Student bank account & Loan

pluk

Hi guys,
Just wondering if I open a student bank account is there a part in the contract in which the loan money I receive from the government/student finance direct has to go into that bank account? Is so which banks have this in thier contract? I am interested in HSBC, NatWest and Halifax.

Thanks!

wirm

I can't remember exactly which banks but I think that a lot of them do ask you to pay your loan into it.

braken2000

there is a clause that says they prefer the money from loans and grants to be paid in. If you do not want to then just say you will be recieving a regular amount from work and parents and it will count as the regular income. They want to make sure that they have active accounts with money in it. But remember, if they dont ask dont say. If it is a major clause they will tell you in the application process. Hope this has helped.

Dark_Forces

I think all banks want the money you get to go into the bank account. It is a condition that when you open a student bank account, you have to have money by the Student Loans Company deposited into the student account you have opened.

Also you can only open one student account as the banks check to see whether you have any other accounts. If you already have a student account with someone else, the new bank may refuse to open another student account for you.

Hope this helps.

braken2000

The check only reveals applications for credit. They only suggest this payment unless they explicitly inform you. This is for thos lucky few who do not want/need student loans. It is more of a ''want'' than a requirement.