Student in need of help!!!

Ttl_2

Hi to all!

I would like to ask the following question. Currently holding a HSBC student account.

I am entitled 500 pounds interest free OD. I also having a online savings a/c with them. Will I incur bank charges if I OD 500 pounds and shift the amount to increase my savings with the bank to earn more interest???

I would like advice on this. All help is appreciated.

j_mchattie

I did exactly that (from HSBC to EGG) with my £1,500 third year OD. No charges, do as you please with it.

Lokolo

If I were you I wouldn't put the whole £500 in though. If you forget about a direct debit or you put something on the card and forget that it will take you over the £500, you will be having to pay a biiiig charge.

Stick with around £400 and leave £100 for crisis times!

tinkerbel

ooo £500 OD sounds very tiny compared to what you could be getting! I have just finished my 1st year and have £1250 from Natwest! If you are really serious about this sort of stoozing- I would get a bigger overdraft! but I also second what lokolo said, I would always leave a buffer! and I find it easier not to use my student ac as my current ac if you know what I mean?
[basically, on natwest, i am £1150 OD and I harldy ever touch the account - only to remain 'active' so that they will increase my OD rate in sept, and with Lloyds (current a/c) I have between £0 and £500 (depending on when in the term it is lol!) and all my rent/dds ets come out of this]