What can banks see when I'm applying for a student account?

dross89

I'm applying to Natwest for a student account, hopefully with an interest free overdraft. The only issue is that I actually have another student account with Halifax with an overdraft. I was just wondering if, when applying for a new account, Natwest will be able to see that I already have another bank student account elsewhere? Or do they just go on a rough credit score?

Thanks!

Savvy_Money

Yes they will probably see that you have an account elsewhere. I applied for a mortgage with the Nationwide and they knew exactly how many credit cards I had, who my existing mortgage was with etc... Remember they usually ask what other accounts you hold via an application form, and lying to Natwest might be considered fraud (it is fraud, but often if its a small amount court action and so forth is a waste of time). Personally I would be honest and explain why you are wishing to switch perhaps due to Natwest having a better deal or interest rate for students - most banks accept students are in debt but they see you as potential cash cow especially if the course you are studying will lead to future lucrative and sustainable employment. (I remember one bank employee telling me that they would score a registered nurse higher than a registered solicitor, as a nurse was less likely to be redundant or bust) so future occupation has a bearing on what they decide.

meer53

Yes, they will do a credit check.

I disagree with Savvy Moneys comments, not many banks these days take any notice of what you're studying or whether you'll be a solicitor or a nurse.

Personally, i feel that as a student, 2 accounts with 2 overdrafts is a very bad idea, unless you're studying to be an accountant and are brilliant at budgeting !

notts_phil

They won't however be able to tell if its a student account or a normal current acvount

paulwellerfan

rightly or wrongly i had three student accounts when i was at uni
each gave me the full over drafts.
( and the gifts to go with them)
i didnt get over drawn with any of them.

Savvy_Money

Not my opinion Meer53 but a bank employee. However I do think banks take occupation (and potential occupation) into consideration. Otherwise why ask on application forms? Personally makes no odds to me but I think Natwest will know that the student has another account with an overdraft. Therefore honesty still remains the best policy.

stclair

I think personally that student bank accounts should be identified as a student bank account with the CRAs.

As someone said above no one will know otherwise whether its just a normal current account or not.

Lith

I applied for currents accounts over the years and it always said on the screen

'CREDIT CARD' but I've never owned one... 0_o how does that work ? only time i use a credit card to book a flight was my dads lol... but I've never owned one in my name, i even said to the woman take that off and she did deleted it from the system.


is this an error perhaps? or has someone signed up for a credit card under my name ?

callum9999

Savvy_Money wrote: »

Not my opinion Meer53 but a bank employee. However I do think banks take occupation (and potential occupation) into consideration. Otherwise why ask on application forms? Personally makes no odds to me but I think Natwest will know that the student has another account with an overdraft. Therefore honesty still remains the best policy.

Natwest will know that they have another account, but they have no way of knowing whether it's just another current account or another student account.

I was actually advised by a Santander manager to lie and claim I didn't have another student account on their application form...

[Deleted User]

callum9999 wrote: »

Natwest will know that they have another account, but they have no way of knowing whether it's just another current account or another student account.

I was actually advised by a Santander manager to lie and claim I didn't have another student account on their application form...

Jah my bank manager also recommended the same thing and low and behold 2 student accounts lol

Lith

i always do the same anyway, when the bank says (do you have an account elsewhere) i just clearly say no

even tho i have 4 lol because if you say yes = more questions......