More than 1 student account?

Ian85

Are you allowed to open another student which doesn't specify that you can only have 1 student account after you open your first one which specified in the terms that this is your only student account?

mistyarthur

Probably not no...but you will most likely get away with it like others have, if they do notice then say you were planning to close it anyway. not a good idea to use the overdraft on two accounts anyway, just use them for the freebies.

greyster

Why the hell is this question not #1 in some kind of FAQ yet? I don't mind answering again but some people are giving incorrect information. For example the above poster is saying its "breaking the T&Cs for almost every single student account ...."

I'm a postgraduate with 3 student overdrafts, including HSBC, Natwest and Barclays. I've had HSBC for 5 years and the Natwest and Barclays one for 1.5 years. They are all converted to graduate accounts now because I finished uni (finally). I got a job to start in a month but currently short for cash and need a car. I'm tempted to go Halifax and RBS for their student/graduate overdrafts tomorrow.

Can I say i doubt banks can catch you out by looking at your score sheet. From my research they seem to catch you out by their own automated review of your statements. If you don't use your account i.e. not a lot of money going in and out, then of course their computers will catch you. However if you cycle £100 through your accounts all the time, its generating activity and you will be safe. You can even put the £100 in and out the same day.

Just my 2p (from my 0% overdrafts).

greyster

if you look at Martin's graduate table of accounts it shows how much you must pay back each year. I'm glad to say little if not none ask for all the money back at once.......

freebie_junkie

youd be able to have another account- but not another overdraft. if you filled in your form and didnt atate your other account and the 2nd bank found out theyd close your account and immediately ask for all teh overdraft money youve borrowed back- it happed to a good friend of mine who opened a second account to fund a holiday- he came back with a tan and a debt of £600 payable within the next ten days! ouch!

emma_b_4

when i opened my new halifax account they knew i had natwest one and said there was no need to close it. i stated i had two overdrafts and they said they had no rules on having more than one.

matthew6476

As an ex bank worker, who worked in a University Branch of a certain bank:

The banks will tell you that you cant have more than one account, but you just dont tell them that you have another elsewhere.

I did it when I was a student, and pocketed the free money the banks gave away (thanks NatWest and Lloyds)

As previous posts have mentioned, dont fall into the trap of hammering all the overdrafts and credit cards. The banks are rubbing there hands with glee when they see the OD rack up, as they know that it will last way past any interest free period, and when you sign up to their credit card, they know you will use it! The banks love it when you owe them money, its another stick for them to beat you with.

Matthew

Deep_888

So you can open a second account and just take the incentives, then close it (without using the overdraft)

And the main back wount find out ?

mistyarthur

Thats what I did I opened a halifax using it to pay for everything and then I opened a natwest to get the rail card you aren't supposed to do it but if they don't know it won't hurt them.
I don't know about closing it straight away I don't see why you can't unless they then want the freebies back maybe?

Deep_888

mistyarthur wrote:

Thats what I did I opened a halifax using it to pay for everything and then I opened a natwest to get the rail card you aren't supposed to do it but if they don't know it won't hurt them.
I don't know about closing it straight away I don't see why you can't unless they then want the freebies back maybe?

Might just do that to get the rail card, are there loads of forms to fill in ?