More than one Student Account?

hardleyouth

Hi all,

I was wondering, whilst I know most/all banks have it as a condition that you must only have one student account and that it must be with them, how could they possibly know if you had more than one?

Thanks,
Chris

paulwellerfan

This topic has been covered more times than i care to shake a stick at.
do a search
and the answer to your question is un less you tell them they wont know.
i had 4 student accounts 7 years ago.
each gining me the student over draft.
i invested it at the time.

nimbo

However I had two and was found out by Abbey national, and because the T&C's at the time said I had to pay my student finance into it they recalled my overdraft and required it be paid back by the end of the week...

do it at your own peril....

hardleyouth

paulwellerfan wrote: »

This topic has been covered more times than i care to shake a stick at.
do a search
and the answer to your question is un less you tell them they wont know.
i had 4 student accounts 7 years ago.
each gining me the student over draft.
i invested it at the time.

I did a quick forum search and I didn't see any relevant thread topics. I appreciate your response.

nimbo wrote: »

However I had two and was found out by Abbey national, and because the T&C's at the time said I had to pay my student finance into it they recalled my overdraft and required it be paid back by the end of the week...

do it at your own peril....

I was only planning to have two really, but I'll keep an eye on the T&Cs for the specific mention of paying my loan into it, thanks a lot

nimbo

hardleyouth wrote: »

I did a quick forum search and I didn't see any relevant thread topics. I appreciate your response.



I was only planning to have two really, but I'll keep an eye on the T&Cs for the specific mention of paying my loan into it, thanks a lot

it isn't just the loan - they will both say that they are expected to be your main account, and if they find out then they can withdraw your overdraft - and the stress of that in exam week is bad...

Think this through.

hardleyouth

nimbo wrote: »

it isn't just the loan - they will both say that they are expected to be your main account, and if they find out then they can withdraw your overdraft - and the stress of that in exam week is bad...

Think this through.

I understand. Natwest require a minimum of £750 to be deposited every 6 months + 3 debit transactions p/m. I couldn't find any minimum figures for LLoyds TSB, who would be my second account, but if the amount were equal, I'm certain I can meet the requirements.

Wouldn't it be possible for me to just dump my loan in one, then later put it in my other account (or the necessary amount to meet the minimum deposit) to satisfy both bank's terms?

nimbo

hardleyouth wrote: »

I understand. Natwest require a minimum of £750 to be deposited every 6 months + 3 debit transactions p/m. I couldn't find any minimum figures for LLoyds TSB, who would be my second account, but if the amount were equal, I'm certain I can meet the requirements.

Wouldn't it be possible for me to just dump my loan in one, then later put it in my other account (or the necessary amount to meet the minimum deposit) to satisfy both bank's terms?

You could - but the point I was trying to get across was that you'd be a bit dumb to do it... I was trying to be polite - it's a really bad idea...

hardleyouth

nimbo wrote: »

You could - but the point I was trying to get across was that you'd be a bit dumb to do it... I was trying to be polite - it's a really bad idea...

I think if you manage it correctly it's not a dumb idea, which is precisely why I'm doing this research beforehand to ascertain how easy it will be and the necessary things for me to do to ensure I don't have a situation like yours.

I appreciate your feedback and I fully understand what you're saying, I intend to be extremely cautious over this. I've always managed my money very well, so I believe I will be fine and I'll be able to use them both sufficiently to meet the requirements of being a 'main account'.