Student bank accounts - a legal requirement?

I've just finished my first year at uni. Recently a friend back home told me it's illegal not to have a student bank account if you're receiving student finance.

Student Finance Wales have never raised any issues with me using my old current account.

Was she just talking a load of rubbish?

Reply 1

Chewy29

Yes.

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Reply 2

AvocatDuDiable

Original post by Chewy29

Yes.

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Just as I thought.

Reply 3

SillyEddy

It's not a legal requirement, just a nifty way to incentivise you to give them £15-£18k in loans to look after over the 3 years or so (which they can make money from) whilst giving you some offers such as a railcard or reduced rates on an overdraft.

It's up to you to take the offer, but it's not a requirement.

Reply 4

Vitamin D

Never heard of that at all. I was at uni for a year and a half and I never had a student account simply because I wasn't 18 until halfway through first year and then kinda forgot about getting one.

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