Student bank account stoozing? Profit off an overdraft Watch

GrazzleDazzle
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Hello,

Basically people who don't need their overdraft and have good credit ratings can get the biggest 0% overdrafts banks offer. Some students who don't need to borrow more money use this to put in a current account and reap the interest. (You can profit £100-£200 a year with virtually no effort at all).

If you have had experience in this tell me about your experience and how much you profited?.
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PJ991
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A student overdraft is a lot easier to get than you're making it out to be. And numerical credit scores are meaningless. You wasted £6.99 or however much that cost you to get.

But yes, if you don't need it, put it away in the highest interest savings account you get. Just make sure the student account will let you leave it at -£500 or however much you get for any length of time. You might have to actually use it in some way to show them it's being genuinely a student account (e.g. paying your loan into it/having X amount of transactions in a time period)
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GrazzleDazzle
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(Original post by PJ991)
A student overdraft is a lot easier to get than you're making it out to be. And numerical credit scores are meaningless. You wasted £6.99 or however much that cost you to get.

But yes, if you don't need it, put it away in the highest interest savings account you get. Just make sure the student account will let you leave it at -£500 or however much you get for any length of time. You might have to actually use it in some way to show them it's being genuinely a student account (e.g. paying your loan into it/having X amount of transactions in a time period)
Well I used the 30 free day trial experian was offering and then cancelled straight away so it cost me nothing to check my credit score and I havn't subscribed monthly .

As for the rest of your post I'm going to have to look at the terms and conditions carefully. Still it's worth shopping around if I can make £100 profit out of an overdraft I won't use for anything else anyway for little effort.
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kumori
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put it in a ISA, you will make even more then
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Dumpynose
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(Original post by GrazzleDazzle)
Well I used the 30 free day trial experian was offering and then cancelled straight away so it cost me nothing to check my credit score and I havn't subscribed monthly .

As for the rest of your post I'm going to have to look at the terms and conditions carefully. Still it's worth shopping around if I can make £100 profit out of an overdraft I won't use for anything else anyway for little effort.
You can use Noddle for free sir.

One time they said they didn't like me doing that so I played the willful ignorance card then setup savings accounts with other providers and transferred the savings so it looks like I have little money then continued to increase it. Make sure you wait at least 6 months (you might get away 3 on some occasions) between increases and you might want to dump some money in the account the month before then remove it before you apply so your monthly average balance goes up and you look more credit worthy... remember big banks are just IT companies with banking licenses, once you work out (and play by) their rules it's very easy to get what you want.
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mucgoo
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The largest overdraft your likely to get is about £1,000. 3% interest on an easy access account so you'll make £30 a year.
How you got £100-200 I've no idea.
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GrazzleDazzle
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(Original post by mucgoo)
The largest overdraft your likely to get is about £1,000. 3% interest on an easy access account so you'll make £30 a year.
How you got £100-200 I've no idea.
4% ISA on a £3000 overdraft? I scored 999 excellent credit rating so maybe I have a chance with the 'up to £3000' overdrafts being advertised? It's worth a shot right?
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kumori
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(Original post by GrazzleDazzle)
4% ISA on a £3000 overdraft? I scored 999 excellent credit rating so maybe I have a chance with the 'up to £3000' overdrafts being advertised? It's worth a shot right?
It's normally that in your 3rd year not first, and they use reasons why you need for the decision

Sent from my HTC
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GrazzleDazzle
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(Original post by kumori)
It's normally that in your 3rd year not first, and they use reasons why you need for the decision

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Ahh I see now.. in that case I'll drop this idea, I thought it was worth pondering about anyway :P
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catoswyn
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(Original post by GrazzleDazzle)
Ahh I see now.. in that case I'll drop this idea, I thought it was worth pondering about anyway :P
Look on money saving expert at student bank accounts and it gives the amounts and criteria for overdrafts. Some are guaranteed, some are stepped, some are given on an apply for it basis. You'll see the variety and can work out if any will be useful for you. There are also offers such as introductory £50 from some banks. People who do not need their overdraft as such do often use it as an investment tool of some kind.

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