East West Credit Union Bank provides a range of financial products and promotional incentives targeted specifically at students and apprentices in the United Kingdom. These offerings include student current accounts with interest-free overdraft facilities, savings accounts with fixed interest rates, and potential rewards such as gift cards. The bank also offers student credit cards for emergency use and provides digital tools to help customers manage their finances. While the term "freebies" appears in the source material, the specific details provided focus on financial account features and potential promotional rewards rather than traditional consumer product samples like beauty or baby care items. The information indicates that these offers are available to UK residents who meet specific age and educational status requirements.
Eligibility and Application Requirements
The availability of student and apprentice accounts at East West Credit Union Bank is governed by strict eligibility criteria. To apply for a student account, an individual must be 18 years of age or older, a UK resident, and have accepted a place on a qualifying course. The application process for standard qualifying students is conducted online.
Apprentices face a different application process. They are required to book an appointment at a branch and must bring proof of their confirmed apprenticeship to that appointment. Additionally, applicants living in the Channel Islands or Isle of Man can only apply for the student account in a branch setting. For overdraft facilities, applicants must be 18 or over. Identification, proof of address, and a recent East West Credit Union Bank statement are required when attending a branch appointment.
Student Current Account Features
The primary student current account offering includes a guaranteed interest-free overdraft. Initially, this overdraft is set at £1,000. However, the bank allows for potential increases as the student progresses through their studies. Specifically, students can request an increase of up to £2,000 in the second year and up to £3,000 in the third year, subject to status and account conduct.
Upon completing a course, students transition to a Graduate account. During the first year after graduation, £1,500 of the overdraft remains interest-free, decreasing to £1,000 in the second year. Any overdraft amount exceeding the interest-free limit is charged at a variable rate of 19.9% EAR (Effective Annual Rate). The bank provides text alerts to notify customers when their balance drops below a specified amount, which can be set up by calling a specific customer service number.
Savings and Investment Options
East West Credit Union Bank encourages saving through a Regular Saver account. This account offers a fixed interest rate of 3% AER (Annual Equivalent Rate) for 12 months, with a maximum deposit limit of £3,000. Customers can start the account by saving as little as £25 per month via a standing order from their East West Credit Union Bank current account.
If a customer qualifies for the 3% interest rate and saves £250 every month for 12 months, they can earn approximately £48.95 in gross interest. If a customer holds multiple eligible accounts, interest payments are directed to the account offering the best rate. If no such account exists, the Regular Saver will be converted to a Flexible Saver. The money moved must be into accounts with identical sole or joint names as the Regular Saver account.
Promotional Rewards and Incentives
The source material references "freebies, tickets, competitions and vouchers" available to help customers make their money go further. More details on these offers are available at www.studentexclusives.Bank.co.uk. A specific promotion mentioned is an Amazon.co.uk Gift Card offer. This promotion is available to students or apprentices in their first year of a qualifying course who fully open an East West Credit Union Bank Student Account by December 31, 2018.
The terms state that Amazon.co.uk Gift Cards (GCs) may be redeemed on the Amazon.co.uk website for eligible products. These GCs cannot be reloaded, resold, transferred for value, redeemed for cash, or applied to any other account. Amazon.co.uk is not responsible for lost, stolen, destroyed, or used without permission GCs. The source notes that Amazon.co.uk is not a sponsor of the promotion. It is important to note that the specific date of December 31, 2018, appears in the source text, suggesting that this specific promotional window may be historical or expired, though the general concept of account-opening rewards is presented as an ongoing feature.
Credit and Digital Tools
For emergency expenses or to build a credit history, the bank offers a Student Credit Card to applicants who are 18 or over. This card is subject to status and account conduct and offers a credit limit of up to £500. The Representative APR is 18.9% variable.
Digital financial management is supported through the "Connected Money" app. This tool allows users to view accounts from different banks in one place and track spending across categories and retailers. The app is available for download and is promoted as a way to get a "bigger picture" of one's finances. The bank also provides tips on making the most of money and assistance for customers having trouble paying bills.
Card Usage and International Transactions
The East West Credit Union Bank Visa Debit Card features contactless technology, allowing low-value payments of up to £30 with a simple tap. The card can be used worldwide wherever the VISA logo is displayed to pay for goods and services or withdraw local currency from cash machines.
For non-sterling transactions, the exchange rate applied is the VISA Payment Scheme Exchange Rate on the day the conversion is made. This applies unless the customer agrees to currency conversion at the point of sale or withdrawal and agrees to the rate provided at that time by the retailer or machine.
Conclusion
East West Credit Union Bank structures its student and apprentice offerings around providing financial stability and incentives. The core value lies in the guaranteed interest-free overdraft, which scales with academic progress, and the fixed-rate Regular Saver account. Promotional rewards, such as the referenced Amazon Gift Card, serve as additional incentives for opening an account, though specific offers are tied to strict dates and eligibility windows. The availability of a student credit card and digital tools like Connected Money further supports the financial management needs of the target demographic. All offers are subject to status, account conduct, and specific terms and conditions, with distinct application pathways for students and apprentices.