Opening multiple bank accounts

Dreaming_2

What's the score on opening multiple bank accounts?

When I signed up for my HBOs account it said it must be my only student account, but other banks are throwing offers of accounts at me and if I use HBOS as my main one, are they really going to know?

Just thinking because by using deficit banking the multiple interest free overdrafts could add up quite nicely.

melancholly

some people manage it, others have the accounts closed when the student loan isn't paid in.....

this thread may help:
http://forums.moneysavingexpert.com/showthread.html?t=40617&highlight=multiple+student+accounts

pcyam

Originally I had a barclays and hsbc childrens current account, and when i went to uni they ungraded them automatically, and i received all the goodies which came with it and interest free o/d. Then when I registered for my course there were banks their on the day asking for you to sign up and got the goodies from then too (natwest and lloyds etc etc). so i had multiples of student banking and they all got transfered when i graduated. But the money i transferred all to high interest savings account.

But last year my brother did they same and they refused him at barclays because he said he had one at Abbey and HSBC, so this year I told him to go back and say that on his campus there are only barclays facilities and hey presto it worked they didnt ask for any paperwork but he was an existing custome fo theirs. As many are aware banks are targeted for opening accounts, so not every advisor would turn away business. Just try if you get turned down then you've not loss anything, but be careful with multiple declines as this will 'hurt' your credit rating, and as long as you are able to trust yourself and put the money away and not spend the money then go for it on the interest free o/d's but if you cant trust yourself then I DONT advise you to do it, because at the end of the day you need to pay the money back

HTH

techno_geek

Don't forget that in this age of "bad debt" and all that stuff, banks are probably going to start periodically scan their customers' credit reports to make sure they're not getting ahead of themselves... e.g when you get your overdraft increased as you enter your next year of study @ Uni

If this happens, and Bank X sees you've got another student account at Bank Y then they'll know you're in breach of their terms & conditions, and (obviously this is the very-worst-case scenario) notify Bank Y of the situation... you could end up with both accounts being closed, and a tarnished credit history that will haunt you for years!

Doom and gloom? Maybe...

Btw, if your bank specifically asks whether you have another student account elsewhere, (or if you sign something stating that you don't have/won't get a student account elsewhere) but you do then you are obtaining credit by deception... that's also the sort of thing that gets noted on your credit report if they find out about it!