more than one student account? Watch

Lady_Muck
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#1
Report Thread starter 11 years ago
#1
Yes or no?

Currently have an account with Barclays, will be opening a NatWest account whenever I get around to it.

Can I have two? Don't really want to shut down my Barclays account, but equally I have an overdraft and it would be fab to know that I could use my Natwest one in an ISA and pretend it doesn't exist.
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spark911
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I know Barclays contain in their terms and conditions that you can no, likely Natwest do too. But there is a difference between what is said, and what can be done. I wont advise you eitherway, many have more than one account.

You moreso need to ask yourself are you potentially pathing the way to more debt, will you eventually spend that overdraft and not ISA it? If you wont, then again its still your choice.

Not sure how bothered they are, or how they can find out. Technically, I guess if both banks found out both could revert your account to a normal interest charging overdraft account. But that's a horror story, whether they'd find out, care, or do it, I don't know.
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tbm
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You can have more than one bank account, I had a Natwest student account before finishing uni and a HSBC account (just a normal one which actually didnt get used), however Im not sure that banks would let you have more than 1 student account though
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devils_nose
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When you apply for an account, your bank does a search on your credit file (which gets recorded on your credit file) and all your credit cards and accounts are available to see. There is a chance you could be caught out this way, if the banks are paying attention, but I think some people get away with it.
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Kate.
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You can have a student and a current bank account, but it'll be in the T&C that you can't have more than one student account.
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Lady_Muck
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righto that's fine. Thanks!
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decoy
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I got away with it.
Biggest mistake ever, I never use my HSBC one and now they're demanding I pay the full money I had from them because I don't use it.

HSBC are the worst lenders anyway.
I really don't know what i'm going to do.

I really do advise against it, from my experience anyway.
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ghe.tom
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Ive looked into this alot, Natwest do not require that you have only 1 account, only that you pay loan, parental contributions OR scholarship/bursary into it and use it as your main current account. LLoyds TSB require that on opening you have no other student accounts and that you pay your loan into it. Thus if you open a LLoyds account 1st you can have both (the person at lloyds agreed with me on this). Im just going to have the £75 off of lloyd, and put the natwest overdraft in a savings account. (but then Ive been saving for uni all my life, so I dont need the overdraft on either of them). Pretty much free money, as long as you can be disciplined.
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Schmokie Dragon
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(Original post by ghe.tom)
Ive looked into this alot, Natwest do not require that you have only 1 account, only that you pay loan, parental contributions OR scholarship/bursary into it and use it as your main current account. LLoyds TSB require that on opening you have no other student accounts and that you pay your loan into it. Thus if you open a LLoyds account 1st you can have both (the person at lloyds agreed with me on this). Im just going to have the £75 off of lloyd, and put the natwest overdraft in a savings account. (but then Ive been saving for uni all my life, so I dont need the overdraft on either of them). Pretty much free money, as long as you can be disciplined.
Sweet . . . *goes off to investigate*
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thats_my_poison
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on the natwest student account, it says you have to use it in the 3mths before your railcard gets re-allocated, else you wont be given it. what exactly does it mean by using your bank account? could i just put a fiver in it every now and then and be done with it?
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ghe.tom
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yes i think so. my friend whos starting yr 2 got a letter after a few months saying u need to put £10 in every 3 months, or something like that (i cant remember the exact details, but it was a pretty irregular and irrelevant sum)
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Lottie
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(Original post by ghe.tom)
Natwest do not require that you have only 1 account, only that you pay loan, parental contributions OR scholarship/bursary into it and use it as your main current account.
I don't think this is correct information at all.
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princess_bratty
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I have both and if they know, they don't care. Your credit file won't tell anyone it's a student account only that you HAVE an account with them.

And I think HSBC are great. I've been over my overdraft so many times:eek: but they never charge me. I have been told that depends on how valuable a customer you are..which I doubt I am but having an account with them and how much money you put on it apparently counts.
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Schmokie Dragon
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#14
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Looked at the Natwest application form for their student account and it specifically asks you to agree that Natwest would be your only student account.

So much for that idea.

Is it worth playing silly buggers with two accounts (and thus having to split your attention between both in an attempt to convince each that they are your main account) simply for the £75 and NUS card from Lloyds?
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