Can you have more than one student bank account? 20 August 2008 at 6:52PM in Budgeting & bank accounts 15 replies 71.9K views

Bauza23

I was under the impression that you're only allowed one student bank account, but this link http://www.student-finance.co.uk/news/2006/Aug/students-have-more-than-one-student-bank-account.html has made me think otherwise.

I've got plenty of debts held on credit cards at the moment which are just about reaching their interest periods, so I was thinking if I can get another student account - pay it off without exceeding the overdraft limit, 0 interest and pay it off month by month that way (plus I'd go with Natwest and get myself a railcard too, bargain)

So if anyone knows if it's actually fine to have two student accounts with 0% overdrafts, let me know.

Rikki

I theory no but many do.

Bauza23

Is it just down to the discretion of the bank? I assume they can check how many student accounts are registered to your name via Equifax or Experian?

jonesMUFCforever

Most offer the best deals to new first year students - they can tell if you apply therafter that in all probability you will already have another account.

Try it if you want - but each application means a credit search on you.

ldn-100

The only way it is ok to have 2 students accounts open at the same time is if you are only using the "special student facilities" (i.e. interest free overdraft) of one of the accounts. This is so you can transfer from one bank to another without having to close the first account before you open the second.

NickiM

I initially opened two by accident - HSBC and NatWest. In their terms and conditions, one said they didn't mind you having another one as long as you paid regularly into theirs, but the other in theirs said no outright. So you need to check the T+Cs.

(I closed one of them)!

Bauza23

Cheers for the advice I'll just pop into a branch and talk to them about it there, the credit searches shouldn't be too much of a problem as I've got a decent credit rating for a student anyway.

TrickyDicky

I had no problems opening two. I opened an HSBC one in my first year and Natwest one in my 2nd year. I even told natwest I already had an HSBC one and he said it was no problem. I even had my HSBC overdraft maxed at the time.

You can open as many as you want, aslong as you meet their T&Cs, which often just involved to putting money regularly into them. Natwest refused to increase my overdraft in years 3 and 4 though because I was constantly overdrawn.

I kept both of mine for 3 years after graduation, at their maximum limit, and never paid a penny in interest. Just paying in £5 a month kept them happy.

Bauza23

I had a chat with Natwest and that's exactly what they said, should save me a bit of cash and I'll get a railcard, result!

greyster

this is an age old question answered a lot on this forums, even Martin answers it in his student bank account article.

The answer is yes you can - however some of the banks will put in their agreement with you that they are your primary bank. The last time I checked Martin identified which banks they are in his article.

Personally in my 4 years at uni (two courses) I had at my peak 4 student bank accounts with 3 of their o/ds used totalling 6k.

I did this rather than taking out a loan with the bank. Paid it all off and closed accounts down in my first job. I now only have 2.

derbys1

which article is that greyster? would be an interesting read.