can you switch student bank accounts?

welshboy · 28 Feb 2007 at 09:09

I have a student bank account with natwest and want to switch to either nationwide or lloydstsb so i can have a visa debit card because i go travelling a lot and i need one as maestro is rubbish and i dont want a credit card

can you switch student bank accounts? trouble is i have about £1000 into my overdraft at the moment because just paid for car. anyway, ive got 2months left of a 4yr course so graduate soon.

is it possible?

cheers

Defcon5 · 28 Feb 2007 at 09:24

Just go open another account, thats all i did (admittedly i did it to get another 1000 overdraft)

Burly · 28 Feb 2007 at 09:43

Yeah I've been thinking of doing that when I start uni, just open as many student accounts w/ free overdraft, take the max out then invest in a 5% savings or ISA

PhilthyPhil · 28 Feb 2007 at 09:48

What do you have against credit cards? They are fine as long as you pay them off at the end of the month. Personally I wouldn't travel without one.

SaBBz · 28 Feb 2007 at 09:52

What's wrong with Maestro? It's worked everywhere I've been.

Mr-White · 28 Feb 2007 at 09:54

should be able to open another account, think a mate opened several and racked up lots of debts

MW

m0r94n · 28 Feb 2007 at 10:00

I remember enquiring in Nationwide about a student account and they told me they didnt do one :confused:

Kesnel · 28 Feb 2007 at 11:23

I have a Natwest student account and my Maestro debit card works everywhere I've travelled. I tend to use my Master Card more frequently though, but you can get one of those on Natwest's student credit card, which you can even apply for online, if you want another card.

PinkPig · 28 Feb 2007 at 11:34

Mr-White said:
should be able to open another account, think a mate opened several and racked up lots of debts

MW

You are almost certainly breaking the terms and conditions of your account by opening more than one (it probably says something like "You agree that this is your only student account")

If they find out that you have more than one account (and they might realistically do so, this information will be kept on credit files) then they might quite realistically demand immediate repayment of your overdraft or start charging interest, or so on and so forth. All in all it's a bad idea.

If you want to genuinely switch accounts, you'll probably have to pay off your overdraft first - you're unlikely to be able to open an account at a new bank saying "I want a student account with you, and first pay off my £1000 overdraft, thanks".

badgermonkey · 28 Feb 2007 at 11:36

PhilthyPhil said:
What do you have against credit cards? They are fine as long as you pay them off at the end of the month. Personally I wouldn't travel without one.

They are bad.

jpmonkey69 · 28 Feb 2007 at 12:11

badgermonkey said:
They are bad.

To coin (and slightly bastardise a phrase)

Credit cards don't make people hella in debt, people make people hella in debt.