how many student account are you allowed to have?

jadejie

how many student account have you got? and how many can you really have?

Nealmason1986

One By law.

But its not had to get more then 1. i know quite a few people with 2 or 3

Blacksheep1979

its not law that states you can only have one, its bank policy.

Nealmason1986

Your right i thought when i posted it that i was wrong. But you sign a contract with your bank so having more then will be breaking your contract which means you can be in quite a bit of trouble

Blacksheep1979

well not really, its breech of contract which means they can close the account - you won't get fined or a criminal record or anything.

Nealmason1986

Well fair play. i did get told different. My ex used to do the student accounts at natwest and she told me you cant have more then one and she said there was largr punishments then closing the account but im obviously wrong so forget what i said.

someone

as many as you want, as long as you are within the t&c's

Blacksheep1979

Nealmason1986 wrote: »

Well fair play. i did get told different. My ex used to do the student accounts at natwest and she told me you cant have more then one and she said there was largr punishments then closing the account but im obviously wrong so forget what i said.

What can they do other than close the account - penalties are unlawful, they are unlikely to be able to prove loss of profit or other out of pocket expenses by you being in breech of t&c's so unless they come round and spank your bottom for being a very naughty boy then I don't see any other avenues they have.

gemlcoleman

Hi there

I had two student accounts whilst at uni, and had no problems. Only thing is when I started my job, one bank found out I had another student account, and therefore started charging me interest on the overdraft I hadn't paid off yet. So bear this in mind. I had to scrape together £800 because I didn't want to pay their enormous fees.

Shallow_Pockets

As far as I am aware the main condition of a Student Account is that you must agree that you will have your student loan paid into that specific account and no other. Thus if caught it is a breach and the bank not receiving the loan will close your account.

Of course this wouldnt be a problem unless you had a large overdraft which you would be required to pay off immediately, and the bank wouldnt have to offer a repayment period as it is you in breach. Baliffs arent generally nice people.

There in lies the problem (ofc not such a problem if you deposit the 2nd interest free overdraft into a high interest savings account thus instantly available to pay off the debt).

Just my thoughts, personally I know a few people who live in both of their overdrafts without hassle.

si1503

jadejie wrote: »

how many student account have you got? and how many can you really have?

1) 3
2) As many as you want providing you abide by the account T&Cs which generally include the deposit of regular credits into the account, such as student loans/grants, and/or parental contributions/earnings.

All of this "its against the law to hold more than one student account" is absolute non-sense. The worst they'll do if they find out is politely ask you to close the account, or more likely just cancel your interest free overdraft.