[physics1988]

Basically, my rent for uni is killing me and I'm coming to the max for my stuudent overdraft on my natwest account. Is it possible to sign up to a different bank and get just a normal current account and use a new overdraft (I have no income).

[nikki_louise]

i dont think the new overdraft will be interest free- someone might be able to correct me if im wrong but a student account is one of the only accounts with an interest free overdraft?

[LateRabbit]

Two words... Hardship Loan

[Indievertigo]

Definitely use up other funding first... the access to learning fund is worth looking at first, and if you get to a stage where you're completely skint, nothing coming in and rent due or something, then obviously go for the hardship loan.

[sandettielightvessel]

A normal current account will charge you interest which is likely to be at a high rate - as overdrafts are designed for short-term borrowing. You are unlikely to get much since you have no income and would be seen as digging yourself into an even deeper hole (which, to be honest, it looks like you are).

You probably need to sit back and consider how much you're getting in (student loans, grants, parents, employment etc) and what you're spending money on. Look at where you can pare back spending. Somebody else will no doubt pop up and suggest you get a job - difficult in a recession, but at least try.

[beefmaster]

job?

couple of nights in a bar?

[Doodahdoo]

I'm fairly sure that you're only allowed one student account full-stop, and an overdraft on another account would be crippling with interest.

Go and speak to Natwest, I know they've extended a friend's overdraft before - and use your university's finance support people. They're normally pretty good with helping people to budget and find alternative solutions, and the like.

[Baz1990]

apply for your uni's peasant fund or learn to properly manage your finances, it is not that hard to do so.

[Skintastic]

Baz1990

Its hard for student these days so stfu, it is hard to manage your finances when the educational system does not educate students about managing money but just let them get on with it. You obviasly havent got a ******* clue what your talking about.

[instaunt]

Normal bank account overdrafts are a nightmare. Barclays charge something like £22 just for going over and then another £22 for each extra charge whilst in the overdraft (but they happily state that they will only ever charge you £22 per day!).

I just heard that Halifax is going to charge their customers £1 per day whilst in overdraft and there's another bank that charges £5 per day. Stick with specialised Uni accounts or manage your money better e.g. drink Beechams Cold & Flu instead of your usual booze and you'll get wasted quicker and destroy your brain and liver in record time!

[flugestuge]

Originally Posted by Skintastic

it is hard to manage your finances when the educational system does not educate students about managing money

And would you like your educational institution to teach you to brush your teeth too ?
It is your parent's job to teach you to manage your money. And if they lack rudimentary life skills, then you need to pick it up yourself from peers.