Student/Graduate accounts
Discussion
My dads account said when I was about to go into my first year at uni to just open as many student accounts as possible. Your only supposed to have one and they ask you if your paying your loan into that account but thats not an obligation.
Basically the point of this was for the big overdrafts and to basically fiddle the money around the different accounts to make them all look like their in use so when you finish uni your in a good financial position with the banks to borrow money, etc etc.
This is dodgy nonetheless and I didn't end up taking this route.
Basically the point of this was for the big overdrafts and to basically fiddle the money around the different accounts to make them all look like their in use so when you finish uni your in a good financial position with the banks to borrow money, etc etc.
This is dodgy nonetheless and I didn't end up taking this route.
Seany88 said:
Legally, how many are you allowed to have?
And if you do have more than one, why won't banks let you change the account to a normal current account?
And if you do have more than one, why won't banks let you change the account to a normal current account?
You can have as many as you want, depending on there terms and conditions..
I had 2..
1 required my student grant to be paid in, and the other the student loan... It was useful for me as i was offered discounts for paying my accomodation a year in advance in full and the combined o/d facilities (being interest free) saved me approx £1400 over 4 years.
But be careful with the credit cards as the terms are a lot worse than normal credit cards...
late payment fees of £60 compared to standard Barclay card fees of £20..
I had 2.
One with bank A for the first year, until they became knobs.
I opened an account with bank B who gave me a cheque to pay off the money i owed bank A.
I payed the cheque in but didnt close the account.
I got my loan payed into bank B, and left bank A dormant (with an overdraft of £xxxx) for my remaining 2 years at uni.
I then continued using bank B, and kept bank A dormant. It was around a year after graduating that bank A wrote to me and suggested I start using the account.
I set up a standing order payed off the money I owed bank A over the course of a year,, and continue banking with bank B.
So in conclusion, as far as Im aware its not illegal.
One with bank A for the first year, until they became knobs.
I opened an account with bank B who gave me a cheque to pay off the money i owed bank A.
I payed the cheque in but didnt close the account.
I got my loan payed into bank B, and left bank A dormant (with an overdraft of £xxxx) for my remaining 2 years at uni.
I then continued using bank B, and kept bank A dormant. It was around a year after graduating that bank A wrote to me and suggested I start using the account.
I set up a standing order payed off the money I owed bank A over the course of a year,, and continue banking with bank B.
So in conclusion, as far as Im aware its not illegal.
As mentioned, unless there is specific exclusions to having another one from a bank there is no problem.
I actually wish I had the foresight to open more student accounts than just the one I did. But as ever hindsight 20:20 etc.
Lloyds TSB automatically changed my Student account to a Graduate account. Naff all difference really, interest free over draft for 2 years instead of the student accounts eternal interest free £2k limit.
Anyways, now I'm in employment and have an interest free overdraft of £2k for another year, I believe it will all be getting withdrawn and wacked in a savings account for a year. I can use my other current account for wages etc.
To actually answer your question, dont know why they wouldnt change your account to a current one (I always had a current account even as a student). Make an appointment to see the bank manager, they are actually quite decent people in my experience.
I actually wish I had the foresight to open more student accounts than just the one I did. But as ever hindsight 20:20 etc.
Lloyds TSB automatically changed my Student account to a Graduate account. Naff all difference really, interest free over draft for 2 years instead of the student accounts eternal interest free £2k limit.
Anyways, now I'm in employment and have an interest free overdraft of £2k for another year, I believe it will all be getting withdrawn and wacked in a savings account for a year. I can use my other current account for wages etc.
To actually answer your question, dont know why they wouldnt change your account to a current one (I always had a current account even as a student). Make an appointment to see the bank manager, they are actually quite decent people in my experience.
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