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Instead of getting a bank loan, open several bank accounts and use their overdrafts? Watch

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    What about that idea? Bad or not?

    Basically, since I'm a student and with many banks, I won't have to pay interest until I either finish uni or read a certain age (27 with my bank).
    So how about opening several bank accounts and getting the one thousand pound overdraft on them? Would they check to see if I'm with other banks? Would this not work?

    My parents can give me the majority of the money for my masters but they say I need to get another 4k or so. I plan on getting a job but as I have no experience, I need a back up. It might take a while for me to get a job and I don't want to be working long hours as I'd like to study instead. Even if I work, I won't make 4k.


    I already have a bank here in Northern Ireland (where I'm from) but I was thinking of opening another here and then another one or two in Wales (where I study). I'd just say that I don't like the fact that my bank in Northern Ireland only operates there.

    Or is a bank loan my better bet? I just don't want the interest. The overdraft idea sounds good as I won't need to pay the interest until I'm either older or finish my masters. Also, with my degree, I'm very likely to get a job immediately.

    What do you guys think?
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    (Original post by jenniferwatson)
    What about that idea? Bad or not?

    Basically, since I'm a student and with many banks, I won't have to pay interest until I either finish uni or read a certain age (27 with my bank).
    So how about opening several bank accounts and getting the one thousand pound overdraft on them? Would they check to see if I'm with other banks? Would this not work?

    My parents can give me the majority of the money for my masters but they say I need to get another 4k or so. I plan on getting a job but as I have no experience, I need a back up. It might take a while for me to get a job and I don't want to be working long hours as I'd like to study instead. Even if I work, I won't make 4k.


    I already have a bank here in Northern Ireland (where I'm from) but I was thinking of opening another here and then another one or two in Wales (where I study). I'd just say that I don't like the fact that my bank in Northern Ireland only operates there.

    Or is a bank loan my better bet? I just don't want the interest. The overdraft idea sounds good as I won't need to pay the interest until I'm either older or finish my masters. Also, with my degree, I'm very likely to get a job immediately.

    What do you guys think?
    This won't work as you will be credit checked each time you open an account. Given you're only supposed to have one student bank account they will probably ding you after a couple.
 
 
 
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