A second current account?

Colxfile

I'm in my second year of a maths degree. Next year, I'll be taking a year out to do a paid work placement as part of my degree. Hopefully, I'll get paid for it.

Now, I currently have a student account which has the condition that I must pay in my student loan to it when I get it (Presumably that's how they make sure I am still a student). But surely there's nothing stopping me paying in the student loan to that account while opening another current account just for my salary? Or is there?

If it is the case, then are there any points I need to watch out for in trying to get an account for my salary?

emma_b_4

i have two accounts, one which i use and my burasry goes in, one which i just spent the odraft and put a tenner here and there into to pay it off

halifax knew i had another account but said it was okay....

Cheeky_2

I had four, 3 students (hsbc, rbs and natwest (aren't they connected or something? they didn't mind anyway!) and a normal non-student account with Lloyds.

You'll be fine to get another account to pay your salary into, can't think of anything to watch out for apart from checking to see if there's any offers on, i.e. First Direct will give you £50, Lloys I think have a similar offer if a friend recommends you.

StudentSaver_2

I have 3 current accounts....

2 student accounts - one with Abbey for direct debits, one with Halifax for daily use.

1 normal account - with Nationwide for use abroad this summer.

No-one has stopped me, they know the other accounts exist, and I haven't come across any terms and conditions saying I can't have more than one.

Karnam

note: halifax and HSBC student accounts say you may only have one student account in thier T&C.

i know its easy to just signed away for large overdrafts but this is breaking t&cs and therefore commiting fraud. please check the t&c on your account before you sign.

emma_b_4

i told halifax i had another and they said they had no restrictions. that was in december 2005.

StudentSaver_2

emma_b wrote:

i told halifax i had another and they said they had no restrictions. that was in december 2005.

Same for me....they said that as long as I use my account as my main account, it's ok. And I do use it as my everyday account.

xycom1

Karnam wrote:

note: halifax and HSBC student accounts say you may only have one student account in thier T&C.

i know its easy to just signed away for large overdrafts but this is breaking t&cs and therefore commiting fraud. please check the t&c on your account before you sign.

Only recently, when I got my student accounts in 2001, there were no such demands for just one account. Consequently I have 2 - one NatWest and one HSBC. I only have an overdraft on the HSBC one though as I believe there was some term that limited you to one OD.

Gemini21

Hi,

I completed my placement last year and decided that I wanted a separate bank account for my salary, away from my student account. Being with HSBC, I just popped in and asked to open a current account and they were great. At the same time I maxed the student overdraft and stuck it in a savings account for the year, as I was earning I didn't need it, so it earnt me a bit of interest. They were fine with this too, and opened me a savings account there and then! (I didnt keep it there though, as there interest rates are VERY low!)

During my placement I opened a third current account with First Direct to take the £50 incentive, and now use this as my main account. My student loan comes into my HSBC account and I transfer it straight out (the advantage with First Direct and HSBC is that the money moves instantly and does not take any time to clear). There have been no problems with this at all, and am just approaching the end of my degree, so look forward to doing the same with my Graduate Account with HSBC!!

Gemini21

techno_geek

I'm planning on having 3 bank accounts when I go off to Uni in september...


I'm opening a Student account with NatWest (decent first-year o/d and railcard offer sold it... I know Halifax gives more o/d, but we've all read the nightmare stories about rejecting students, and my credit score has way too many searches on it already thanks to Halifax and First Direct rejecting me!)

I'm with HSBC already (as they gave me a Maestro card when I was 17, and have given me a credit card to get started before I go to Uni ) so I'll keep that account active as they have the 4.75% online saver account to hold my maxxed-out student o/d!

And I've just opened a Nationwide FlexAccount, which I plan to use as my main everyday account, using their e-Savings account to hold my student loan and other money that I'll live off.

Naturally, I'll send £10 here and there to the HSBC and NatWest accounts to keep them active. Thank heavens for standing orders! :A

Have I overcomplicated things, or am I being fairly sane? lol Is there "another way" (pardon the obvious pun)?