The Student Room Group

Co-operative Bank student account overdraft

I have a Student Additions account with Barclays which I opened in 2011, as I was gonna go to uni that year. However, due to personal problems, I couldn't go, and as a result my interest-free overdraft was never activated. I've applied to go to uni again this year and I have a place in the University of South Wales for a course starting in September. I'm planning on moving out of my parents' home and into a flat near the university next month. I will require £1200 by mid June in order to do so. However, Barclays won't activate my overdraft until September, and there's no guarantee I'll get anything close to £1200 (my credit score is fair). So, I'm considering downgrading my student account with Barclays to a current account and opening a student account with the Co-operative bank, who offer a guaranteed £1400 interest-free overdraft. My question is, would I be able to withdraw that money now or would I have to wait until September? Thank you very much in advance :smile:
Original post by sam_jose
I have a Student Additions account with Barclays which I opened in 2011, as I was gonna go to uni that year. However, due to personal problems, I couldn't go, and as a result my interest-free overdraft was never activated. I've applied to go to uni again this year and I have a place in the University of South Wales for a course starting in September. I'm planning on moving out of my parents' home and into a flat near the university next month. I will require £1200 by mid June in order to do so. However, Barclays won't activate my overdraft until September, and there's no guarantee I'll get anything close to £1200 (my credit score is fair). So, I'm considering downgrading my student account with Barclays to a current account and opening a student account with the Co-operative bank, who offer a guaranteed £1400 interest-free overdraft. My question is, would I be able to withdraw that money now or would I have to wait until September? Thank you very much in advance :smile:


Can't answer specifically when you'll get the Co-Op overdraft but you do need to deposit £300 to activate it (I believe it can go in then come back out again after a day or two). Also why do you need so much by mid June? Is it a one bed flat? If you have no savings will you have enough money to make future payments? Student finance doesn't normally cover that much unless your household income is really low and the flat is cheap.
Reply 2
Original post by jelly1000
Can't answer specifically when you'll get the Co-Op overdraft but you do need to deposit £300 to activate it (I believe it can go in then come back out again after a day or two). Also why do you need so much by mid June? Is it a one bed flat? If you have no savings will you have enough money to make future payments? Student finance doesn't normally cover that much unless your household income is really low and the flat is cheap.


Thank you for your reply :smile: Yeah I'm aware of the £300 I need to deposit before the overdraft is activated. I need to move because that's the only decent flat left in the area. I shortlisted 7 flats two weeks ago and already 6 of them have gone, so I need to move fast lol. No, it's a 2 bedroom flat for £400pm. Most of the 1 bedroom flats are about £375pm so I thought I might as well go for the 2 bed. I have a full time job at the moment. I will be reducing the hours once my course starts, but by then I'll have my student loan, so I'll be able to afford it. I just need £1200 right away to pay the first month's rent in advance, bond and agency fees.
Original post by sam_jose
Thank you for your reply :smile: Yeah I'm aware of the £300 I need to deposit before the overdraft is activated. I need to move because that's the only decent flat left in the area. I shortlisted 7 flats two weeks ago and already 6 of them have gone, so I need to move fast lol. No, it's a 2 bedroom flat for £400pm. Most of the 1 bedroom flats are about £375pm so I thought I might as well go for the 2 bed. I have a full time job at the moment. I will be reducing the hours once my course starts, but by then I'll have my student loan, so I'll be able to afford it. I just need £1200 right away to pay the first month's rent in advance, bond and agency fees.


Ah I see, this is why most students go for student places where they don't charge so much upfront

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