Open multiple bank accounts for freebies?

Hiya eeryone,

I've been wondering about this for a while and I'm sure other student types have too...

What's to stop you opening accounts with lots of different banks and getting all their freebies and then closing the account? I'm with Natwest and have the railcard (and I will stick with them as my main bank) but I quite fancy the £50 and toastie-maker and vouchers and stuff other banks offer... :wink:

anyone tried it?

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Reply 1

rt6

Well this year onwards, they've made a new condition where if you open an account, it has to be your only student account. So Im guessing it wont work because they'll probably check if you've already opened an account elsewhere. Having said that, Im sure theres some loophole somewhere....

Reply 2

hollywollydoodle

it may be you have to put your student loan in there, so if they dont get £1000 odd each term put into the account then they might twig you have another account. thats what im guessing btw

Reply 3

Lillybut

They check to see if u have another student account. Also if you open an account get a *freebie* and then close it, in the contract you sign it says you have to return said *freebie* :eek:

Reply 4

cleas001

yep- study the small print

Reply 5

Aplin

you;ll get done for fraud.

In the terms and conditions you declare that, that is your main bank for student purposes.

Reply 6

BexTait

As already said, if you read the small print you'll see that your loan has to be paid in to tht account, thus preventing you from having more than one student account. Some of them even say you are only allowed one (I'm sure mine did when I opened it a couple of years back)

Reply 7

Lecter

Can you use off shore bank accounts as i have one in the cayman islands, it was my dads but he put it all in my name? Also, my parents have put there finances and assests in my name, all off shore. Will the loans company find out?

Reply 8

chats

sayed_samed

No, theres so many applicants, they dont bother looking for savings/accounts on-shore let alone off-sure.

Reply 9

chats

I dont think banks are allowed to check to see if you have student accounts with other banks, theres some law that prevents it, or so i've heard.

At the end of the day, you're another customer, why would they want to lose you?

BUT you shouldnt open more than one student account anyway................. its wrong ;-)

Reply 10

libby227

No you def arent allowed more than 1 i worked for Natwest this summerlol!!

There is a loophole and you could open up more than one, however the problem is as people said before there has to be a regular amount going into the account (e.g your student loan) and obv your loan can only go into one account!

Reply 11

goat_

Haha last summer I opened up a new Student account at Natwest (ker-ching free 5 year Railcard) and upgraded my solo account with HSBC to a Student account (ker-ching, free £50 please :biggrin:

)

I got the loan dumped in the natwest, and use the HSBC one for the very little I earn working part time to go in to.

At the time I thought it was wrong but ah well, don't think they're gonna notice now!

It's not like they share information, is it? (someone correct me if you like)

But yeah, 2 student accounts is cool. What other banks have deals on at the mo :P

Reply 12

natalie_p

I've done the same as u goat lol. HSBC automatically upgraded my account, and asked me which freebie i wanted, without asking for a ucas letter or anything.... meanwhile down at NatWest, natalie opens a student account. :biggrin:

HSBCs problem. Anyway, i've been with them for years, and never got anything, so its about time i got an MP3 Player!

Reply 13

y2jesta

I just phoned Natwest, it isn't in their Terms and Conditions that the Student Loan has to be paid into that account.

Disclaimer: I am not encouraging or condoning the opening of multiple student accounts. I posted this simply because I am NOT putting my Student Loan into my (only) Student Account, so researched when someone suggested this would be against the regulations. :biggrin:

Reply 14

y2jesta

Natwest

To apply, you must:

* be a permanent UK resident (lived here for 3 years or more); and

* be on or about to begin a full-time course that lasts for at least two years at a university or college of higher education in the UK; or

* be on a full-time post-graduate course at a university or college of higher education in the UK

* agree that your only student account will be a NatWest Bank account

Make note of the last one.

Reply 15

Juno

y2jesta

I just phoned Natwest, it isn't in their Terms and Conditions that the Student Loan has to be paid into that account.

It isn't in anyone's terms and conditions, as some people don't take out a loan. They say loan or other money, such as parental contributions. You need to make regular deposits.

But like everyone else says, you agree it will be your only account

Reply 16

JoeFen

I just have a debit card account with Halifax at the moment and they told me to bring in my uni forms when I want to upgrade.

But they don't offer anything good, apart from the better overdraft terms but I really want the 5yr railcard as I wanna go see my mates across the country quite frequently and go home too.

I reckon I'm just gonna close my halifax account and open up a Natwest one and just change my loan details.

Reply 17

ahyolmu

well i know lotsa ppl with multiple bank accounts and i recently applied for both HSBC and NATWEST online. the only suspicious thing was both were asking for UCAS number i m wondering if they are asking that to check if u hav another student bank account or not. if nothing happens then i m gonna open another one with BARCLAYS.

Reply 18

y2jesta

ahyolmu

both were asking for UCAS number i m wondering if they are asking that to check if u hav another student bank account or not

I can't say yes or no to that, but I always assumed that it was for checking your status as a student.

*EDIT*
I am sure that UCAS are not in an authoritative position to be releasing such information though, Breach of Data Protection?