[daemongreen]

Ok, so I set up a student overdraft account with Santander which gives me an interest free overdraft of up to £1000.00. This is on the basis that i deposit £500.00 each term into the bank account. What will happen if I deposit £500.00 and use the overdraft to spend £1000.00 and cannot deposit £500.00 next term? What will happen? Can anyone explain this process to me please?

All help is appreciated.

Thanks

[Nickw73]

I'm not expert on this stuff but I'm assuming Santander are aware that this will the be account your Maintenance loans/grants will be going into. That alone is more than £500, per term so you should be fine.

As long as you've set-up your Student finance to go into the Santander account...

[cdoyle]

Got confirmation of my Transfer to a student account and a 250 overdraft why isn't it 1000 on my letter. Will it be when my loan starts to come in? Or is this just to lure me in and it remain at 250?

[Podcaster]

lol those clowns. i rinsed my overdraft and disappeared 2 years ago.

[Nickw73]

You won't get the full £1000 overdraft until you pay in £500 to that account


This was posted from The Student Room's iPhone/iPad App

[JodiieK]

If your going to be a first year student, the overdraft will not increase until you pay in the £500 and you have enrolled into university. I can increase my overdraft to £1200 for my second year, however as I'm technically not a second year yet until October it stays at £1000

[cdoyle]

ok. so I need to actually enrol. right I see was wondering because I transferred more than 500 when they switched my account.

[JodiieK]

Yeah, so once you've enrolled it will go into your bank account

[adam_1234]

The overdraft goes up as you progress through uni. Mine started at £500, it's now £1500 and I'm about to go in to my third year.

[Dave0j]

What you might also find is that your overdraft may not reach £1,000 until the second payment of £500 is in your account.

[The_Jakal]

If you do end up taking the full overdraft and then don't deposit your £500 (which is basically your student maintenance loan) every term then your overdraft will no longer be charged at 0%.

It is likely that the bank would charge you interest for an "arranged overdraft" on your -£1,000.

However, this is all unlikely to happen if you actually make sure that your maintenance loan payments are coming through.

[studentdmu]

DO NOT GET A STUDENT ACCOUNT WITH SANTANDER!!!

It was impossible for me to get the £1000 overdraft on my account. If they tell you it's done automatically when your loan comes through ITS A LIE!!

It ended up being a case of me running round like a headless chicken as the bank kept telling me to ring customer services which told me it's the bank that can only put the overdraft on? WEEKS LATER of this... it was authorised and in my account at a click of a button by someone in the branch which they could have done in the first place?!

SECONDLY, THEY DO NOT INCREASE IT EACH YEAR!! IT STAYS AT 1K MAX!!!

I'm in my second year now wishing I didn't go with Santander for my student account. They are now claiming it's not guaranteed for the overdraft to increase, so do not depend on it! After various calls and going into the branch like they made me do the first time, and having appealed against this, they have decided NOT to increase it at all and keep the overdraft at 1k.

Be careful of them telling you X Y Z working days for the overdraft to come through IT'S A LOAD OF SH*T because they can do straight away on there computers!

It's very disappointing that they have misrepresented the account to me and have done nothing about it! My advice: No problems with Halifax or Lloyds TSB

[The_Jakal]

(Original post by studentdmu)
DO NOT GET A STUDENT ACCOUNT WITH SANTANDER!!!

It was impossible for me to get the £1000 overdraft on my account. If they tell you it's done automatically when your loan comes through ITS A LIE!!

It ended up being a case of me running round like a headless chicken as the bank kept telling me to ring customer services which told me it's the bank that can only put the overdraft on? WEEKS LATER of this... it was authorised and in my account at a click of a button by someone in the branch which they could have done in the first place?!

SECONDLY, THEY DO NOT INCREASE IT EACH YEAR!! IT STAYS AT 1K MAX!!!

I'm in my second year now wishing I didn't go with Santander for my student account. They are now claiming it's not guaranteed for the overdraft to increase, so do not depend on it! After various calls and going into the branch like they made me do the first time, and having appealed against this, they have decided NOT to increase it at all and keep the overdraft at 1k.

Be careful of them telling you X Y Z working days for the overdraft to come through IT'S A LOAD OF SH*T because they can do straight away on there computers!

It's very disappointing that they have misrepresented the account to me and have done nothing about it! My advice: No problems with Halifax or Lloyds TSB

I'm hoping you have already but if you haven't, switch now!

[Shelly_x]

(Original post by studentdmu)
DO NOT GET A STUDENT ACCOUNT WITH SANTANDER!!!

It was impossible for me to get the £1000 overdraft on my account. If they tell you it's done automatically when your loan comes through ITS A LIE!!

It ended up being a case of me running round like a headless chicken as the bank kept telling me to ring customer services which told me it's the bank that can only put the overdraft on? WEEKS LATER of this... it was authorised and in my account at a click of a button by someone in the branch which they could have done in the first place?!

SECONDLY, THEY DO NOT INCREASE IT EACH YEAR!! IT STAYS AT 1K MAX!!!

I'm in my second year now wishing I didn't go with Santander for my student account. They are now claiming it's not guaranteed for the overdraft to increase, so do not depend on it! After various calls and going into the branch like they made me do the first time, and having appealed against this, they have decided NOT to increase it at all and keep the overdraft at 1k.

Be careful of them telling you X Y Z working days for the overdraft to come through IT'S A LOAD OF SH*T because they can do straight away on there computers!

It's very disappointing that they have misrepresented the account to me and have done nothing about it! My advice: No problems with Halifax or Lloyds TSB

My boyfriends was done automatically and his overdraft is now £1250... Though he was an existing current account holder.

[new2bie1]

If your break the agreement the overdraft can be withdrawn