Opening a second student account

Chris93

Hi MegaGary

Im in the same academic year with you and also have my original (and in first year only) student account with Lloyds.

Unfortunately most of what you get told on here is useless because T&Cs have been changed a lot in recent years and old people come on here to say 'Back in my day... blah blah blah'.
The same applies for googling information on this, one of the top links is actually written in 2005.

I haven't actually used a penny of my overdraft with Lloyds and I earnt £4k this summer working but Im interested in a second account simply to make money from the 0% overdraft.

Reading up to date terms and conditions on most of the well known bank's websites they ask you if you already have an account with another bank and insist that you transfer to them. Others tie you in either by requiring certain amounts deposited into the account or a number of transactions per term etc. Some require theirs to be your 'main account' without precise definitions of what that entails.

You may be able to get around this by simple moving money between account regularly to meet all the requirements (What was said above about where the money comes from SLC or Bank Transfer is correct, banks cannot insist it comes from SLC as many students dont use SLC at all) and by simply lieing about having a student account with Lloyds. I don't know if they would be able to catch you but Im not trying it myself. Be warned though it is possible for them to stop your 0% overdraft if they consider you to no longer be using their acccount correctly which as Im sure you know could put you into trouble with excessive fees.

Santander insist on instore applications for second years and above, but do mention transferring so it doesn't look hopeful but Im going to try it this weekend.
Barclays don't mention anything about other accounts online and after filling in all their forms online it simply asks you to print them and take them instore (what a waste of time) so Im also going to see them instore this weekend. Will let you know how it goes.
Other's Ive checked are: Natwest, RBS, Co-op, Halifax, HSBC.

One question: Im interested to know why you have a normal current account with Lloyds as well as your student account?

iAMaLONDONER

Chris93 wrote: »

Hi MegaGary

Im in the same academic year with you and also have my original (and in first year only) student account with Lloyds.

Unfortunately most of what you get told on here is useless because T&Cs have been changed a lot in recent years and old people come on here to say 'Back in my day... blah blah blah'.
The same applies for googling information on this, one of the top links is actually written in 2005.

I haven't actually used a penny of my overdraft with Lloyds and I earnt £4k this summer working but Im interested in a second account simply to make money from the 0% overdraft.

Reading up to date terms and conditions on most of the well known bank's websites they ask you if you already have an account with another bank and insist that you transfer to them. Others tie you in either by requiring certain amounts deposited into the account or a number of transactions per term etc. Some require theirs to be your 'main account' without precise definitions of what that entails.

You may be able to get around this by simple moving money between account regularly to meet all the requirements (What was said above about where the money comes from SLC or Bank Transfer is correct, banks cannot insist it comes from SLC as many students dont use SLC at all) and by simply lieing about having a student account with Lloyds. I don't know if they would be able to catch you but Im not trying it myself. Be warned though it is possible for them to stop your 0% overdraft if they consider you to no longer be using their acccount correctly which as Im sure you know could put you into trouble with excessive fees.

Santander insist on instore applications for second years and above, but do mention transferring so it doesn't look hopeful but Im going to try it this weekend.
Barclays don't mention anything about other accounts online and after filling in all their forms online it simply asks you to print them and take them instore (what a waste of time) so Im also going to see them instore this weekend. Will let you know how it goes.
Other's Ive checked are: Natwest, RBS, Co-op, Halifax, HSBC.

One question: Im interested to know why you have a normal current account with Lloyds as well as your student account?

So what happened?

longkaka28

I thought I would start this thread in relation to all the posts that I see regularly on this board regarding Basic Bank Accounts.