1 in 3 UK students has more than one student bank account, a survey from Student-Finance.co.uk reveals. Although many banks advise against opening more than one student bank account, 30% of students from across the UK are opening another.
This is an alarming statistic. As spiralling student debt and accommodation costs feature highly on student expenditure, higher student overdrafts are blamed for incentivising students to open more than one student bank account.
80% of student bank accounts offer over £1,000 overdraft in year 1, compared to 5 years ago when £1,500 was the norm. The credit crunch is blamed for this - leading to students keen to open more than one student bank account as university becomes more expensive.
HSBC, Natwest and Royal Bank of Scotland remain the most popular student bank accounts.
1 in 3 students has more than one student bank account
Wed, 03 Sep 2008
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