One student account per person?

12helensp

I've read somewhere (probably on this website) that students are only supposed to open one student account but how would the banks know because Im sure there are students out there who opened more than 1 to get all the freebies .

What would happen if you were found out?

C_Ronaldo

Would they not just check, i dont know if they do but i would have thought there would be some sort of check

12helensp

How can they check if I had another student account with Barclays say if I was with Natwest??

Masomnia

I think one of the conditions of having a student account is that you have your loan (and possibly grant) paid into it, so if you weren't then they'd close the account, and you can only nominate one account for payment, of course.

Whether they'd be able to take your freebies from you I don't know, but I guess they could. There was someone here whose bank took away their interest free overdraft because they weren't have their loan paid into that account, so they may have ended up paying a huge amount of interest. I'd stick to the rules to be honest.

antuk

Masomnia wrote: »

I think one of the conditions of having a student account is that you have your loan (and possibly grant) paid into it, so if you weren't then they'd close the account, and you can only nominate one account for payment, of course.

Not on all accounts, im a postgrad student and as a result dont get a student loan, both halifax and natwest have said as long as the account is active its fine... (although halifax did say that you werent really supposed to have more than one but they couldnt force you to comply)

someone

The Halifax T&C's say
" If you have an arranged overdraft you must pay your salary, grant cheque, student loan, parental contribution or other regular credit into your account."

All i do is run anything uni related into that account (uni job, scholarship and loan) where I use my nationwide for everything else (my other two jobs).

melancholly

http://forums.moneysavingexpert.com/showthread.html?t=931335
i'd suggest you have a look at this thread before you decide to knowingly break the T&Cs of your bank account

antuk

I think you ill find that most banks are quite happy as long as the account has some activity. If you open it, take out the overdraft and then never use it of course they will demand you repay it, as long as the account is seen as active you wont have any problems...

RachyClaire

I didnt have my loan paid into my natwest student account, (I'd already set my loan payment up before I opened the account) and never had any problems, but did transfer most of it over when I'd paid my rent. My housemate had 2 student accs and maxed them then natwest closed her acc and asked for her overdraft to be repaid (£50 a month) dont know if she had to pay any interest on it though

12helensp

Was thinking off grabbing all the freebies...

I heard from a friend that Natwest are offering the free railcard this year again, is it for 5 years?? But I've already got a railcard so what would happen?

Thanks

flutterbyuk25

I had 4 student accounts when I was in uni (2000-2003), my student loan was paid into one, and my wages into another, the other 2 had nothing paid in regularly.

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