2nd Student account - Natwest vs. Santander

clkaz

I currently have a Bank of Scotland Student account and want to open a second one (please don't ask why).

I am wondering whether both Santander and Natwest automatically give £1000 overdraft.

Which account is better to go for?

Have you had experienced with either?

Would appreciate any help

metalgal

you are very unlikely to get two student accounts, most if not all have it in their t&cs that you can only have one student account and will not give you one if they see you already have one.

ufahdam

clkaz wrote: »

I currently have a Bank of Scotland Student account and want to open a second one (please don't ask why).

I am wondering whether both Santander and Natwest automatically give £1000 overdraft.

Which account is better to go for?

Have you had experienced with either?

Would appreciate any help

saw a table saying only natwest/santander/hsbc allow 2 accts advise if u apply thou

akh43

My DD was wanting a 2nd student current account. She has her personal student account with lloyds but she is going to be sharing a house with 3 others and they were looking at setting up a current account for them all to pay into so the bills could come out of it. Could they open an account to do this? Can they open a normal current account to do this or can anyone suggest a way around this? None of them want the money going into their own student accounts as they dont want to get the monies mixed up.

Thanks

melancholly

i know you don't want anyone to ask why, but i think it's important to ask the question.....if you put in a bit more info on your financial situation, then some people on here might be able to help find solutions that don't involve relying on multiple student overdrafts. they can recall overdrafts at any time so it is a risky option.

to akh43 - i'd strongly recommend that they don't open a joint account. it links your daughter to 3 other people and it's impossible to know their financial position. this account would link them for the future and have longer term implications. far better to put a bill in each name (or a couple of names on each) and split the responsibility that way.

lorietta

I think for the natwest student account it has to be your main bank account, that was what I was told when I opened mine, so if your student loan, etc were to be paid into another bank account you wouldn't qualify for the overdraft, although they may have changed this. Also, when I applied for the overdraft, I did not get the full amount advertised, about 800 instead.

akh43

to akh43 - i'd strongly recommend that they don't open a joint account. it links your daughter to 3 other people and it's impossible to know their financial position. this account would link them for the future and have longer term implications. far better to put a bill in each name (or a couple of names on each) and split the responsibility that way.[/QUOTE]

She doesnt want to open a joint account but wants to open a current account they can all pay into and the bills be paid out of - so she will be the only one with control of that account. I think she wants to sort it so they all put money into that account every month and the bills are paid out from that account by direct debit.

Elle7

It's still a risky way to do it...she'd need to check that the money was there in time for the bills, and make sure that she could put it in if it was not, as she'd be the one getting the unpaid charges or unauthorized overdraft, and if all the bills are in her name it'll be her credit rating on the line.

melancholly

akh43 wrote: »

She doesnt want to open a joint account but wants to open a current account they can all pay into and the bills be paid out of - so she will be the only one with control of that account. I think she wants to sort it so they all put money into that account every month and the bills are paid out from that account by direct debit.

i agree with Elle7.... your daughter shouldn't make herself responsible for the whole house. it's not a nice place to me - the responsibility needs to be shared. personally, as one of the other housemates, i'd be uncomfortable with someone else being the only one to access an account like that too. don't let your daughter be the parent - she'll end up having to chase everyone...... this should be 'shared' living thing, not one person doing it all.

b1505

akh43 wrote: »

My DD was wanting a 2nd student current account. She has her personal student account with lloyds but she is going to be sharing a house with 3 others and they were looking at setting up a current account for them all to pay into so the bills could come out of it. Could they open an account to do this? Can they open a normal current account to do this or can anyone suggest a way around this? None of them want the money going into their own student accounts as they dont want to get the monies mixed up.

Thanks

Hi, I was wondering if you found out any more information on this? I'm moving into a house with 5 others at the weekend and our landlord won't let us all pay our rent separately so we're going to have to open some sort of account up for it.

atypical

b1505 wrote: »

our landlord won't let us all pay our rent separately so we're going to have to open some sort of account up for it.

Sounds like the landlord is being needlessly awkward. Money is money isn't it?! I'd be half tempted to be just as awkward back. Tell him that's fine as long as he collects it as cash on the day of the first full moon of every month at 5.54pm.

You might be able to set-up a joint savings account which allows for external transfers. That way I don't think you're financially linked (but I'm not very sure on that).