a cashcard will be ordered on account opening.
What to do if you are ineligible for the NatWest Student account
NatWest off two options: (a) International Advantage Blue which costs £6.95 and includes the 16-25 railcard, mobile phone insurance, and other “add ons”. Or (b) Step account with no “add ons” and no fees for having it. Both Options do not offer a cheque book.
Please be aware that other banks may offer similar accounts and their eligibility for Non-UK resident students may be different for the student account than NatWest.
Picking up plastic cards and cheque books
This is one of the most frustrating things in the world. My experience tells me that all Internet applications made will have the cards sent to the branch which their account has been domiciled. What that means is that the sort code on the account will be where the Card and cheque book will be sent. Normally the card will arrive before the cheque book. Once the card is activated, on receipt,
the pin number is sent within 5 working days, more or less(1 week), normally to the same place where the card was sent. If the account has been upgraded, then once confirmation of the place at university has been met, you should be able to upgrade the card from a cashcard/solo to a maestro/switch code.
Overdrafts
The basics to overdrafts is that you have to apply for them and they are not automatically added or automatically increased. They are interest free all the way through your studies. If you change your course after the first year then make the bank aware of this so they can increase the years you are classed as being a Student. That includes Graduate courses as well. The Graduate account is designed for those who have completely finished university and are working.
Year 1 limit is £1250^*
Year 2 limit is £1400(that means £150 increase from year 1 and not £1250 + £1400)
Year 3 limit is £1600
Year 4 limit is £1800
Year 5 limit is £2000
Graduate account interest free limits are as follows.
Year 1 after graduation £2000
Year 2 after graduation £1000
Year 3 after graduation £500
Remember that the limits on graduation are merely the interest free amounts. The bank does not drop you overdraft limit automatically and only the interest free amounts. July is when that kicks in each year.
^ Overdrafts for First year Students are available on request are available from 20th August 2009
*NatWest have added this for this for 1st Year Undergraduates so I am not sure if they will stick with these limits but we will see. You can apply for an interest-free overdraft – up to £1250 in your first year. To keep your money manageable, we normally offer limits of £500 in your first term, £1000 in your second term and £1,250 in your third term. However you can apply to increase your limit each year until you finish your course.
Incentives-Railcard
The promotion is valid for first year undergraduate university students entering their first year of university study.
You have to register for online banking and paperless statements between 8th June 2009 and 10th October 2009.*
You have to use the account as your main account. Natwest defines this as “This means that the account should be used for the purpose of ordinary banking transactions, with at least 1 credit transaction on your account every 3 months and at least 3 debit transactions per month during term time (which can include debit card transactions (point of sale), direct debits and standing orders).”
*I am adding a note of caution to this. Please remember that if you receive an email that is supposedly from the bank asking to confirm you details, DO NOT RESPOND AND FORWARD TO phishing@natwest.com*
USB memory stick
This is available ONLY when you apply for the account online. It has 4Gb memory and comes with 4 months subscription to SquirrelSave online storage.
Other incentives linked to the account
Website for offers is here: http://www.natwest.com/microsites/pe...s/benefits.asp
NatWest Student Credit Card
The basics of a credit card is that you get 56 days interest free to pay off. With the NatWest Credit card you get a limit of up to £500. A Direct Debit for the minimum amount is normally set up when the Credit Card is taken out.
Important things to note: taking out cash is the most expensive way to do things. It should be avoided at all costs. The Credit limit does not mean that you can take it all out in cash, normally it is about 50% of the limit for cash.
Important Telephone numbers
Railcard Helpline: 0191 501 3806 (lost or non-receipt)
Welcome Pack Helpline: 0191 501 3838(non-receipt)
USB Memory stick Hotline: 0191 501 3806(non receipt)
Key Facts:
1) To be eligible for the railcard and all incentives you have to register with NatWest online banking and choose paperless statements by 10th October 2009
2) Once the account is open the likelihood is that the debit card and cheque book will be sent to the branch which is usually 10 days after the account is open. Please use the 10 days from the date on the Welcome letter.
3) First year overdraft limits will only be placed on the account from 20th August 2009 so if you have applied for an overdraft facility prior to this date on the application form then please check that the limit is on the account before spending on it.
4) If you are sending an application back through the posts, please take a photocopy of the paperwork and check that the account is open 7 days after sending it back. The important thing to be aware of is that there will be an application reference number that will help identify the application number. Application numbers are usually valid for only 1 month.
The student account is available from June 8th to October 10th 2009.
This is a guide to what NatWest offer Students for 2009/10. It is specifically UK resident students only guide. If you are an International Student then please start a thread and I am sure knowledgeable posters will advise on.
It is meant as a guide as to what the eligibility criteria is, what courses count, and what identification is required. I will then go into the Incentives such as the railcard/USB memory stick offer.
In February, this year, my association with NatWest ended when I was dismissed from RBS Group. The thread is not meant as a promotion to the NatWest account but to help you with any queries you have. I have decided to post some key facts at the bottom of post 1 which were some of the main questions that appeared last year. It is meant for information only and most answers should be answered on the post. I expect that not many things will have changed from last year but please feel free to PM me if you think there is an area of the guide that is incorrect as I only have NatWest website to check details on this year.
Eligibility
-A permanent UK Resident(resident in the UK for 3 years or more prior to the course commencing including Isle of Man, Channel Islands, and Gibraltar) on/about to start a full time course for at least two years at university or college of higher education in the UK.
-A permanent UK Resident on/about to start a full-time postgraduate course for at least 1 year at a university or college of higher education.
