Second Overdraft?

mike__5

Hi,

I was looking at the T&Cs for Natwest's student account and found this:

"You must use your account as your main current account and
deposit regular amounts by way of local education funding,
parental contribution, salary, student loan or other funding,
such as sponsorship or bursary."

My loan goes into my HSBC Student Account which gives me an overdraft of £1500, possibly going up to £1750 this year. Out of this account goes my rent.

Since I also have a job, would paying my weekly wage (£60 to £72) into a NW account be enough for them to offer me an account + o/d? It sounds like they would. It would also become my main account as my wage is what I spend on food and drink, so that account would get the most activity.

TIA

Lokolo

No because it says student loan should go into that, not your HSBC account.

mike__5

I read it as that I only need to deposit regular amounts from one of the listed sources of funding.

Lokolo

mike_ wrote: »

I read it as that I only need to deposit regular amounts from one of the listed sources of funding.

And which other one are you recieving? Highly doubt a Salary, any other government money or sponsorship money will likely come from student loan people, so student loan would also need to go in there.

antuk

You DON'T have to pay your student loan to get the overdraft, you just have to have regular payments going in, they don't care where they are from.

timnicebutdim_2

It's possible to get two current accounts with overdrafts (as I have done this myself) but bear in mind they could ask you to repay one account at a moments notice and also do you really want a combined overdraft (debt) of £3-4K?? Say you were to max out both overdrafts it would take over 3 years to repay at £100 per month.