Multiple Overdraft Accounts?

Eek... I've pretty much maxed out my student account overdraft (£1,500), meaning I have no money at all (well, technically, I have MINUS money!)... Do you know if it's possible/easy to open up another student account (with overdraft) with a different bank account, even if I already have a student account with a (maxed out) overdraft with another bank? Any help would be great 'cos I'm pretty worried at the moment.

Reply 1

Atomik

Legally or 'morally'?

I don't know what I'm going to do...

Reply 2

jasperstory

I know lots of people on multiple overdrafts, but its a big risk because if one of the banks finds out then they might suddenly close the account, and the overdraft won't be free anymore.

Reply 3

Atomik

I might do that actually - go onto campus tomorrow and ask my bank about extending my overdraft (their website says I can only take out a £1,500 interest free overdraft, so I'm going to have to go for a non-interest free overdraft).

My plan was to open up another account with an overdraft, then get a job over the holidays to pay off any of it I spend.

I also plan on getting a job next term, as I only have 4 hours of lectures then (revision term, aye).

Still pretty scared though. I haven't handled my money well this year, that's for sure.

Cheers for the reply, by the way.

I know lots of people on multiple overdrafts, but its a big risk because if one of the banks finds out then they might suddenly close the account, and the overdraft won't be free anymore.

Eek. :s

Reply 4

FadeToBlackout

The problem comes with the banks wanting your student loan to be paid into the student account. Some are very strict about this, and they can close the overdraft facility if this doesn't occur.

I've got two student accounts, one with NatWest that I specifically opened and another with Halifax, who upgraded my account to the normal student one without asking me first! So I've technically got two overdrafts. The loan's going in to the Halifax account, though, and so NatWest would be suspicious indeed if I suddenly made use of that overdraft.

Reply 5

apple_smile

You could always open a standard current account with an overdraft (aslong as you pay something into it at somepoint). Its what ive done, only £500 but its been a lifesaver. Bare in mind its not interest free tho

Reply 6

L0RA

I tried applying for a second student account with overdraft and got turned down.

I was told it was because they'd scanned by national insurance number and found i'd already got a student account with another bank...