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Does Anyone Here Have 2 Seperate Student Overdrafts?
Hi, I already have a Natwest student overdraft & wanted to get the halifax overdraft as well. The only thing is that Halifax require it to be used monthly and state that money from parents is acceptable. Could you get away with putting say a minimum of £20 per month in the account and still be allowed to use the overdraft?
Does anyone else have 2 seperate student overdrafts and what are the conditions?
Does anyone else have 2 seperate student overdrafts and what are the conditions?
2 overdrafts = not a good idea
But if you sort out a system, like say transferring a certain amount per month into the account you don't really use and then withdraw it to pay it back into the other account, that would probably count as using it.
HOWEVER some banks state in their t&c that they want to be your only account, and want your student loan paid in there so they might get a bit funny about it so you'll probably have to check that
But if you sort out a system, like say transferring a certain amount per month into the account you don't really use and then withdraw it to pay it back into the other account, that would probably count as using it.
HOWEVER some banks state in their t&c that they want to be your only account, and want your student loan paid in there so they might get a bit funny about it so you'll probably have to check that
La Trampa
By law you're not allowed to have 2 student bank accounts anyways.
Someone in your position on the forums should know better than to feed blatant misinformation to people who don't know better.
OP; it may well do the job, although the bank will want you to deposit more than £20 per month. Around £100 ought to do it, I should imagine. But as previously stated, do you really need two overdrafts?
nearlyheadlessian
Someone in your position on the forums should know better than to feed blatant misinformation to people who don't know better.
OP; it may well do the job, although the bank will want you to deposit more than £20 per month. Around £100 ought to do it, I should imagine. But as previously stated, do you really need two overdrafts?
OP; it may well do the job, although the bank will want you to deposit more than £20 per month. Around £100 ought to do it, I should imagine. But as previously stated, do you really need two overdrafts?
In my position? what does that mean?
I was under the impression it was against the law, or at least that's what i'd heard/been told previously.
If the information is incorrect, and I've come to learn that, then fine.
La Trampa
In my position? what does that mean?
I simply mean that with the colours and your titles, you are more likely to be taken seriously when you make a post. Glad that you've learned something new today
The reason i may need an extra OD is because i only sent of my student finance application this week so it's likely i'll get my finance in Nov/Dec.
My accomodation for the 1st term is £1000 and so i need about an extra £1000 for living costs, trains, books ect. By getting an extra OD this will help untill my student finance for the 1st term comes through for which then i can cover most of my OD, and then close the one account i don't need after paying in full.
Natwest told me they require me to use it as my main account and Halifax have told me to be depositing money on a regular monthly basis.
My accomodation for the 1st term is £1000 and so i need about an extra £1000 for living costs, trains, books ect. By getting an extra OD this will help untill my student finance for the 1st term comes through for which then i can cover most of my OD, and then close the one account i don't need after paying in full.
Natwest told me they require me to use it as my main account and Halifax have told me to be depositing money on a regular monthly basis.
nearlyheadlessian
I simply mean that with the colours and your titles, you are more likely to be taken seriously when you make a post. Glad that you've learned something new today
my word, you're a ******d
OP you can open 2 but check the terms and conditions and make sure you will use both
EDIT: The swear filter doesnt apply to me
I disagree. Use one overdraft for the reasons your stating.
Then with the other one, take the maximum out you can, shove it in a high interest savings account until it need to be paid back, and then one it does, pay it back, and you'll have some money left thanks to the interest (if you put £1000 in for 3 years, you'd end up with nearly £200 free money).
If you know you can manage your money, I don't see why not do that. I'm personally not going to, but thats cos I know I'll probably forget about something lol. The only problem you may have is that I think both banks say you must be paying your student loan and salaries etc into the account to have an overdraft.
Then with the other one, take the maximum out you can, shove it in a high interest savings account until it need to be paid back, and then one it does, pay it back, and you'll have some money left thanks to the interest (if you put £1000 in for 3 years, you'd end up with nearly £200 free money).
If you know you can manage your money, I don't see why not do that. I'm personally not going to, but thats cos I know I'll probably forget about something lol. The only problem you may have is that I think both banks say you must be paying your student loan and salaries etc into the account to have an overdraft.
As long as there's regular money going into both accounts then both banks won't give a stuff. I have £2k going into one on a monthly basis, then 4k going into another periodically (holidays) and both banks are very happy.
It cannot be against the law because it would be a civil matter. Check your terms and conditions before opening the account, in worst case it would break the T+C's (depending on bank) then the bank can close down your account and then seek damages if they see fit, which really would be paying back the overdrafts immediately.
