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Is this allowed?

iAaron
iAaron Posts: 5 Forumite
in Student MoneySaving
Okay I have opened a student account with Lloyds TSB which I'm having my student maintenence loan etc paid into. However, I'm not going to need much of this money as I'm living at home and already have some of my own savings / a part time job which I am more than sure I can survive on. Would I be breaking any T&C if I was to open up a savings account with another bank such as Kaupthing EDGE and put the money there as they offer a higher interest rate? I'm pretty sure this is legal and above board but wanted to check with you money savers just incase. :p Thanks for helping!
~ Aaron ;)

Comments

  • Rikki
    Rikki Posts: 21,625 Forumite
    Yes you can do this.

    My son's puts his into an ISA as he's working.
    £2 Coins Savings Club 2012 is £4 :).............................NCFC member No: 00005.........

    ......................................................................TCNC member No: 00008
    NPFM 21
  • farso
    farso Posts: 204 Forumite
    Yeah, the only thing id say about this is that it can become a lot of work saying how much you are earning in interest (thats if your getting any grants/loans)
  • currynchips
    currynchips Posts: 160 Forumite
    No problems with this.
    Some will spend it on fees, some on food, some on drink and sone on PS3's. It is now officially your money, a loan to you. We got a £4k loan for a new 'car' but it wasn't. Does the bank know or care? No!!!

    Enjoy the interest!
  • mummytofour
    mummytofour Posts: 2,636 Forumite
    iAaron wrote: »
    Okay I have opened a student account with Lloyds TSB which I'm having my student maintenence loan etc paid into. However, I'm not going to need much of this money as I'm living at home and already have some of my own savings / a part time job which I am more than sure I can survive on. Would I be breaking any T&C if I was to open up a savings account with another bank such as Kaupthing EDGE and put the money there as they offer a higher interest rate? I'm pretty sure this is legal and above board but wanted to check with you money savers just incase. :p Thanks for helping!


    I will there were more as sensible as you!
    Debt free and plan on staying that way!!!!
  • farso
    farso Posts: 204 Forumite
    By the way, google how safe kaupthung edge is... Its one of the more likley banks to default this year!
  • iAaron
    iAaron Posts: 5 Forumite
    Brilliant, thanks for the help everybody. :j

    I see what you mean about kaupthing edge, do you recommend any other high interest bank accounts? Thanks alot!
    ~ Aaron ;)
  • farso
    farso Posts: 204 Forumite
    I have a fair amount of savings too (>15k) and have just done a post office one year fixed bond at 7.05%. Not sure if its right for you as you cant touch it for 12 months - its your choice.

    Dont forget to do a R85 form for each account, to save paying anything to mr taxman!
This discussion has been closed.
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