multiple student accounts

fidgetgreen

hello,

i was just wondering if it against the law to have multiple student accounts because you are only allowed one interest free overdraft?

pinkshoes

I think you'll find that a condition of the student account is that you pay your loan into it, which you can obviously only do with one bank.

Read the small print.

I know several people who had a couple of accounts, and I've only ever known 1 person who was asked to pay off their overdraft immediately when they didn't pay their loan into the account (as they'd paid it into the other one!).

Lokolo

pinkshoes wrote: »

I think you'll find that a condition of the student account is that you pay your loan into it, which you can obviously only do with one bank.

HSBC you don't. However, they do state in their terms and conditions that you must only have one student account. So it works both ways

kelloggs36

I had 2 - get loan paid into one and then split the amount between the two accounts. If you work, get paid into one and transfer money between them.

x.xlaurenx.x

i have got a student account with Llyods TSB i got a £500 interest free overdraft and have never put any money into it just maxed the overdraft this year though im looking for a bigger overdraft to pay off Lloyds TSB but i want a cash incentive so im on the look out. im not entitled to a student loan.

princesslizzie

Lokolo wrote: »

HSBC you don't. However, they do state in their terms and conditions that you must only have one student account. So it works both ways

I have an HSBC and Nat West. Going into my 3rd year and *touch wood* not a problem so far. My loan goes in to NW account, and wages into HSBC, I also have an ISA with them too. I'm only slightly (by about £100) into my NW overdraft. And hope to clear it when my SL comes in and stay that way. I was ignorant to the facts of the 2 accounts, but I don't intend of using the overdrafts and will probably stop using the NW one when finished.

lauraza

I know someone who had 4, applied for them all on the same day. Total £8k overdraft.

nk8

haha, that's a lot of money...or debt...

but at the end of the day, i have a natwest current account and a natwest student account, and my cashiers understand the reason that my natwest student account is completely rinsed out with all the money going into the current account, at the end of the day, it's an interest free overdraft, so not using it, would be wasting it, for those that only have one student account, that's a different thing, but last year, i had a different student account and i just put the money into bonds for the year.

Wiggynut

why do you need two student accounts?

how much debt do you want? - you do have to pay it back!

I'll have two accounts - one normal current account (linked to my higher ISA interest rate - and I'll keep my wages going into that one and the other is the student account where my student loan will be deposited.

I'll be using the overdraft for emergencies (if any come up!?) or just as a little safety net if I forget to transfer money over and a bill comes out.. so techncially I'll only need a small od!