Multiple student accounts and credit checking

techno_geek

Yeah but they probably check on a regular basis. Regardless of whether you tell them anything, they can easily find out.

I'm sorry but that's a load of tosh!

How on earth can banks find out what types of accounts you hold elsewhere? There's a remote possibility that they might see several accounts on your credit report with large overdrafts, but its none of their business!

I have a £3000 overdraft facility on my normal Nationwide FlexAccount, as well as the £2000 student OD on my Halifax student account, £750 on my HSBC student account and £1250 on my NatWest student account (and a £1400 overdraft on my other NatWest current account). While the different banks might see this, they would correctly assume that my conduct on these accounts is good enough to warrant such high overdrafts... as long as all the accounts are kept in good order with regular credits etc. then there should be no problems whatsoever.

si1503

executiverocker wrote:

Isn't it illegal to hold more than one sudent account with O/D?

Illegal to have more than one bank account? I don't think so!

Perfectly legal to hold as many "student" accounts as you like, just be careful with what you say to banks when you open a new one, if asked "do you have any accounts elsewhere?" I'll answer yes, but I don't have to tell them what my overdraft limits or interest payments are. Just be smart with your words and don't open too many all at once, ideally i wouldn't open more than 2 in the space of 6 months as you will be credit checked. Having said that, I opened 3 current accounts with different banks/b-socs in the space of a month not too long ago and had no problems.

si1503

techno_geek wrote:

I have a £3000 overdraft facility on my normal Nationwide FlexAccount, as well as the £2000 student OD on my Halifax student account, £750 on my HSBC student account and £1250 on my NatWest student account (and a £1400 overdraft on my other NatWest current account).

Not bad!

I have £1600, £1500 and £1000 interest free. £200 on another current account. Looking at doing smile soon, hopefully that will give me another £2000 interest free! After that perhaps Barclays or HSBC. Then I'll be graduated and it'll be onto the interest free credit cards.

Is that a Halifax One in your sig. How'd you manage that?

techno_geek

Is that a Halifax One in your sig. How'd you manage that?

Sure is!

When I opened my Halifax Student account, I was offered a credit card with it... I said yes, and the lady opened up the application for a Halifax One Visa card! Unfortunately I don't get the 9.9% APR (more like 19.9% lol - there are three tiers, 9.9%, 15.9%, 19.9%) but I get 9 months interest-free and a £500 limit to boot.

During the process I was offered the "student" terms, so I presume it means greater access to more credit during my time at Uni. I'm a first year at the moment, and I'm on a 4 year course so things aren't looking too bad... :beer:

djhworld

I'm still a little apprehensive as to whether this can be done safely.

I'm pretty sure one of the Ts and Cs of my student account (HSBC) is that it should be my one and only student bank account.

Darksun

If the Terms and Conditions say you're only allowed one student account, surely it constitutes fraud to have more than one? Moreso if they ask you directly if you have another student account and you lie (when I was setting up my Natwest student account they asked me)

TeaBoy_2

i opened a lloyds and just lied to them, said i had no other student accounts. Its breaking their t&c but as long as u put some money in at some point they wont find out.

si1503

Darksun wrote:

If the Terms and Conditions say you're only allowed one student account, surely it constitutes fraud to have more than one? Moreso if they ask you directly if you have another student account and you lie (when I was setting up my Natwest student account they asked me)

One student account in the T&Cs often refers to one student account with that bank. Also how do you define a "student account", a bank account used by a student? an account with an interest free overdraft? "Student" accounts are just regular current accounts targeted at students, I've been open in my applications for all my student accounts in saying that I do hold current accounts elsewhere. However this seems of little concern to the banks when making my applications. They seem far more interested in me making sure my student loan and all other credits hit that account on a regular basis (and trying to get me to sign up for a credit card, after all, that is where they make their money, along with bank charges). As long as you credit the account frequently along with your student loan hitting the balance at the start of each term then the banks will stay smiling. Our business is worth a lot to these banks, we are the future of Britains educated workforce and they all want to get their hands on are money and get our loyalty from a young age, so it is in their interests really as well as ours.

si1503

techno_geek wrote:

Sure is!

When I opened my Halifax Student account, I was offered a credit card with it... I said yes, and the lady opened up the application for a Halifax One Visa card! Unfortunately I don't get the 9.9% APR (more like 19.9% lol - there are three tiers, 9.9%, 15.9%, 19.9%) but I get 9 months interest-free and a £500 limit to boot.

During the process I was offered the "student" terms, so I presume it means greater access to more credit during my time at Uni. I'm a first year at the moment, and I'm on a 4 year course so things aren't looking too bad... :beer:

Yeah, 9 months interest free is good! I've been looking into applying for a few interest free cards to add a few extra funds to my overdraft/SLC stoozing pot but couldn't find anything I could apply for due to income limitations. I might have to look into that Halifax One myself.

michael_iain_elliott

techno_geek wrote:

I'm sorry but that's a load of tosh!

How on earth can banks find out what types of accounts you hold elsewhere? There's a remote possibility that they might see several accounts on your credit report with large overdrafts, but its none of their business!

I have a £3000 overdraft facility on my normal Nationwide FlexAccount, as well as the £2000 student OD on my Halifax student account, £750 on my HSBC student account and £1250 on my NatWest student account (and a £1400 overdraft on my other NatWest current account). While the different banks might see this, they would correctly assume that my conduct on these accounts is good enough to warrant such high overdrafts... as long as all the accounts are kept in good order with regular credits etc. then there should be no problems whatsoever.

Exactly. I have had a student account with the HSBC, NatWest, Barclays, Halifax and RBS. Closed the HSBC one because they were a**sing me about, but I got to keep the 5 year railcard (it was with them at the time), got 55 quid out of the NatWest, free card and key protection from the RBS, a toaster out of the Halifax and jack-all out of Barclays - not even a full overdraft. Now have just the RBS and Natwest ones, at 1800 a piece interest free overdraft, it's not bad, earning 7% in HBOS regular saver.

Considering RBS and NatWest are the same company now, it just shows how many checks they actually do. And for the Barclays one I sat brazenly looking at the manager whilst he 'checked' on his computer after I said I didn't have another student account.

And I don't even pay anything into the RBS. They send me letters every so often 'to check if I could be moved onto a better borrowing product' - get lost, what's better than an interest free overdraft? So I pay around 100 quid in after, they confirm that they're happy then I take it out the day I get that confirmation...

Tosh is what it is, thank you for pointing it out! :beer: