More than one graduate bank account?

oceanscape

My son has a graduate bank account with NatWest. Can he open another with a different bank? If so, which one?

He has some credit cards he would like to pay off. He's working at it slowly, but another 0% overdraft would come in handy until he starts his job next year.

Thanks for any info!

atypical

This was discussed here:
https://forums.moneysavingexpert.com/discussion/2646941

In short only Lloyds allows it, but they want you to be either an existing customer or transfer from a current account with a different bank. If he did open one with Lloyds, NatWest would still want him to use their account as his main one. From the T&Cs: "You must use your account as your main current account and deposit regular amounts into it by way of wages, salary or other income."

oceanscape

Thanks. I might be wrong but it looks like Santander could be an option for him?

atypical

oceanscape wrote: »

Thanks. I might be wrong but it looks like Santander could be an option for him?

Is he employed? He has to be for the Santander account. They also have similar conditions to NatWest:
"E3.1 Your bank account must be used as your main or primary bank account and your salary must be paid into it.

E3.2 If you do not regularly pay your salary into this bank account, we reserve the right to reconsider our relationship with you. This may involve us not continuing to provide some (or all) of the services on your bank account, for example, by us canceling any Graduate Overdraft Allowance on your bank account or closing your bank account."

If you look on the graduate account article here you can see from the table that all of the banks have similar T&Cs as the above apart from Lloyds.

melancholly

i'm going to be a bit harsh... (sorry in advance!). if he's a graduate, he needs to take ownership of his own finances...... he really shouldn't be expecting you to pick the account he needs at this stage in his life.

(i guess i think it's fantastic that you are helping him, but there's a difference between finding out options and taking the decision!).

custarddots

I understand there to be a legal limit to two student accounts. Of course you can have more than that if they are not student-specific.

Good luck to him for the studies!

nimbo

i think that you will find in ALL t&C's that they will be expecting you to use the account as your main account, and if they don't have money flowing through regularly they will call the OD in....

happened to me.

also thought that they will only let you open interest free while still at University not afterwards.....

PS they will be stopp9in the interest free at some point soonish after graduation for sections of the amout overdrawn....

EG 1500 OD will have 1000 as interest free for x months, then will go down to 500 etc...

they will inform you of this in small print in bank statements and then it will have happened....