just opened up another student overdraft account

lukas89

Lokolo wrote: »

By stopping using your HSBC you run the risk of HSBC withdrawing the overdraft and you owe the whole lot back straight away - or worse, to debt collectors.

And HSBC aren't an easy bank, they are strict.

I am not planning to stop using my HSBC account; it will still be my main account where I will get my weekly allowance paid in and use it for expenses etc.

callum9999

How would they find out anyway? They can get their suspicions based on how much credit you have elsewhere, but it doesn't necessarily mean they are student accounts. For example, I also have a non-student account with a £1k overdraft on it.

Are HSBC really strict? They increased my overdraft to £1500 in my first year (off their own back - I didn't ask, and only £1250 of it was interest free).

mannaroth

I'm in my fourth year of study and I've had a Natwest Account which now has an £1800 overdraft (increasing every year from £1250), and a Halifax account which started at £1000 and just recently increased to £1500. I've not had any problems from either bank. I use the Natwest as my main account and barely use the Halifax one at all. They got a bit !!!!y two years ago that I wasn't using it at all, so I just set up a couple of standing orders to make payments to and from the account every month or so. They're none the wiser.

That said, if you were planning to take out more than this, I would consider using all of the accounts for regular expenses rather than just letting the others rot, or the banks may catch on to what you're doing.

Aelius

The_One_Who wrote: »

I never had any issue with SAAS, nor did anyone I know. Also, as far as I am aware it is not them who set the grant/loan amounts, but the Scottish government.

Then you are very lucky. I'm English and studied for my first degree at Stirling. SAAS muck my [Scottish] friends about something rotten.

justruth

I went through the terms and conditions very carefully before selecting my student accounts (yes more than one) and have never had any issues but do not have Santander, at the time I started they insisted that you should only have the one student account, and I was very careful not to outright lie.

This actually worked rather well from a budgeting perspective as I had a lot of debt accruing interest when I started, so I arranged to have some of the debt direct debits out of one account, which I funded regularly to cover them. I then had the wages from my part time job (which was often more like full time) paid into the second and my student loan into the third. All were happy and never had any issues.

I would suggest you check the terms and conditions of NatWest and Halifax Bank of Scotland to see if they would be more suitable in your situation.

bobajob_1966

ani*fan wrote: »

Just to clarify, my comments are an offer of reassurance and empathy for lukas89 on action that has already been taken.

The advice given was for lukas89 to not worry.

To be fair, you're £14,000 in debt. Are you the best person to be offering 'reassurance'?

RB25

NatWest student account makes no mention that you can only hold one student account only that you must deposit £750 every 6months and use your debit card 3 times per month.