Eligible Courses
-Undergraduate degree, e.g. BA, BSC, LLB or Bed
-Postgraduate course e.g. MA, MSC, PGCE or PhD
- A Diploma or Higher Education, BTEC Higher National Diploma(HND, National Vocational Qualifiction(NVQ) levels 4 and 5 only, Diploma in Nursing Studies.
How to Apply
Either via natwest.com or in the branch.
Identification-Proof of Student status
Conditional/Unconditional offers can be accepted up to August 19th and Unconditional/Admissions letter from 20th August onwards.
Student ID card stating year of Study(NUS cards are acceptable).
Original Student Loans Company Letter confirming funding is available or Student Loans Funds paid into and account.
Local Education Authority award/SAAS.
Identification requirements when applying in branch
Proof of Identification, ie Passport or Driving licence(provisional is acceptable up to the age of 20)
Proof of address, Bank statement, parents utility bill(if surname the same).
Eligibility for Non UK Resident Students/International Students
(1) Credits of £5000.00 lump sum or more paid into the account after the first year tuition fees are paid in full. Proof of payment is required.
(2) In receipt of £5000.00 during the course of the academic year from sponsorship, a recognised body or government agency(written confirmation is required and must total £5000.00 once tuition fees have been paid). Parental contribution does not form part of the £5000.00.
(3) Have a full time permanent job in the UK after completion of academic studies(proof of this is required).
No overdraft facility will be given to Non UK students and initially a cashcard will be ordered on account opening.
What to do if you are ineligible for the NatWest Student account
NatWest off two options: (a) International Advantage Blue which costs £6.95 and includes the 16-25 railcard, mobile phone insurance, and other “add ons”. Or (b) Step account with no “add ons” and no fees for having it. Both Options do not offer a cheque book.
Please be aware that other banks may offer similar accounts and their eligibility for Non-UK resident students may be different for the student account than NatWest.
Picking up plastic cards and cheque books
This is one of the most frustrating things in the world. My experience tells me that all Internet applications made will have the cards sent to the branch which their account has been domiciled. What that means is that the sort code on the account will be where the Card and cheque book will be sent. Normally the card will arrive before the cheque book. Once the card is activated, on receipt,
the pin number is sent within 5 working days, more or less(1 week), normally to the same place where the card was sent. If the account has been upgraded, then once confirmation of the place at university has been met, you should be able to upgrade the card from a cashcard/solo to a maestro/switch code.
Overdrafts
The basics to overdrafts is that you have to apply for them and they are not automatically added or automatically increased. They are interest free all the way through your studies. If you change your course after the first year then make the bank aware of this so they can increase the years you are classed as being a Student. That includes Graduate courses as well. The Graduate account is designed for those who have completely finished university and are working.
Year 1 limit is £1250^*
Year 2 limit is £1400(that means £150 increase from year 1 and not £1250 + £1400)
Year 3 limit is £1600
Year 4 limit is £1800
Year 5 limit is £2000
Graduate account interest free limits are as follows.
Year 1 after graduation £2000
Year 2 after graduation £1000
Year 3 after graduation £500
Remember that the limits on graduation are merely the interest free amounts. The bank does not drop you overdraft limit automatically and only the interest free amounts. July is when that kicks in each year.
^ Overdrafts for First year Students are available on request are available from 20th August 2009
*NatWest have added this for this for 1st Year Undergraduates so I am not sure if they will stick with these limits but we will see. You can apply for an interest-free overdraft – up to £1250 in your first year. To keep your money manageable, we normally offer limits of £500 in your first term, £1000 in your second term and £1,250 in your third term. However you can apply to increase your limit each year until you finish your course.
Incentives-Railcard
The promotion is valid for first year undergraduate university students entering their first year of university study.
You have to register for online banking and paperless statements between 8th June 2009 and 10th October 2009.*
You have to use the account as your main account. Natwest defines this as “This means that the account should be used for the purpose of ordinary banking transactions, with at least 1 credit transaction on your account every 3 months and at least 3 debit transactions per month during term time (which can include debit card transactions (point of sale), direct debits and standing orders).”
*I am adding a note of caution to this. Please remember that if you receive an email that is supposedly from the bank asking to confirm you details, DO NOT RESPOND AND FORWARD TO phishing@natwest.com*
USB memory stick
This is available ONLY when you apply for the account online. It has 4Gb memory and comes with 4 months subscription to SquirrelSave online storage.
Other incentives linked to the account
Website for offers is here: http://www.natwest.com/microsites/pe...s/benefits.asp
NatWest Student Credit Card
The basics of a credit card is that you get 56 days interest free to pay off. With the NatWest Credit card you get a limit of up to £500. A Direct Debit for the minimum amount is normally set up when the Credit Card is taken out.
Important things to note: taking out cash is the most expensive way to do things. It should be avoided at all costs. The Credit limit does not mean that you can take it all out in cash, normally it is about 50% of the limit for cash.
Important Telephone numbers
Railcard Helpline: 0191 501 3806 (lost or non-receipt)
Welcome Pack Helpline: 0191 501 3838(non-receipt)
USB Memory stick Hotline: 0191 501 3806(non receipt)
Key Facts:
1) To be eligible for the railcard and all incentives you have to register with NatWest online banking and choose paperless statements by 10th October 2009
2) Once the account is open the likelihood is that the debit card and cheque book will be sent to the branch which is usually 10 days after the account is open. Please use the 10 days from the date on the Welcome letter.
3) First year overdraft limits will only be placed on the account from 20th August 2009 so if you have applied for an overdraft facility prior to this date on the application form then please check that the limit is on the account before spending on it.
4) If you are sending an application back through the posts, please take a photocopy of the paperwork and check that the account is open 7 days after sending it back. The important thing to be aware of is that there will be an application reference number that will help identify the application number. Application numbers are usually valid for only 1 month.
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