Nearly 18, need an overdraft for my forthcoming birthday holiday trip!

jvenning

Hey all! Just signed up to MSE, have been receiving the email for some time now and really appreciate all the money saving tips!

My eighteenth birthday is in Novemeber and to celebrate, my parents have booked me a trip to New York for four nights with a friend. They have set-aside a fair bit of spending money for me and I'm also saving up some of my own though to play it safe, I want to apply for a small overdraft (around £250 -> £500) so that a) all my money isn't in cash and b) if I run out of the cash, I have an emergency fund.

I've seen a few interest free overdrafts around though anything above £100 seems to be targeted at students going to university (I still have a year left of college). I'm planning on going to NYC a week after my birthday - do you think I could arrange an overdraft within that time frame to be added to my NatWest Current account? I'm currently unemployed so I'm not sure if that would help much either

Thanks for your help in advance.
J Venning

Lokolo

No you have to be 18 to get an overdraft.

And bein unemployed they are even more unlikely to give you one.

jvenning

Lokolo wrote: »

No you have to be 18 to get an overdraft.

And bein unemployed they are even more unlikely to give you one.

Did you actually read the post? I mentioned whether it would be easy to get an overdraft within the week after my birthday before I go on the trip.

Lokolo

Yes I did - I mis-read.

And no they won't give you an overdraft. If they did, it would be £100 max. And won't be free.

jd87

I think the only way you will get one is on a normal bank account, after you are 18. You won't be able to get an interest free overdraft student bank account because they are specifically for people in higher education (university).

See if you can open a bank account that normally offers overdrafts to over 18s. Then on your 18th birthday, request an overdraft. You need to open the account beforehand, otherwise it might take too long to get set up in the week between your bday and going to NYC.

You need to keep the account active. Put money in and take money out. They won't give you an overdraft if it looks like the account is dead and you don't have any income. Perhaps get your mum to set up a standing order into it for her weekly shopping money, then use the debit card that comes with the account to buy the shopping. This will make the account look active, and make it look like you have income, so when you hit 18 and ask them for an overdraft, they're more likely to give you one.

[Edit] Just noticed you say you have a Natwest current account. Make sure this is a proper adult current account, not a "youth" one, and then use it as I said above. Does it have a debit card with it? If not, get one.

border_collie

Have a big tidy up and sell all your junk. If you are anything like my three kids there will be tons.

beckseven

I know you are looking for advice on getting an overdraft and I'm sure you will be able to get one but I am going to go slightly off topic and say 'don't get one'! If you spoke to anyone on the DFW or read any of the stories on there you don't want to get into debt at such a young age like I did-look at my signature-I have had this level of debt building up from my teens and now I am having to scrimp and save in my 30s to bring my children up. Ebay some of your unwanted stuff or have a carboot sale to raise the extra £100 you will need and don't be a slave to the banks. have a wonderful 18th and enjoy New York. I went there when I was 20 and had a great time-unfortunately for me I wasn't as bright as you and spent £500 on my credit card!

olly300

jvenning if the money is for an emergency then you are better off getting one of your parents to put you on their credit card. Due to the grief they will give you if you use it wrongly, you won't be inclined to use it unless it is an absolute emergency.

YorkshireBoy

olly300 wrote: »

jvenning if the money is for an emergency then you are better off getting one of your parents to put you on their credit card.

There might not be time though, being as there is only one week between the 18th birthday and the trip.

ShelfStacker_3

You're extremely unlikely to get one. Banks generally, with student accounts being the exception, require proof of income going into the account and a history of good account conduct. As you have no income whatsoever, or they have no proof of it being paid into their account, they will assume you have no means of paying it back and turn you down flat. Also, credit is (and take this from me) extremely hard to get the week after your 18th birthday, even if you're in work.

Sorry to sound harsh, but you need to find other ways of raising the cash. The time frame is very very short, even getting added as an additional cardholder to one of your parent's credit cards would take too long.

Kavanne

Lokolo wrote: »

Yes I did - I mis-read.

And no they won't give you an overdraft. If they did, it would be £100 max. And won't be free.

All natwest current accounts have a £100 interest free OD IF THE CUSTOMER IS ELIGIBLE. He'll still have to apply but if it's accepted, the first £100 is interest free.

OP, if you have an adapt account/card plus now then you must open a Current Plus account. You have this acct. from age 16 but with no cheque book or OD. Then on your birthday you can call 0800200400 to apply for the OD or go into a branch.

You say you are unemployed, do you get EMA or have any regular pocket money coming in from parents? As this may be enough to make you eligible for the overdraft