How many student accounts can i get away with?

fuzzyfuzzy

Hi everyone, iam in the posistion where i dont have any debts, im a mature student and work whislt i study so iam not relying on overdrafts or loans to support myself. Basically i have opened a student current account with HSBC and Royal Bank of Scotland.....so far. Iam using the 0% overdraft and transferring it into my savings account to earn interest on it before paying it back.

I have read in Martins student account table that many of the banks require theirs to be the only account you have. Does anyone know what the chance's of having the facilities removed by the bank are? If i keep the accounts topped by sending payments to each every 6 weeks or so then transferring it back out again, are they going to get suspicious?

I really want to open a couple more accounts and do this but just wondered if anyone else had any ideas or advice?


Thanks very much

silaslang

I opened 3 student accounts (mainly for the freebies) and I keep them all in credit by a few hundred quid and none have ever questioned me. Ive always wondered whats the deal anyway in only allowing 1 student account? Whats the purpose of only allowing 1?

Karnam

this is FRAUD

not least because i am with HSBC and have personally read the T&C and it explicitly says you cannot have any other student account w/overdraft apart from thiers.

Impet_Limpet

They usually request that you have your student loan/payments/maintenance paid DIRECTLY from SLC or the LEA into your student account. In the t&c it explicitly says this must be your only student account.

If they decide to ask question this they may close the account and ask for interest on the overdraft. I imagine the purpose of you only holding 1 student account is to be "responsible lenders" as the overdraft from more than 1 account will be difficult to pay off aafter graduation. Also student accounts bring benefits (freebies, preferencial interest, money off books etc) and they would want you to benefit from theirs only.

DrFluffy

Beware, if one finds out, they soon all find out (odd really given data protection )... A class mate had to repay 4 accounts in 28 days after they got 'caught'...

si1503

Providing you fund the accounts on a frequent basis you shouldn't have any problems. I've had 3 student accounts for some time now. All get funded and used on a regular basis. No problems as of yet.

Spew

Got two here, Barclays and NatWest, the ones that don't ask or check if you have another. The checking part is a rumour I've heard around.. no idea if that's of any substance.

techno_geek

I've got HSBC, NatWest and Halifax... and I'm opening one with Smile soon... and with Lloyds TSB at the start of the next academic year.

CrispyUK

From what I've heard/read if the banks find out you are holding interest-free overdrafts with other banks they are quite likely to ask you to repay the overdraft in full within x days before they start charging you interest on it, if you've got the money in instant access savings then you should be able to do this without a problem. I don't know if there will be any effect on your credit history, but I imagine it will blot your record with that bank.

emma_b_4

hi, this question has been asked before
i have 2 accounts, one with natwest, opened as a new student but didnt like their online banking, went to halifax and opened an account TOLD them i had another n they said theres nothing to stop you doing it, just keep both accounts "current" by sending small amounts to them. so i send about a tenner a month to the one i dont use. thenened up drawing it out again! has bn the case for a year with no comebacks as yet