Halifax student account best one??

regularsaver1

DjSatansfury wrote:

The Halifax did this with me as well.

I had a student account with them, and after a load of hassle, i wouldnt touch them with a bargepole.

because they wouldn't give you a large overdraft?

they may have been doing you a favour

techno_geek

This has been mentioned elsewhere on this forum, but I have 3 student accounts (NatWest, HSBC and Halifax) with interest-free overdrafts totalling £4500 of which my Halifax OD accounts for £2k - I'm in my first year, and have £8000 in savings (excluding the money from my overdrafts, see below...)

The HSBC and NatWest overdrafts are mostly kept in a high-interest savings account for obvious reasons. My Halifax overdraft is used to keep me afloat financially - I have most of my money in savings, and live off my overdraft.

"Illegality" aside (which I disagree with, as all accounts are funded either by salary, student loan, or occasional parental contribution) there is no problem as long as the accounts can be managed properly. All the money is available in case the banks find out and call back the overdrafts, but I don't see that happening.

I'm careful with money, and why shouldn't I make the banks work for me while they still can?

eenu

someone wrote:

I don't think that having two student accounts is against the law. (some banks my have it in there T & C 's that you can only have one)

Therefore you are breaking a contract and hence the law!

eenu

techno_geek wrote:

I'm careful with money, and why shouldn't I make the banks work for me while they still can?

Because its illegal whether you agree with it or not!

Also banks do call to recall cash they have done it to me twice!

I had a student account with barclays and a normal current account i used the normal current account for my student loan. Even though money was going into Barclays they called me to say no deposit with a name of 'Student Loans Compnay' (or similar) was going in and therefore i was breaking their T&Cs. I got away with that for 8 months.

Then closed with them after full repayment and moved to HSBC. 13 months later.....same phone call. Again paid in full and closed. I didnt even have multiple accounts and i was collared. Your promotion of multiple accounts is irresponsible and dangerous and i hope to god no one here thinks its a good idea to follow you and end up with banks demanding money back when they cant pay.

si1503

davidmoore83 wrote:

Because its illegal whether you agree with it or not!

I am sorry, but you are making very misleading comments in this thread. Can you please reference where exactly in the law that it states that it is illegal to hold more than one current (aka student) account?

The fact of that matter is IT IS NOT illegal to hold more than one student account! Different banks have different T&Cs for their student accounts, and being able to hold more than one is specific to whom you bank with.

I know for a fact both Halifax and Lloyds have offered student accounts to students with accounts elsewhere, and knowingly so. As do smile.co.uk, and so do HSBC and others... pretty much everyones T&Cs state that regular income must be paid into the account, and Halifax I know say only one student account is allowed per customer, however that can be taken as one student account from Halifax, there is nothing to say you are not allowed a student account to be held elsewhere.

No, the banks are not keen on it, but if you actually look at their T&Cs in detail I think you will find the vast majority do not formally address it, and in all honesty, is it really any of their business whether or not someone holds a bank account elsewhere? That is a personal question in my book.

The bottom line is having more than one student account is not illegal, so please get your facts right before posting inaccurate information.

techno_geek

davidmoore83 wrote:

Your promotion of multiple accounts is irresponsible and dangerous and i hope to god no one here thinks its a good idea to follow you and end up with banks demanding money back when they cant pay.

Well thank you for your vote of confidence in my money-management abilities.

As I stated, I CAN afford to pay back the overdrafts if required... and of course I don't condone anyone following my example if they can't manage their finances! All I was saying is that if you can do it properly, it works fine. Sounds like you had some bad experiences, but indulge me...

My parents can't afford to help me financially at uni, and I am determined to support myself. I need every penny I can get, and "abusing" student overdrafts will go quite a way towards paying my rent and buying food next year.

I work hard, play moderately hard, and have a significant budget surplus projected for the end of this academic year. If that's not an example to follow... (!)

eenu

si1503 wrote:

I am sorry, but you are making very misleading comments in this thread. Can you please reference where exactly in the law that it states that it is illegal to hold more than one current

The fact of that matter is IT IS NOT illegal to hold more than one student account! Different banks have different T&Cs for their student accounts, and being able to hold more than one is specific to whom you bank with.

Your wrong. Many (if not all) state that you must pay your student loan into their account. If you are paying the SL into their account it is coming straight from the SLC.....you CANNOT do this with multiple accounts. It's technically impossible.

Straight away you are in breach of the T&Cs. T&Cs are part of a contract, something which you sign up to when you open an account. YOU are therefore LEGALLY bound to those T&Cs.

A breach of T&Cs is therefore a breach of contract and is therefore illegal. If a bank wanted to they could take you to court and sue you. They are perfectly within their right to do so as you broke the contract between them and yourself.

Banks will never go that far as long as they don't lose their money....ie if they ask for you back as you are breaching the T&Cs and you can repay it the matter will stop there.

Go play with google and a law book and then come back to this thread as you appear to be missing the basic foundations of contract law.

regularsaver1

Come on - the banks don't check if you have a student account elsewhere, even though they say you can only have one .ie their one

someone

davidmoore83 wrote:

Your wrong. Many (if not all) state that you must pay your student loan into their account. If you are paying the SL into their account it is coming straight from the SLC.....you CANNOT do this with multiple accounts. It's technically impossible.

From before
"If you have an authorised overdraft you must pay your salary, grant cheque, student loan, parental contribution or other regular credit into your account."

Im no lawyer but this statement says to me that only one of these has to be paid in. Now if most banks word there t&c like this you could

Pay

---

|--Your

---

|

---

Bank A --|-- salary
Bank B --|-- grant cheque
Bank C --|-- student loan
Bank D --|-- parental contribution
Bank E --|-- regular credit


now i think if they said somthing along the lines of;
"If you have an authorised overdraft you must pay your salary, grant cheque, student loan, parental contribution and any other smiler regular credit you receive into your account."
then you would only be able to have one (or if all student accounts make you to pay your student lone into, which only some do)

regularsaver1

if you have 5 different sources of income/credits, do you really need the overdraft as well?