Limit on number of student accounts?

luke123456

Hi

I wanted to ask is there a limit on the number of accounts that you can have?

Also, with the high interest current account with A&L as advertised on the home page...it says that £500 must go in each month. Can I make a cash deposit each month and later withdraw it?

Thanks

fallen_angel_shelley

your best checking the T&C of your student account you have, most will only allow you to have one account.

Mojisola

A condition of a student account is that you pay your student loan into it. You only have one loan, so you can only have one student account.

Flower08

Mojisola wrote: »

A condition of a student account is that you pay your student loan into it. You only have one loan, so you can only have one student account.

Technically true yes, however i have known a few people that i go to uni to have more than one student account, not sure how they managed that though

Lokolo

Not all student accounts require the student loan to be paid into it. Lloyds doesn't for one.

luke123456

I dont think they actually are going to check and see of the laon is going in......

Anyway can I ask, with the high interest current account with A&L as advertised on the home page...it says that £500 must go in each month. Can I make a cash deposit each month and later withdraw it? As also on the main page it states that the money doesnt hhave to stay in,...lol

Lokolo

Of course. Otherwise after 5 years people would h ave £30k in the account with no use for it.

It just wants you to deposit money (at least £500) as you will then likely use it as your main account, then you might buy into other products they have, such as savings etc.

luke123456

I meant as it states that you must pay in your salary, and if I pay in £500 of my own cash and then withdraw it would it be ok.....?

thanks

Lokolo

Yes.

However you must be over 21? Are you?

If not this is better suited:

http://www.alliance-leicester.co.uk/current-accounts/premier-21-account.aspx

lukealexander

Smile doesn't require student loan to be paid into it (though it does require proof of funding).

I have recently been accepted for a Smile account for my third year (I also have a HSBC student account from Year 1), with an overdraft of £1800.

To "activate" the overdraft, and get the debit card you must pay in £300.

No_Future

Lokolo wrote: »

Not all student accounts require the student loan to be paid into it. Lloyds doesn't for one.

Yep, some people don't get student loans!