Which banks are linked?

rollerlea

Hi, I’m trying to open up as many student bank accounts as possible, but I remember reading on here that banks that are linked to each other share information and it’s easier for them to find out that you have more than one student account.

So for instance I know not to open a student bank account with Halifax because I have one with royal bank of Scotland.

So far I have RBS, HSBC, Confirming Barclays and Natwest tomorrow, which other student accounts would it be ok to open without the risk of them sharing info with each?

Thanks

gizmoleeds

rollerlea wrote:

So for instance I know not to open a student bank account with Halifax because I have one with royal bank of Scotland.

Halifax is part of the Bank of Scotland not the Royal Bank of Scotland (they are two separate banks).

Some of these accounts may have provisions that you must pay your student loan into the account - read the T&Cs. Some may just require a large amount of money be deposited monthly (which can be done simply by transferring money around the accounts each month - but make sure you remember, or set up an automatic payment).

rollerlea

Hi
Thanks for that - i thought they were the same bank!

I'm OK when it comes to sorting out paying money into the accounts and keeping them off my back.

So
Halifax
HSBC
Royal Bank Of Scotland
Natwest
Barcalys

Are all separate and have no connections at all? I'd be able to open accounst and they wouldn't share info with each other?

Like i say i'm fine when it comes to meeeting their T&C's - i really just need to know which banks are independant of each other

lauren79

NatWest are part of Royal Bank of Scotland so you can't have both of these.
First Direct are a trading name of HSBC (but not sure if FD have student a/cs)

I know there used to be a restriction that the loan cheque had to be paid into each student account so check those T&Cs carefully!

gizmoleeds

Remember - just because two banks are not part of the same company does not mean they will not share information. Competitors do share information from time to time, although I think the Data Protection Act should prevent them sharing their customer details with other banks (unless the T&Cs say that you agree to them doing this).

Are you doing this for the overdrafts or the incentives (railcard etc.)?

Dark_Forces

Apparently the banks here do share a lot of information with each other so I would be careful if I were you trying to open many student accounts

rollerlea

I'm doing it for the overdrafts.

I'm honestly really up on the T&C's and because i have more than one source of income it's easy to credit the accounts so that they will all be used, so thanks for the words of advice regarding funding the accounts and checking the T&C's - but honestly i've got that all covered.

I know that when i apply for an account it'll be recorded with the credit references agencies - but that should be no problems at it'll just say account - no worries there.

I also know of people who have 6 student accounts - but i don't want to appear on two systems run by the same bank - so hence, now i know Natwest and RBS are the same - i won't apply for them both.

So now i've got it down to
HSBC
RBS
Halifax
Barclays

Anyone see a problem with that (apart from making sure i meet the T&C's about the accounts being 'actively' used!!) or can anyone suggest another bank i could get the interest free OD from that shoudln't be linked to any of the others?
Ta

wallace_3

Firstly, applying for many accounts in a short period of time could damage your credit record, as you will be checked out for each application - several applications for credit (e.g. overdraft) all at once do not look good, and will raise suspicion. Even if the banks are not linked, they can see where else you have applied.

Second, Natwest (and probably most banks) will be aware of when the Student Loans Company send out payments. Simply paying in £10 a week to make the account look 'used' will not prevent them from realising you are not receiving your student loan into that account.

The bank can demand full repayment of the overdraft at any time if it suspects you are breaking the terms and conditions. If you need all the overdrafts to fund university, talk to the students union about a hardship grant instead.