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Student accounts...can you have two?!
Former Member
Posts: 1,876,323 The Mix Honorary Guru
I'm broke. Like really really broke. I'm at the end of my first year at uni, and really need some money for the summer...I have a job but I need to pay off my credit card and I'm over my overdraft limit. Yes, I know, I should have been more careful with my money and I have learned my lesson...I was just wondering if it's illegal to have 2 student accounts...I just want the interest free overdraft and once I've got myself sorted I'll cut up the card of the new account and pay the overdraft back after uni. I looked on the natwest website (I'm with Barclays) and I couldnt see anything saying I cant have two accounts. What do you think?
Post edited by JustV on
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Comments
You reckon?
I left uni a year ago and I'm still overdrawn on one small overdraft!
Bopz
When I tried to sign up for a new one at HSBC they told me that I'd first have to pay of the overdraft on my Natwest one
HSBC are the only back that get shirty about you having more than one student account.
RBS, NatWest etc are all really cool about it. And if you sign up for them all at the freshers squash, you shouldn't be using your overdraft that soon!
Also you often wont get the freebies if you don't pay your loan cheque / get your loan money transfered to the banks student account.
Warning though, I'm now a working lady and I'm still over my overdraft limit with two accounts and I have a graduate loan and the list just goes on ....
Be careful about it though, as you're going to have to pay off those debts at some point. My sister got squillions of letters telling her she'd be taken to court if she didn't start paying off her debts when she finished uni, so she began with a couple of hundred then moved to France. After a while, they stopped contacting her and that was that. So basically, your recommended plan of action is to save up a couple of hundred and then run away to a far away land. Not that France is the furthest away of places. That, or don't spend all your overdrafts!
So if you don't pay any loan in, they cancel the OD, and you have to pay it back in full. Immediately.
If you have no cash then you need to get in touch with your bank and talk about the overdraft you have with them. Your bank's advisors should be helpful.
so they've said that as long as i put a little bit of moeny in from time to time its ok.
be careful though because a lad i know did the same but he ignored warning letters from HSBC and his overdraft got turned into a loan.