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Two Student Accounts?

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    I already have a student account with RBS but have maxed out my overdraft and was wondering if i could open another one with a different bank?

    I was going to open one with lloyds but could they find out that i already have one? I`m not sure if you`re allowed two student accounts but i don`t know how they would ever find out.
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    You're only allowed one, and the conditions for using the overdraft are often that you have your student loan or similar amounts of money enter your account.
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    (Original post by theboss)
    I already have a student account with RBS but have maxed out my overdraft and was wondering if i could open another one with a different bank?

    I was going to open one with lloyds but could they find out that i already have one? I`m not sure if you`re allowed two student accounts but i don`t know how they would ever find out.
    It really depends on the terms and conditions. Many accounts will require you to either pay in a certain amount per month/year to get your overdraft, or forbid you from opening another student account. Some don't do one of these things, but I think you might be hard-pressed to find one which does neither.

    Also banks almost certainly have a term saying that they can terminate your account (and call in your overdraft) at any time at their own discretion. Therefore even those who don't explicitly forbid multiple student accounts may well shut you down if you don't pay in enough.
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    most say youre only aloud one but i remember my local friendly banker saying theyre not exactly going to take you to court for opening a second one and they usually dont notice anyway, unless you decide to open one with a banks subsidiary which probably isnt the smartest move anyway :rolleyes:
    ive always seen them all putting a prerequisite as you have to pay your student finance into the account so if you were to pay it into your RBS account then transfer it to the loyds one i see no reason why it should flag up any alarm bells but hey i could be completely wrong
    may i ask why you want a second one anyway?
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    (Original post by cl_steele)
    ive always seen them all putting a prerequisite as you have to pay your student finance into the account so if you were to pay it into your RBS account then transfer it to the loyds one i see no reason why it should flag up any alarm bells but hey i could be completely wrong
    may i ask why you want a second one anyway?
    To max out a second overdraft, clearly.
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    (Original post by Norton1)
    To max out a second overdraft, clearly.
    This is going to end in tears for the OP :rolleyes:
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    If you don't mind me asking OP. Is your overdraft less than £1400? and are you not with the CO-OP bank?

    If so, CO-OP have a student account with a £1400 overdraft: http://www.co-operativebank.co.uk/se...urrentAccounts

    Maybe you could open this one up, pay your current overdraft off using the overdraft from the CO-OP, then close your existing account and have your student finance go into the new account. As far as I can see there isn't anything wrong with doing that, apart from you'll have two accounts for a brief moment in time but I'm sure that won't matter.
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    (Original post by cl_steele)
    This is going to end in tears for the OP :rolleyes:
    I know. The OP and a tricky situation are accelerating towards each other even now.

    I look forward to the thread 'Oh **** I've maxed out two overdrafts which the banks have withdrawn and I now have debt collectors coming round the door'

    OP don't be so silly, there's got to be a better way.
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    may i ask why you want a second one anyway?[/QUOTE]

    Well basically i`m broke for the rest of summer and just need a short term cash injection until i get my saas payments in september. As i`ve maxed out my RBS account would that not put me on the radar to other banks such as lloyds, If they were to carry out a credit check would it come up that i`ve got another student account or something?
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    Yeah I want to know this as well. My friend flirted with a bank guy and got her second overdraft sorted but I always felt it was a bit dodgy and someone might find out. So the question is...can they check?
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    (Original post by Elwyn)
    If you don't mind me asking OP. Is your overdraft less than £1400? and are you not with the CO-OP bank?

    If so, CO-OP have a student account with a £1400 overdraft: http://www.co-operativebank.co.uk/se...urrentAccounts

    Maybe you could open this one up, pay your current overdraft off using the overdraft from the CO-OP, then close your existing account and have your student finance go into the new account. As far as I can see there isn't anything wrong with doing that, apart from you'll have two accounts for a brief moment in time but I'm sure that won't matter.
    My overdraft with RBS in £500, i applied for an increase as i`ve completed my first year of uni but they refused on the grounds that i`ve not had enough money coming into the account. Yeah i`ll take a look at the co-op account but most banks advertise they`ll give you x ammount but when it comes down to it, they look to see if you have a steady source of income before they agree your overdraft limit, i have no job which seems to piss them right off lol
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    (Original post by Norton1)
    I know. The OP and a tricky situation are accelerating towards each other even now.

