2 bank accounts at different banks for student finance Watch

kittycollecter
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#1
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I was wondering if it would be a good idea to have 2 open bank accounts? like one thats a normal current account and a student bank account.
SO the finance loan would go in one, and the other would be for like everyday use?
also is it worth opening an account with a different bank than the one you're already on?
for example im on natwest, they can obviously update my account to a student one but with santander, they offer a railcard which is really beneficial to me and they have better benefits i think.
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999tigger
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(Original post by kittycollecter)
I was wondering if it would be a good idea to have 2 open bank accounts? like one thats a normal current account and a student bank account.
SO the finance loan would go in one, and the other would be for like everyday use?
also is it worth opening an account with a different bank than the one you're already on?
for example im on natwest, they can obviously update my account to a student one but with santander, they offer a railcard which is really beneficial to me and they have better benefits i think.
Its fine. Not sure how beneficial. but if you want to keep finances separate, then ok. Your student account will come with an overdraft which is the most useful aspect. The freebies could be a railcard, but also HSBC used to offer an £80 Amazon voucher.

You will just need to make sure you comply with paying in enough money each term and keeping the account active.

https://www.savethestudent.org/money...-accounts.html
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jameswhughes
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(Original post by kittycollecter)
I was wondering if it would be a good idea to have 2 open bank accounts? like one thats a normal current account and a student bank account.
SO the finance loan would go in one, and the other would be for like everyday use?
also is it worth opening an account with a different bank than the one you're already on?
for example im on natwest, they can obviously update my account to a student one but with santander, they offer a railcard which is really beneficial to me and they have better benefits i think.
You can have several current accounts if you want, however you'll only qualify for one student account so the rest won't have any features like overdrafts.

If you're going to be spending your loan there isn't a particularly good reason for using a NatWest account as well as your Santander student account, when you can just spend from the Santander one. However, I would recommend an app-only bank like Starling or Monzo for a secondary account, they have good apps that help track spending, and no fees abroad which is very useful.
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Snoozinghamster
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(Original post by kittycollecter)
I was wondering if it would be a good idea to have 2 open bank accounts? like one thats a normal current account and a student bank account.
SO the finance loan would go in one, and the other would be for like everyday use?
also is it worth opening an account with a different bank than the one you're already on?
for example im on natwest, they can obviously update my account to a student one but with santander, they offer a railcard which is really beneficial to me and they have better benefits i think.
I find it can be quite useful having multiple accounts. I have my student account with hsbc which is where I spend from (mostly) I then also have account with nationwide where the current account pays interest as well as my savings accounts. Once my loan comes in and I’ve paid rent I then send most of the left over to my nationwide account (and then savings) and leave out about £300 for food. I then also have Halifax savings accounts which I use if I reach the limit on how muchc my nationwide one will pay interest on.

Having a second account can also be really useful if you have an issue with your card or something.
Last edited by Snoozinghamster; 6 months ago
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princessmaire80
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I have a Barclays Student Additions account and a Reward account with NatWest which is a normal current account. My PIP goes into my NatWest account and my wages will when I start work again (just finished one job and waiting to start another) I pay my bills from the NatWest account and I get 2% back on them- I’ve already managed to save £26 since end of Feb from bills and using my card in certain places- I got 10% back on my Morrison’s online shops which as I spend a lot got me a really good reward.
My loan goes into my Student Additions but i’ll probably end up transferring a bit into my NatWest which is my general spending account.
I have an ISA attached to my Student Additions and a normal savings account attached to my Rewards account so I can use different accounts for different things.
Last edited by princessmaire80; 6 months ago
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