Nationwide FlexStudent using overdraft as the £500 pay in requirement
Basically, I believe I found a loophole but I'm too afraid to ask the bank if it works, and I can't find any info about it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
Original post by FlamingEye
Basically, I believe I found a loophole but I'm too afraid to ask the bank if it works, and I can't find any info about it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
Of course it works. I do it with my Chase account every month. £1500 in. £1500 straight out again and then I get 1% cashback on all purchases. You have nothing to lose. Go for it!
Oh and sign up to the MoneySavingExpert newsletter for more tips and tricks.
Original post by FlamingEye
Basically, I believe I found a loophole but I'm too afraid to ask the bank if it works, and I can't find any info about it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
So with the FlexStudent account, you get access to an arranged overdraft that increases per year up to year 3. To keep the account, you would need to pay in £500- not keep, just in. It doesn't have to be in one go and it still works if I'm in the minus (within arranged overdraft).
I wonder if I send £500 from the overdraft (from a balance of £0 to -£500) to another bank/account, and then send it back to nationwide, would you qualify for the mandatory £500 pay in requirement?
I'm not sure how to test it myself because I only thought of this after adding £500 in anyways, so I can't exactly test it.
I would expect it to work. The intention, of course, is that you get your maintenance loan (or whatever other income you get for your living costs, whether that be wages or an allowance from your parents, etc) paid into the account -- and that's a lot more straightforward than having to remember to bounce money in and out of your account to meet this requirement.
Original post by martin7
I would expect it to work. The intention, of course, is that you get your maintenance loan (or whatever other income you get for your living costs, whether that be wages or an allowance from your parents, etc) paid into the account -- and that's a lot more straightforward than having to remember to bounce money in and out of your account to meet this requirement.
I'm waiting for my settlement status to be approved from pre-settled status. I was told I need that for maintenance loan when I called them. So I'm looking to use this overdraft as a buffer until then. A lot of the financial help we were getting in terms of benefits and stuff have been cut massively so we are struggling right now.
If this trick works, then this is big news for me. I also have a friend in uni who would benefit massively from this.
(edited 1 month ago)
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