2 student bank accounts? *worried*

NickiM

Hi,
Originally, I was just going to open a Nat West student account. I already had a normal account with HSBC. However, then I thought it might be complex to change the details with the student loan company to the Nat West account. So, I have opened 2 student accounts - 1 with HSBC and 1 with Nat West. I haven't opened an overdraft facility on either. Is this allowed?
Thanks.

mrsmith_3

HSBC t&cs say it must be your only student account.

Natwest it is allowed but they say it has to be your 'main' student account and funded regularly.

But now I'm not sure whether this is just if you have the overdraft facility. Hmm...

You can view both their t&cs on their websites.

I don't think it is that complicated to change your details. If you're going to pick one based on the overdraft I'd go with Natwest, HSBC i think charges for your overdraft whereas Natwest isn't charged and is £1250 for the first year.

NickiM

Yes, I'd rather keep with Natwest. But it's hard as at the moment, my loan is going to my HSBC account and money from parents going into the natwest.

But Dad is being really stubborn, and won't let me change.

I am so worried.

CrispyUK

The main problem with having 2 student accounts is if you're actively using the overdraft on both, as long as you're not overdrawn on both accounts you shouldn't have any problems. If you're going to apply for an overdraft make sure it's the account you loan is going in to

For reference HSBC don't charge for their overdraft.

NickiM

I've not applied for an overdraft on either, and I don't intend to use one. I still feel that I should close one as soon as possible though. I feel really worried though about the situation.

Savvy_Sue

a) I wouldn't worry, because as you don't have an overdraft with either, you won't be faced with a demand for instant repayment. That's the real worry of running multiple accounts.

b) you say your dad won't let you change. It's not your dad's account, it's yours, and he can't stop you. To make it simpler, you say there's money from your parents going into NatWest, and that's the one you want to keep, so just find out from the SLC how to change the account your loan is paid into. IIRC there's a simple form to fill in. Then transfer the money from HSBC into NatWest and close the HSBC account.

c) Even if I've got that the other way round and your dad wants you to keep the HSBC account and he's funding that, it's still YOUR account and not his. Surely you can be as stubborn as him? :rotfl:

NickiM

Well, my Dad will let me change, but not until I've paid my first bill. But I told him, I'm going to change as soon as I can. I have a form on my loan sheet to change the details, but at the moment, I don't have concrete details of either of my student accounts.

Thanks, I just didn't want my loan to be taken away or something.

CrispyUK

You can also change your account details online if you've got a student finance direct login set up, probably quicker and easier that way (although their systems are only available in the evenings at the minute!)

NickiM

Oh, yes, I do I think. I'll talk to Dad about it tonight.

CLAPTON

I really dont see why you are worrying about this.

If they discover you have two student accounts they will only insist you pay the free OD back or alternatively convert the account to an ordinary one and start charging you interest on the OD.

However, you say you dont have an OD with either so its not much of a threat really.

NickiM

I worry about everything :P

I've just changed my details on the student loan company website (will I get a confirmation letter?) and will degrade my HSBC account soon.