Extra Student Account

Jolteh

I've been reading some of the other threads about the multiple student accounts and wanted to try opening one. I just wanted to ask a few question of people who have actually done this.

1) If they ask, do I tell them that I already have a student account or not. If I do, how do I explain it?

2) How much money will I have to deposit in the account before the overdraft is authorised?

3) Can I open the new account using my halls of residence address or do I have to use my home address?

4) What sort of activity to I have to maintain on the accounts to stop them from closing it?

Thanks in advance.

juno

1) If they ask, tell them or they can close your account as you lied.

2) Not much. They should do it striaght away.

3) Yeah, you'll want your statements going their anyway. But they might want your home address to check you're on the electoral role etc.

3) I try to do something (either deposit or withdraw) every month. Mostly it's low value, like I deposit £1 all in 1p coins. Or if you do surveys on the internet then deposit any checks you get there.

Just try to see how little information you can get away with giving, but don't lie.

Jolteh

Thanks for the replies.

Can you tell me what banks you've done this with?

I tried it with Natwest and they asked if I had another account. I said I had one with Barclays but I was closing it because I was unhappy with their service and they said they needed proof that I'd closed it.

David_Brent

Hi Jolteh - If you look through the articles written by Martin about student accounts will tell you who allow you to open an extra student accounts. Take a look: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1093692301,68353,

crana999

you may not want your statements going to your halls if the post there isn't very secure - you might prefer to get them delivered to parent(s)' house and check your statement regularly with internet banking instead. (so you have a paper copy to keep but there's less chance of it going walkies or someone in the halls getting your private info)

you can request for new chequebooks, cards etc to be sent to your university branch where you can go and pick them up as well.

student100

All my financial mail (and anything else important) goes to my parent's house and either my dad sends it on to me or I pick it up when I go home. That way when you apply for things all your credit file etc. is at your home address and it doesn't look like you are moving house quite so often.

Also if you are away from halls over the holidays you probably don't want your bank statement lying around there for up to a month.

fragster

Jolteh wrote:

I've been reading some of the other threads about the multiple student accounts and wanted to try opening one. I just wanted to ask a few question of people who have actually done this.

1) If they ask, do I tell them that I already have a student account or not. If I do, how do I explain it?

2) How much money will I have to deposit in the account before the overdraft is authorised?

3) Can I open the new account using my halls of residence address or do I have to use my home address?

4) What sort of activity to I have to maintain on the accounts to stop them from closing it?

Thanks in advance.

1) pretty much as you have, say you are unhappy with your current account and want to see if their account is any better for you, lying not recommended although they have no legal way to check due to data protection act.

2) depends on the bank, some require your student loan or a lump sum paid in for the overdraft, and nearly all do for their rewards (cash, railcards etc), but they dont usually have restrictions on withdrawing it as long as its left in there for a month.

3) Can use either but recommend home addy because of reasons mentioned

4) I got a letter from RBOS about inactivity telling me to phone them to discuss, i just set up a £20 standing order going around all 3 account that i have in a circle same time each month and i havent heard from them since, got the letter about a yr ago, account has been sitting at just over £1000 OD since getting it, their cash is in an ISA.

i'm currently a 2nd year student as well so this info is pretty up to date

and i have student A/Cs with HSBC, RBoS and Natwest atm.