Newbie Questions about bank accounts

Diodiva

Hi everyone

I realise that some of these questions could possibly be answered by trawling through banks websites but I wanted some impartial advice really.

I have a current account with the Halifax with an overdraft of £1250, which I live in, I am a full time student going into my second year (mature student) and have worked this summer so that account is currently approx £1000 in credit, as I am paying my fees this year I am going to be selling my car.

I would like to open a seperate account with another bank, as I'm not impressed with the Halifax, it doesn't have to be a current account (or equivalent) as long as I have online access and can use a card attatched to the account to pay my fees and transfer money into.

I want to keep the Halifax away from the money as I don't want them to look a my summer earnings and reduce my overdraft during the time that I'm in the black, as later in the year when I go into the red I'll need the overdraft facility.

My questions are, does a savings account give you a card? Is there a credit check with a savings account? If I am offered another "current" account by another bank can I only have one? Can I have more than one overdraft? (not that I necessarily want one however)

Thanks
Dio

grumbler

Diodiva wrote: »

...My questions are, does a savings account give you a card?

Some do, but I think it's not common and it's likely to be a cash card. E.g. Santander cash ISA.

Is there a credit check with a savings account?

I don't think so.

If I am offered another "current" account by another bank can I only have one?

You can have as many current accounts as you want. Don't know about special student accounts.

Can I have more than one overdraft? (not that I necessarily want one however)

Yes - with the above reservation regarding student accounts.

See MSE article: Student MoneySaving

Also, have a look at my signature, please.

rb10

Diodiva wrote: »

I would like to open a seperate account with another bank, as I'm not impressed with the Halifax, it doesn't have to be a current account (or equivalent) as long as I have online access and can use a card attatched to the account to pay my fees and transfer money into.

Best ones are:

Nationwide, 5% interest on up to £2,500
TSB / Bank of Scotland / Lloyds, 3% interest
Santander, 3% interest

Diodiva wrote: »

I want to keep the Halifax away from the money as I don't want them to look a my summer earnings and reduce my overdraft during the time that I'm in the black, as later in the year when I go into the red I'll need the overdraft facility.

Banks like to see money being paid into accounts that are overdrawn. The fact that you can bring your account above zero means you are less of a risk - so if you pay your summer earnings into Halifax, you are probably increasing your chances of keeping the overdraft.

Stay constantly overdrawn, with little being paid in to the account, and that's when you run the risk of them taking it away.