Multiple Student Accounts

martinkorner

Hey,

I've signed up for a Natwest Student account as I'm about to start uni and wondered if its possible to sign up for more than one student account. Natwest insist that you pay you student loans/grants into their account but Lloyds TSB don't mention it at all.
Lloyds say you can't sign up if you have another student account - but can they check?

Or am I just being freebie-greedy here?
Martin

Lokolo

If its in T&Cs then you can't do it. But they can't really check. But if they suspect they can close it instantly and take away overdraft straight away.

jonesMUFCforever

Putting the morality aside of having multiple student accounts - answer me this what will you do when it all starts to unravel and you are asked to pay back overdrafts?
Banks can check your credit files - if you have applied for any credit facility with Nat West then Lloyds can see that and decide to lend to you or not (guarantee the answer will be not!) and vice versa.
IMO you are indeed a freebie-greedy!

leachyd

Been at uni for four years, and know loads of people that have done this. My sister has done it too. Pretty sure they cant find out though credit files that you specifically have another student account, just another bank account, but lots of peope have this, so it's hardly a shock. Dont see a problem really, so i'd do it, take the freebies! And if you are worried about them with drawing the overdraft, only use one of them...then if one is removed you can switch to the other - what are the chances of both being removed at the same time?

CLAPTON

why start your adult financial life on a fraudulent basis?

of course, lots of people get away with it but then it bites lots of people on the bum too.

there are lots of other opportunities to cheat if you want too... and of course lots of other people do

financial_illiterate

I had a friend who got bitten badly by this scam; unfortunately he was doing it to get by rather than to make money as he had very little financial support and when Lloyds got wind of his other overdraft they immediately called his in; bye bye studies.

7sefton

I've got 5 student accounts - 4 I use to take the 0% overdrafts and put into a high interest savings account, and the other I use for my day-to-day banking. I just make sure to have the odd standing order going into each for about £10 a month to keep the accounts active. The freebies were great when I opened each account, and they've all just increased my overdrafts now I'm going into 2nd year

Fire_Fox

Deliberately breaking the terms and conditions of a bank account isn't moneysaving it's stupidity. Banks can and do find out as details of all your bank accounts are on your credit report, they can and do call overdrafts in at very short notice. Many students have been caught out by breaking the rules and have been stung with hefty charges, and in some cases received black marks on their credit file that remain for up to six years. Read around the student board for examples.

martinkorner

Well I don't want any black marks, but I'm not the kind of person to go spending all my overdrafts just because they're there. So I wouldn't let banks demanding the overdraft paying immediately become a problem.

There's another thread about this over at the student room:
thestudentroom.co.uk/showthread.php?t=290467

@jonesMUFCforever This is a moral issue?

Hmmmm...
Martin

rh41

martinkorner wrote: »

Well I don't want any black marks, but I'm not the kind of person to go spending all my overdrafts just because they're there. So I wouldn't let banks demanding the overdraft paying immediately become a problem.

There's another thread about this over at the student room:
thestudentroom.co.uk/showthread.php?t=290467

@jonesMUFCforever This is a moral issue?

Hmmmm...
Martin

I did this when i was a student. Its just not worth the hassle.
Concentrate on studying, having fun and saving money.

Course its a moral issue.. right and wrong..?

jonesMUFCforever

Education education and gits!