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is gettting multiple student overdrafts a sound idea? watch

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    I have several friends who have multiple overdrafts and have looked into it online and found various old TSR posts but nothing recent and would like a fresh discussion.

    From what I am aware, there are certain banks who express that they wish for your student account to be your only one and then there are some other banks that merely state that there must be a certain amount of money going in and out each term. However I am uncomfortable with the idea of lying to a bank about whether I already have a student bank account, which I do, with NatWest and would have to do this face to face with a bank employee.

    Anyone have experience in this matter? Advice, recommendations glady welcome
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    How much money are you spending that you need multiple? If they're all the normal £1-1.5k amount then it's just more for you to pay back later on, don't see the point tbh
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    I used to get loads mostly to get the bonuses that are rare these days like railcards, cinema tickets etc and the overdrafts were more of a luxury plus meant I had multple cards so if one wasnt working I could try another or if one place didnt take Maestro as it was then I had a Visa debit.

    Outside of that its your own ability to not overspend.
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    (Original post by alexschmalex)
    How much money are you spending that you need multiple? If they're all the normal £1-1.5k amount then it's just more for you to pay back later on, don't see the point tbh
    I urgently require money, overdraft is quickest way to do so, more than happy to pay it all back later on.
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    (Original post by drbluebox)
    I used to get loads mostly to get the bonuses that are rare these days like railcards, cinema tickets etc and the overdrafts were more of a luxury plus meant I had multple cards so if one wasnt working I could try another or if one place didnt take Maestro as it was then I had a Visa debit.

    Outside of that its your own ability to not overspend.

    Did you have to open them all in branch? Which banks did you choose?
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    you'd be in big trouble if you took out thousands of pounds of overdraft and then the banks asked for them back, which they can do at any point... you also should not need more than the £1500 you can get from one bank, if you're in that much debt you're going to struggle to pay it back
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    Personally i'm not a fan of overdrafts for the majority of students (at least beyond a couple of hundred quid) on the basis that the majority of students have more than enough money (i got full loans and grants in Leeds and could have walked away with savings had i been more prudent).

    That being said if your financially disciplined enough to save the money and get some returns out of it then accessing as much credit as you can is a good idea.

    By the sounds of it OP you just want to spend money though so i do not condone this course of action.
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    (Original post by Rakas21)
    Personally i'm not a fan of overdrafts for the majority of students (at least beyond a couple of hundred quid) on the basis that the majority of students have more than enough money (i got full loans and grants in Leeds and could have walked away with savings had i been more prudent).

    That being said if your financially disciplined enough to save the money and get some returns out of it then accessing as much credit as you can is a good idea.

    By the sounds of it OP you just want to spend money though so i do not condone this course of action.
    I go to a uni in the south of england, I pay 6 grand in rent a year, I do not have enough to live on per week, something like £24 and for this this reason I will not be able to afford a months rent, which I am planning to get from an overdraft, its not a case of wanting to spend money.
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    (Original post by CCCUfailure)
    I go to a uni in the south of england, I pay 6 grand in rent a year, I do not have enough to live on per week, something like £24 and for this this reason I will not be able to afford a months rent, which I am planning to get from an overdraft, its not a case of wanting to spend money.
    Are you in halls? If so, cancel your contract and go private. Your just wasting money.

    Fair enough, i lived on about £75 per week.
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    TSR Support Team
    If you need more than 1 overdraft you are doing something badly wrong.
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    (Original post by Rakas21)
    Personally i'm not a fan of overdrafts for the majority of students (at least beyond a couple of hundred quid) on the basis that the majority of students have more than enough money (i got full loans and grants in Leeds and could have walked away with savings had i been more prudent).

    That being said if your financially disciplined enough to save the money and get some returns out of it then accessing as much credit as you can is a good idea.

    By the sounds of it OP you just want to spend money though so i do not condone this course of action.
    The majority of students don't get full loans and grants, they get between £3,600-£5000 ish and should they not get support from Mum and Dad rely on getting a job to pay for rent and other essentials.

    You can't just walk away from a contract mid year on a whim, its a contract for a reason.
 
 
 
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