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The official 'student bank accounts' thread watch

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    (Original post by Grotbag)
    You can have 2 bank accounts
    You can have as many as you want can't you - as long as you keep to the banks T&C's. Where did you find that said you could only have 2?
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    (Original post by loftx)
    You can have as many as you want can't you - as long as you keep to the banks T&C's. Where did you find that said you could only have 2?
    I didn't, I was just making the comparison between 2 normal bank accounts and 2 normal student account - ie, as far as I know you can't have more than one student account (as far as I have always been instructed. *shrug*
    I have 3 bank accounts.
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    (Original post by Grotbag)
    I didn't, I was just making the comparison between 2 normal bank accounts and 2 normal student account - ie, as far as I know you can't have more than one student account (as far as I have always been instructed. *shrug*
    I have 3 bank accounts.
    Ahh sorry - now that i read your post again it all seems clear.

    I've just opened a student account at HSBC (free railcard!), but i'm wpndering if i'm allowed to open anymore. i had a brief read through the Natwest terms and conditions on their website and it doesn't say anything about only having one. (whereas HSBC specifically stated in their booklet that this had to be your only account). So, am i allowed? Has anyone else done this?

    (Original post by Unregistered)
    I've just opened a student account at HSBC (free railcard!), but i'm wpndering if i'm allowed to open anymore. i had a brief read through the Natwest terms and conditions on their website and it doesn't say anything about only having one. (whereas HSBC specifically stated in their booklet that this had to be your only account). So, am i allowed? Has anyone else done this?
    i think my sister had two when she was at uni. Then again, this was quite a while ago! if they don't say anything about you havning just the one, then i don't see why not!
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    HSBC specifically say no to other student accounts. I read it in the guide.
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    (Original post by Toyosi)
    HSBC specifically say no to other student accounts. I read it in the guide.

    hey dude

    does that mean no more student accounts in HSBC ? or can u open other student accounts elsewhere??
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    (Original post by Unregistered)
    I've just opened a student account at HSBC (free railcard!), but i'm wpndering if i'm allowed to open anymore. i had a brief read through the Natwest terms and conditions on their website and it doesn't say anything about only having one. (whereas HSBC specifically stated in their booklet that this had to be your only account). So, am i allowed? Has anyone else done this?
    If you were to open another student account when you have a HSBC one then you'd be in breach of their terms and conditions. What kind of action against you this could result in I have no idea.

    However, I believe the Data Protection Act prevents HSBC from actually actively checking up on their clients to see if they have accounts elsewhere, so it's unlikely they'd find out. I personally don't want to risk it though.

    Regards,
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    (Original post by The Cool Dude)
    hey dude

    does that mean no more student accounts in HSBC ? or can u open other student accounts elsewhere??
    It means you're not allowed student accounts at any other bank. Also, HSBC would only let you have one of their student accounts.

    (Original post by rahaydenuk)
    If you were to open another student account when you have a HSBC one then you'd be in breach of their terms and conditions. What kind of action against you this could result in I have no idea.

    However, I believe the Data Protection Act prevents HSBC from actually actively checking up on their clients to see if they have accounts elsewhere, so it's unlikely they'd find out. I personally don't want to risk it though.

    Regards,
    What is their reasoning behind their insistence on only having a Student account with them? Is it in case you get more than one interest free student overdraft or because they don't want any competition?

    (Original post by Unregistered)
    What is their reasoning behind their insistence on only having a Student account with them? Is it in case you get more than one interest free student overdraft or because they don't want any competition?
    I doubt it is because they don't want competition because this would be in breach of rules set by the competition commission.

    The only thing I can see that would be a problem in opening 2 student accounts would be that you have to deposit £500 into it within a certain ammount of time.
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    (Original post by Unregistered)
    What is their reasoning behind their insistence on only having a Student account with them? Is it in case you get more than one interest free student overdraft or because they don't want any competition?
    Well, the whole thing behind giving such perks as interest-free overdrafts is hopefully to hold on to you when you stop being a student. Think about it, they're not going to make much (if any) from you as a student, they're banking on you banking with them later in life when you're earning big bucks. In their opinion, restricting you to just their student account is going to make it more likely you continue to bank with them on into adulthood (not that it stops you just switching entirely to another bank).
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    so why not join every student bank account? get the free stuff like railcards and then bugger off to another account and get all of their free stuff. It sounds to easy to be true.

    Adam
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    (Original post by byb3)
    so why not join every student bank account? get the free stuff like railcards and then bugger off to another account and get all of their free stuff. It sounds to easy to be true.

    Adam
    I have 2, one for my loan and one for my bursary.
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    (Original post by byb3)
    so why not join every student bank account? get the free stuff like railcards and then bugger off to another account and get all of their free stuff. It sounds to easy to be true.

    Adam
    Sounds like a feasible idea, might try it myself and put all of the interest-free overdrafts into one of my dad's high-interest savings accounts and live off all of the interest.
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    I heard its when you start using overdrafts from multiple accounts that they don't like. Perhaps they can check the overdraft by some credit rating thing or something.
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    Can anyone recommend a good student bank account? I don't really know what i'm looking for.
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    (Original post by mr-shiraz)
    Can anyone recommend a good student bank account? I don't really know what i'm looking for.
    Theres lots of threads about this from a little while ago. Do a search for student bank account or look in the similar threads boc below.

    (Original post by loftx)
    Theres lots of threads about this from a little while ago. Do a search for student bank account or look in the similar threads boc below.
    HSBC give you £50 free cash, but their credit cards are by mastercard (I don't think they have the reputation of VISA), so just get a student account with HSBC for the free £50!! but Lloyds do a pretty good deal, as do Barclays. Just open a student account with the bank which is closest to your uni, so there is no hassle.
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    Everyone I know is with HSBC.....they have the option of the £50 cash or a rail card for 4 years (the latter being better value if you aren't taking a car with you). There's a comparison of all the available offers here:

    http://money.msn.co.uk/Student/Banki...le/Default.asp

    Hope that helps!
 
 
 
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