More than one student account?

trouble03

Hi! My son has a Santander 123 current account that we have to swap to a student account before uni. He doesn't want to use this as his main account, just a 'student finance holding account' and then transfer money each month to help with budgeting. Can he also open another student account to do this. He has a UCAS code and not sure if you can only use this once.
Thank you

mebu60

Check the Ts&Cs. I expect there is a requirement to deposit the student loan in the student account. So no, I doubt you can have >1 student account.

Can he open a student account not with Santander and use that as his 'student finance holding account' and keep his Santander 123 account using that as his main account fed from the student account? 

trouble03

That's a good idea. I'm wondering if there is an option to have 2 student accounts from different banks (with the free overdrafts if he needs it) as there seems to be some good deals at the moment with cashback, railcards etc.

mebu60

As before, check the Ts&Cs. I expect there is a requirement to deposit the student loan in a student account. So no, I doubt you can have >1 student account anywhere otherwise every student would be signing up for every student account for all the freebies. 

silvercar

mebu60 said:

As before, check the Ts&Cs. I expect there is a requirement to deposit the student loan in a student account. So no, I doubt you can have >1 student account anywhere otherwise every student would be signing up for every student account for all the freebies. 

In days gone by, I would do that once a year. That was a long time ago, so I don’t know if they have tightened up on the rules now.