Student freebie loophole?

Leon2

Hey everyone,

So I'm starting uni soon and thought it would probably make sense to open a student bank account. :money:

There's one thing I can't seem to clarify within MSE, on bank websites or even reading T&C:

Are students oblidged by means of some policy to stick to a student account for a whole a year? If not then surely everyone could just get a £60 Amazon voucher from HSBC then move to Santander for the railcard.

Apologies in advance if I am missing something so blatantly obvious.

Peace and thanks

jimjames

Not sure of the rules now but it's certainly something I did as a student.

No different from opening bank accounts to get the £100 opening bonus.

LHW99

However read the small print - for some of the offers the account has to be opened by a certain date (say end of October) after that the freebies end, and the next year a 'different' account (ie different freebies) gets offered to the next year's students.

Leon2

Yes I think II vaguely remember seeing a deadline date for the HSBC freebie, in that case it would make sense, thanks.

eddddy

Leon2 wrote: »

H

Are students oblidged by means of some policy to stick to a student account for a whole a year? If not then surely everyone could just get a £60 Amazon voucher from HSBC then move to Santander for the railcard.

From a brief look at the T&Cs, I can't see anything stopping you from opening both accounts at the same time.

For Santander, you have to pay in at least £500 per term - but no similar conditions with HSBC.

http://www.hsbc.co.uk/1/2/current-accounts/student-bank-account#/details
http://www.santander.co.uk/uk/current-accounts/student-graduate-current-accounts/123-student-current-account/

London_Ash

I had multiple accounts open. Just remember each one comes with it's own overdraft that you are liable for after you graduate.