It cannot be against the law because it would be a civil matter. Check your terms and conditions before opening the account, in worst case it would break the T+C's (depending on bank) then the bank can close down your account and then seek damages if they see fit, which really would be paying back the overdrafts immediately.
I owe my uni about £1000.... I have a student account overdraft but I don't have enough money to be able to pay the £1000. I have a job which I can earn the money by September but I NEED to pay the uni asap. So does anyone reckon I could set up another account with an overdraft and pay the money using that and in September when I have earned all that money back I wont be in the overdraft any more. I will then get a my student loan which will take me out of my other overdraft and when I eat into it by xmas I can pay it all off then because I will be working again. Does anyone think this can work?
Maidenchelt
I owe my uni about £1000.... I have a student account overdraft but I don't have enough money to be able to pay the £1000. I have a job which I can earn the money by September but I NEED to pay the uni asap. So does anyone reckon I could set up another account with an overdraft and pay the money using that and in September when I have earned all that money back I wont be in the overdraft any more. I will then get a my student loan which will take me out of my other overdraft and when I eat into it by xmas I can pay it all off then because I will be working again. Does anyone think this can work?
Pay them as much as you can out of your wage and then pay the rest with the overdraft, provided you have an unconditional offer they should give you one.
Santander gave be a £1000 overdraft as soon as I signed up for their Student Bank Account.
TheTallOne
Santander gave be a £1000 overdraft as soon as I signed up for their Student Bank Account.
Even without you putting money in?
And did u get the whole laptop/phone insurance? and if so r u in first year?
Hi,
I owe £1000 to the University and if I don't pay them back I cannot return in September. I don't have that kind of money around and neither do my parents but I have a job over summer and I will be able to pay it off by September. I have tried getting a loan but its impossible, No one will give me one. I tried to open a student account with Halifax so I could use the overdraft to pay the fee an come September I will have paid it off. However, Halifax wouldn't let me open a student account with them and I was refused by another bank too. I already have an overdraft but come September, My student loan will take me out of that overdraft and over Christmas I will be working again anyway so I would be fine. But I'm confused as to how people manage to get their hands on more than one student account both with overdrafts because I seem to keep getting refused although the Bank of Scotland are sending me the rest of the application form in the post and I am still waiting to hear back from Santander. Will all banks refuse me?
I owe £1000 to the University and if I don't pay them back I cannot return in September. I don't have that kind of money around and neither do my parents but I have a job over summer and I will be able to pay it off by September. I have tried getting a loan but its impossible, No one will give me one. I tried to open a student account with Halifax so I could use the overdraft to pay the fee an come September I will have paid it off. However, Halifax wouldn't let me open a student account with them and I was refused by another bank too. I already have an overdraft but come September, My student loan will take me out of that overdraft and over Christmas I will be working again anyway so I would be fine. But I'm confused as to how people manage to get their hands on more than one student account both with overdrafts because I seem to keep getting refused although the Bank of Scotland are sending me the rest of the application form in the post and I am still waiting to hear back from Santander. Will all banks refuse me?
BOBO777
The reason i may need an extra OD is because i only sent of my student finance application this week so it's likely i'll get my finance in Nov/Dec.
My accomodation for the 1st term is £1000 and so i need about an extra £1000 for living costs, trains, books ect. By getting an extra OD this will help untill my student finance for the 1st term comes through for which then i can cover most of my OD, and then close the one account i don't need after paying in full.
Natwest told me they require me to use it as my main account and Halifax have told me to be depositing money on a regular monthly basis.
My accomodation for the 1st term is £1000 and so i need about an extra £1000 for living costs, trains, books ect. By getting an extra OD this will help untill my student finance for the 1st term comes through for which then i can cover most of my OD, and then close the one account i don't need after paying in full.
Natwest told me they require me to use it as my main account and Halifax have told me to be depositing money on a regular monthly basis.
Hey. Did you manage to get yourself another overdraft? I need another one too but I keep getting refused by banks. My aim was to set up another student account and use the overdraft to pay a fee and end of summer I will have paid the overdraft off. And I would be taken out of the overdraft by my student loan in September. But I'm really not sure how to go about this as Halifax and another bank have refused me. Will all banks be the same like this?
Related discussions
- Is the HSBC Student Overdraft a scam?
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- Best student bank account?
- student overdraft
- Someone pls explain overdrafts like I'm a toddler
- student bank account
- Bank account - student
- Student bank account / credit score
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