More than 1 student account?

katiejones1

I have a student account but does anyone know how to get more than 1 because im pretty sure its not allowed but im sure theres a way to get round this......anyone have any ideas?

Karnam

Sometimes if you have a student account with a VERY small bank, they might not state the 'you cannot have another student account'.

However Halifax and HSBC both have these conditions in thier terms and conditions. I've no dealings with other student accounts so can't tell you anymore. Read the T&Cs very very carefully to see if it's there. But it's doubtful you would be approved anyways, as during a credit check your 2nd bank might find out that you have a big overdraft/student account at another bank and will prob refuse you if they find out.

Also some banks are very savvy and will state that a student account must be opened with a large amount of money (around 100, sometimes a lot more) and expect SLC payments into thier account. Also having a 2nd student account which you don't have many transactions on can affect long term credit scoring at that bank.

flossy_splodge

2nd student accounts are [perfectly legal. You just have to get someone to give you one. Not impossible I assure you. Good luck

Superman

I had 4 at one point. They all offered great incentives to sign up, £50 each. So I took advantage of all of them, bought myself a nice Sony TV then never actually used them. Closed three of them 3 of them 2months later. I opened them all on the same day so when I was asked if I had another student account I replied no because it takes a month to process, so didn't actually break their terms and conditions.

mistyarthur

I just opened a second account with the overdraft and they didnt care that I still had one because I just said that I was about to close the other one, that was with natwest and I didn't need any money to open it. If they insist you pay your loan into it just transfer your loan around all your accounts because they won't check who it is paying in the thousands they will just be grateful!! Nearly two and half grand overdraft in my first year plus my interest free credit card for the first half ;-)

smltl

Be careful Mistyarthur i got caught in the very trap i can see you heading towards

starlite_2

yes..my friend did this too..he opened four and got the maximum overdraft for all, it was only upon graduating he thought about what a struggle it would be to repay, and ended up going over the time frame.
All of his accounts were closed and passed to debt collecters, with ridiculous fines piled on top..and it really damaged his credit rating.
not what you need when you are starting your first job!

acheekymunky

I have 4 student overdrafts and its the worse thing i ever done!

I thought i was being crafty at the time but now im struggling to see how i will be able to pay these off plus a loan and credit card i have!

At one point as a student i had 4 store cards, 3 credit cards and 4 overdrafts...all maxed!

I dont think its so much students spend their money on beers and kababs i dont think enough emphasis is put on money management in schools before we leave to go off to university! (i.e it all needs paying back!!!) I will definately be drilling it into my children though!!

tin

I dunno, I had 3 student accounts and 3 credit cards, it was a bit naughty trying to pay them off but I never really got into any serious trouble. They provided for my student days and taught me valuable money discipline when I left!

Darryl

You can have more than one student bank account. But, not all providers offer this. Martin's article on student bank account has a table that identifies which one's do and don't...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1121700170,82362,

HTH

Darryl.

BattyForumTrawler

i just got another student account through halifax. they are really good, and have a large overdraft facility, which is nice.
i have a barclays student account as well. i told halifax that i had that and that i would be closing it. they didnt take any information on it so they wont check. ill be more careful with this one as im going into my third year and have been constantly on the max which is a pain when u wanna go places in the holidays.
im doin this out of desperation as my parents cant help me at all and i need the reassurance that theres something there to help me if i need it.
...haha who am i kidding, you get great savings at Dorothy Perkins with a student card and i intend to make the most of this!
my closing words...Do it, dont be stupid, think about the consquences and your initial reasons, and definatly dont open more than one in your first year as it will get worse.
*you are highly likely to get less student loan as you go through uni so THINK ABOUT IT*
(said like a true nagging mum)