Can i open multiple student bank accounts

Hi,

I'm about to go into my third year of uni. I got the minimum loan amount for the first two years and have struggled to get a job due to my uni schedule. I've already maxed out my overdraft with Santander and need to pay my last rent installment of £1000 pretty much now. I've opened another student bank account with Lloyds but have to wait for the overdraft. I've heard halifax give it pretty much straight away. I've worked out I can pay off all my overdrafts within a year. Would it be allowed for me to open an account with halifax?

Reply 1

Carter20!

of course you have multiple bank account but only one student bank account

Reply 2

martin7

Original post by Masonnj

I'm about to go into my third year of uni. I got the minimum loan amount for the first two years and have struggled to get a job due to my uni schedule. I've already maxed out my overdraft with Santander and need to pay my last rent installment of £1000 pretty much now. I've opened another student bank account with Lloyds but have to wait for the overdraft. I've heard halifax give it pretty much straight away. I've worked out I can pay off all my overdrafts within a year. Would it be allowed for me to open an account with halifax?

The terms and conditions of student accounts are normally written in a way that precludes you from having more than one student account while remaining in compliance. The usual expectation is something like "you will use the account as your primary or only current account" -- and clearly you can only have one "primary" account.

If you do manage to open a second account, the new bank will almost certainly run a credit check on you and will inevitably notice the maxed out existing overdraft facility with your first bank. So, assuming that the new bank opens an account for you they may choose not to provide an overdraft facility at all, or only a small one.

And if you do get a overdraft with the new bank and your existing bank for some reason happens to run a fresh credit check on you, they might notice that you have another overdraft elsewhere and decide to reduce or withdraw their facility. Bear in mind that all overdrafts are "repayable on demand".

Reply 3

gandalfslipper

Lloyds & Halifax are the same company and do communicate. If you apply at Halifax they’ll be able to access data at Lloyds and will be aware of your accounts and reject you I imagine.

To qualify with Lloyds you’ll have to pay in your student loan or at least one payment to trigger an Overdraft I reckon. As stated though if you already have one maxed out, a credit search will show that.

That said Lloyds and Halifax are more lax than most banks with overdrafts but their t&c’s are you use their account as the main student account.

I don’t think it’s a good idea even if it worked. You’ll open yourself up to more trouble debt wise.

Contact the university’s they’ll have a hardship fund and see if they can help tide you over for now.

Job wise, unfortunately you’ll have to probably make it work like most other students do. If it means sacking off some personal time, or working all weekend that’s what students do to survive who aren’t bankrolled throughout. I did it, and I’m sure many others here did.

Even just bar work or glass collecting will surely be able to fit for you? Good luck man!