Can you get more than one student account?

kuroptd

I just wanted to know if it is possible to have more than one student account with different banks and have the overdraft facilities on both?

Thank you in advance!

techno_geek

Yes, you can have more than one student account (and interest-free overdraft). However, you will be breaking most bank's terms and conditions.

It is not illegal, as some people will tell you - it is merely breaking some bank's rules (i.e. you can only hold one student account). Halifax and Smile's terms and conditions don't say anything about this so you could quite easily have 2 student accounts with them without breaking any rules.

Some banks (Lloyds and natwest are notorious for doing this) will say they will be able to tell if you have student accounts elsewhere - they can't!

When applying you can either be honest and tell the bank you have a student account elsewhere and risk being turned away, or you can lie to them if they ask you. it's your choice.

It's also quite risky having 2 or more student overdrafts, as a lot of people stupidly see it as free money!
Only use one account and overdraft for your day-to-day banking, paying bills, cash withdrawals etc.
Use the other overdraft to earn some money: put it in a high interest savings account and don't touch it!! Just make sure you set up a standing order for £10 or so into and out of the second (or third, or fourth or whatever...) account to keep it 'active'.

You can get the interest to do what you want with, and the overdraft amount is still there to pay back if you need to. Don't do anything else with that overdraft money!