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    Hi,

    Did anyone see that program on tv (last year i think) where they had a student apply for multiple student accounts and they got 4 or something? I dont want to go that far but...

    Does anyone know if it is actually legal to have more than one?

    I would like to have two current accounts so I can manage my finances better, like one account for savings or one for a specific thing and then the other account more for spending. Or it would be good to have one which my student loan goes into and one with money from a part time job, this way I can only spend loan when I have to and i can keep track of it.

    Could I have two student accounts to do this? I wouldnt want to open the account purely for freebies, more that they are student friendly accounts and both would have interest free overdrafts if I am desperate.

    Anyone done this?

    Thanks!
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    I think when you open a student account it says somewhere in the terms and conditions that this must be your main bank account and your only student account. If they do discover you have opened another elsewhere, they may terminate your account.
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    It's not possible.
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    If its not possible then how come the girl in the tv program managed to? I suppose that might have been a couple of years ago and rules have now changed.

    I'll have a think about it...might try but if I do I'll be honest with the people in the bank about wanting to have two and it is down to the individual bank.

    Don't you think it makes a lot of sense to have two bank accounts? Lots of people do though probably not two student bank accounts! I know people saving for house deposits who have quite a few, its easier to manage your money and spending if you are organised about it.

    I'd like to have one account for my rent to come out of and the other for general spending and if possible I'll have my wages go into one and my loan into another.
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    I watched that programme or one very simular, a boy opened loads of student accounts and used all the overdrafts, got in £40,000 debt and then declared himself bankrupt so didnt have to pay it bak (this wasnt his intention from the start).

    I'm pretty sure your only allowed one student account, he got several because each bank just asked if he alredy had one and he just said no, so it is possible (however they may have ways of checking now to stop people like this guy).

    However, I'm sure you can have another normal current account (without overdraft),
    I'm planning on keeping my current account I have at the mo and opening a student one so i can organise my money more easily. As someone said above, with most student acounts you have to agree that it will be your main account, and there are a minimum number of withdrawals and deposits that you have to make every year to keep the account.
    hope that helps x
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    It's usually against the rules to have more than one student account. However, you can normally have as many current accounts as you like. If you're planning on saving money, it makes sense to open a savings account and not stick it in a normal current account - it'll earn more interest that way.

    It can be useful having more than one account, for example I have one which I pay rent and nothing else from to avoid me spending rent money!
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    There are actually a few bank accounts that don't require them to be your only bank account, just your main. So you could get around having more then one by paying your student loan through all of them.

    If you aren't going to actively use the overdrafts like the idiot in the programme did, you have nothing to lose, as the worst they can do is withdraw your overdraft.
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    Someone told me that he had opened multiple student accounts, withdrawn all the overdraft and stuck it in a high interest savings account, where he was getting an extra £20 a month.

    But I'm not sure if it is possible.
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    It is possible and it is legal but against the terms & conditions. I know a few people that have >1 student account, tbh I don't think they really check beyond asking you.

    I saw that program too, the one where the guy realised that his local supermarket gave cashback without checking the balance first, so he'd go in there daily to by cigs + cashback and built up a massive unauthorised overdraft on top of all his maxed out student ones. Ended with bankrupcy so maybe not the best idea.
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    It's possible to have more than one account, I've done it (posted on here when I did too). But it depends on the banks. If there's nothing going in or out for a while they can close it. So you can have multiple and just swap your money around between them, bit of a ballache though...

    Halifax and NatWest worked for me. And my flatmate had NatWest and Lloyds.
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    I always thought you couldn't but I know someone who had their main student account with HSBC and put just £10 in a Natwest account so they could get the free railcard, worked for them so why not!
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    Check the T+C of your bank, for all those saying "it's not possible" go do some research before posting here because it IS possible. The bank cannot demand that your student loan is paid into the account as not everyone is entitled to support from student finance. As long as regular money is deposited they are satisfied. I have a Barclays account with 1k OD which receives my student funding (not full loan) and a Halifax account with 3k OD which gets my wage. Both banks are happy because they are both used within the terms (regular money in/out) and both are still offering me credit so I must be doing something right.
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    Thanks for all the replies! I'll do some investigating when i have time but its so hard as I like to speak to the banks in person but I'm working full time at the mo. Will have to try harder to get up earlier on a saturday and go and investigate. Btw, is it easy to change your bank details with SAAS? I have put in my current account details as I am getting worried i wont have my application in on time for tuition fees but I want my loan to go into a student account! This is so complicated! I also dont like the fact we are going to get our loan monthly rather than termly, is this the same in rest of uk, its so annoying!
 
 
 
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