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Is is possible to have 2 student bank accounts? watch

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    Is it?
    I have opened one with NatWest for the railcard and want one with Barclays as they are my usual bank. I assume this is allowed as you can have as many current accounts as you want normally. I will not be having overdrafts at either bank if that makes a difference.

    (Original post by InterCity125)
    Is it?
    I have opened one with NatWest for the railcard and want one with Barclays as they are my usual bank. I assume this is allowed as you can have as many current accounts as you want normally. I will not be having overdrafts at either bank if that makes a difference.
    I have three student accounts with interest free overdrafts. I'm flirting with the idea of having a fourth one...
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    In theory you can have as many as you want but the bank usually makes it a condition that you pay your loan/grant in in order for it to remain a student account.

    But you can have a student account and any number of other accounts with out any problems.
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    (Original post by sashh)
    But you can have a student account and any number of other accounts with out any problems.
    Not strictly true - Barclays don't like you to have any other form of current account and ask you to close any current accounts you have at other banks.

    The answer to the original question is pretty much as other people say though - you can have as many accounts as you can get away with. Check all the banks T&C to see exactly what you can do with them and when you get the benefits.

    The most important thing to remember is you only get one student loan and often banks asay this has to go into their account or you don't get the freebies.
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    I have had some very odd advice from staff in banks, I asked 4 different people at barclays a simple question about my overdraft and they all gave me different answers.

    I don't know whether it's because they don't give thier staff proper training or bend the truth to thier advantage but if staff start saying something that sounds odd ask to speak to a supervisor and get what they say in writing.
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    (Original post by loftx)
    Not strictly true - Barclays don't like you to have any other form of current account and ask you to close any current accounts you have at other banks.
    they can only ask though they can't force you and you don't need to tell them.
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    You should be careful about opening too many accounts, I got a £450 overdraft which I didn't want, sure enough I only have £16 left of it now so I owe my bank £434.
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    Thanks, I won't have the overdrafts.
    If they need the load paid in, Can't i just put £3070 in from my own funds and say it is the loan and then take it out again?
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    (Original post by InterCity125)
    Thanks, I won't have the overdrafts.
    If they need the load paid in, Can't i just put £3070 in from my own funds and say it is the loan and then take it out again?
    You get the loan in installments also the bank will know exactly where the money has come from as they will know the cheque is not from the student loan company.
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    Is there anything to stop me opening an account with NatWest, getting my rail card, then closing it and getting an account with Barclays?

    (Original post by JenniferPowers)
    It can be classed as fraud, by the way.

    If this makes sense.
    Trust one who has a law degree and practised law for over a year: it's not fraud.

    At worst it's a breach of contract.
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    I used to have six. Back in the days of the grant, you had to guarantee that you'd deposit your grant cheque. But I got the minimum grant: zero pounds!

    So I just opened the account, got the freebie, then showed them my letter of zero award.

    What could they do?

    Heh, the banks bought me a few beers that year!
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    It's easiest to do if you open them all on the same day.
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    a couple of days ago i signed up to the hsbc student account, and the woman showed me the terms and conditions, specifically pointing out the areas that said I was over 18, and that i didnt have a student account with any other bank. I dont think you're supposed to do it, but i doubt you would get caught. Most of them offer the same benefits, overdraft amount etc anyway.
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    i spoke to a guy who is part of the management at the liverpool campus branch of barclays. he said officially you're not meant to have more than 2 student account cos it's a condition in each banks agreement, but eh said as long as you're sensible you can do cos they have no way of checking. a loan being paid in is not a requirement cos some people choose not to have loans.

    oh and when i opened my student bank account they had no problems about me havign a current account elsewhere.

    lou xxx

    (Original post by JenniferPowers)
    Ok, I don't do law, sorry, but it's all to do with anti money laundering requirements. That I do know. Because basically you're getting a free loan of up to £2000.
    Money laundering is where “dirty” money from crime is recycled into “clean” money so that the criminal cant be traced. Eg I steal £50,000 – I then get someone to put it into an account for me and within a day or two withdraw it and have the account closed down.

    Opening 2 bank accounts to take advantage of their interest free overdrafts has nothing to do with money laundering.

    "That I do know".
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    I have a friend who has a Barclay’s student account as well as one with Natwest, I think you are asked to declare any other accounts when you sign up with a new banks, it may just be accounts with overdrafts or credit cards. Not declaring other accounts may void your agreement with your bank and allow the bank to take action against you although I know nothing of what would happen. If you ask for an increased overdraft you are asked over the phone about other overdrafts and cards so the bank also has a recording of you declairing you have none if you lie.

    It's basically for risk assessment, why would a bank want to offer an interest free overdraft to someone who is already using another, there are likely to be more problems with repayment as well as loyalty, banks gain life customers from these free loans and they pay for themselves but if a customer has other accounts they will likely close the account of leave it after they leave university.
 
 
 
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