Multiple student accounts

rollerlea

Hi

Is there anything legally stopping me opening more than one student account and taking advantage of the offers?

gizmoleeds

There may be a clause in the terms and conditions of the accounts saying it must be your only student account or requiring you to pay your student loan into the account

rollerlea

I actually get a loan and a bursary and can work at the same time, so it's likely i will have 3 separate sources of income, so being able to 'actively' use three accounts is not a problem for me - ie i can pay funds into three separate account.

but lets say that one of the banks somehow find out that i have more than one student account - is there anything they can do other than close the account? i mean can i get done legally etc?

catherinemohan

i'm not sure whether it is illegal but when I opened my student account last year they stamped my uni confirmation letter and asked me to provide 3 months worth of statements from any other current accounts making it pretty hard to cheat the system. Not to say some people dont manage to get around this but i'm pretty sure its frowned upon very heavily!!

catxx

stuwilky

There are generally clauses in the t&c's stating that you arent allowed to open more than one. I had 3. Oops.

StudentSaver_2

I'll be changing my Abbey account to a student account, and am in the process of opening a Halifax one. My loan will be going into my Halifax one, but then I'll be transferring it over to the Abbey one. The Halifax state that I must pay my loan into their account (which I will - but will quickly remove again!), and the Abbey say that I have to deposit more than £500 (which I will - my student loan!).