Can you transfer maintenance loan to student bank account?

My student bank account has come out a little late, wondering if it's okay to just transfer the money from my personal bank account to the student bank account whenever it comes out.

Reply 1

ReadingMum

Original post by xiron

My student bank account has come out a little late, wondering if it's okay to just transfer the money from my personal bank account to the student bank account whenever it comes out.

it is fine. There is no requirement to have a student account - it just gets you some freebies and an agreed overdraft

Reply 2

xiron

Original post by ReadingMum

it is fine. There is no requirement to have a student account - it just gets you some freebies and an agreed overdraft

Alright. Some people warned me about the interest on a normal bank account affecting the maintenance loan, is this true? If so, how would it affect the maintenance loan?

Reply 3

ReadingMum

Original post by xiron

Alright. Some people warned me about the interest on a normal bank account affecting the maintenance loan, is this true? If so, how would it affect the maintenance loan?

Your maintenance loan has to be paid into a UK bank account in your name. It doesn't have to be classified as a student account. The terms and conditions (including interest) of your bank account has no bearing on what maintenance loan you get as that is purely based on household income. The only time that interest might be relevant in terms of a student bank account is that they often have interest free agreed overdrafts to help you cope with the uneven nature of loan income (3 installments). Normal bank account overdraft interest rates are very high unless there is a deal offered.

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