Student bank account

chrisc95

Hi, I understand most of the stuff about them, but on the comparison it mentions of rhe t&c s allow opening another account.

It may sound very stupid, but does that mean that I can only have one student account at a time or does it stop you from switching accounts at the end of the year?

Thanks, Chris

atypical

Some student accounts insist on theirs being your only one. If that's the case, you should only open one student account. But there's no way for the banks to check, and as long as you use the account regularly you're unlikely to have any problems.

You're never stopped from switching accounts.

The_Jakal

You can switch accounts at any time. You could also potentially open as many student accounts as you want (as it's unlikely the banks would find out).

However, if you look at the T&Cs the majority of them require you to deposit £500+ into your account every term to get the overdraft. This is to make sure that you are depositing your student loan into their account!

moonquack78

If that is the case, you could try having two accounts with different banks and putting half of your loan in one and half in the other each term.

GoldenShadow

Some let you have several, I'm with HSBC and they said my student loan payment must be paid into the account. So not even £500 every X amount of time, but the actual loans whenever they came in. I had no interest in having an account with anyone else anyway though, tbf.