    I look forward to the thread 'Oh **** I've maxed out two overdrafts which the banks have withdrawn and I now have debt collectors coming round the door'

    OP don't be so silly, there's got to be a better way.
    Yeah there is a beeter way, its called getting a job but i`ve had absolutely no luck in this department and i just need a bit of finance to sort me out till the end of summer, so its not too bad i guess
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    (Original post by un-jardin-sur-le-nil)
    Yeah I want to know this as well. My friend flirted with a bank guy and got her second overdraft sorted but I always felt it was a bit dodgy and someone might find out. So the question is...can they check?
    I always thought they wouldn`t be able to check but my friend told me the fact that your overdrawn means it comes up in 'collections' which is a database for people who are in debt. So i`m really not sure
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    (Original post by theboss)
    I already have a student account with RBS but have maxed out my overdraft and was wondering if i could open another one with a different bank?

    I was going to open one with lloyds but could they find out that i already have one? I`m not sure if you`re allowed two student accounts but i don`t know how they would ever find out.
    Learn to manage your finances instead of spending money that you don't have. :rolleyes: Things like this are why we had a financial meltdown.
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    (Original post by Norton1)
    I know. The OP and a tricky situation are accelerating towards each other even now.

    I look forward to the thread 'Oh **** I've maxed out two overdrafts which the banks have withdrawn and I now have debt collectors coming round the door'

    OP don't be so silly, there's got to be a better way.
    Oh don't be so dramatic. Everyone gets into about £20,000 of debt once graduated, is someone with £21,000 debt in a much trickier situation?

    OP, if you want to open a second student account, here's how: First read the T&Cs of all possible banks, and make sure that it simply says their bank has to be the MAIN account. Once you have found a suitable bank, open a student account with them and tell them you are in the process of closing you other one and assure them that their bank will be the main one. (Or you can tell them that you want to switch to them and close your other; but obviously don't do the latter).

    You now have to do two things: change your bank on student finance to this new bank, and then when payments come into this account, take out half and put it into your first account. Both banks will believe they are the main one as long as you deposit a minimum amount each term and use both regularly.

    So you will now have two accounts; half your money in one and half in the other. I will advise to get summer jobs to clear both your overdrafts each year so that when you start a new academic year, you have a fresh start.
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    (Original post by maskofsanity)
    Oh don't be so dramatic. Everyone gets into about £20,000 of debt once graduated, is someone with £21,000 debt in a much trickier situation?
    A student loan from the government is completely different to a student overdraft from a high street bank.

    And the answer to your question is yes, obviously :/
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    (Original post by S23a)
    A student loan from the government is completely different to a student overdraft from a high street bank.

    And the answer to your question is yes, obviously :/
    Completely different? Again, dramatic.

    -They are both interest free
    -They both allow you comfortable time to pay off

    And do not give me an answer to my question without a reason, otherwise your post is utterly useless.
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    (Original post by maskofsanity)
    Completely different? Again, dramatic.

    -They are both interest free
    -They both allow you comfortable time to pay off

    And do not give me an answer to my question without a reason, otherwise your post is utterly useless.
    I think you'll find there is interest charged on a student loan. Hard to take advice from someone who doesn't even know the basic facts, no offence.
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    (Original post by S23a)
    I think you'll find there is interest charged on a student loan. Hard to take advice from someone who doesn't even know the basic facts, no offence.
    On mine, it is negligible (about 1.5%). You're probably younger and with the new, higher loan, and even then the interest is still very low compared to a normal loan.

    But more to the point, the student loan having (a very small) interest and a student overdraft NOT having interest, strengthens my viewpoint even more. You do realise that, right? That you are arguing against yourself right now?

    And you still haven't given me a reason for the answer to my question.
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    (Original post by theboss)
    My overdraft with RBS in £500, i applied for an increase as i`ve completed my first year of uni but they refused on the grounds that i`ve not had enough money coming into the account. Yeah i`ll take a look at the co-op account but most banks advertise they`ll give you x ammount but when it comes down to it, they look to see if you have a steady source of income before they agree your overdraft limit, i have no job which seems to piss them right off lol
    Yeah I realise that, which is why I suggested CO-OP because if you're accepted you're gauranteed the £1400.

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