Egg Student Account

mrshankly_3

Hi,
Can anyone tell me if its possible to have an Smile student account at the same time as having a Royal Bank Of Scotland student account? It says on egg's website that it accepts a £300 deposit in lieu of the loan getting regularly paid into the account but also something about having to provide proof of £2500 funding. Therefore I was thinking I could take advantage of the interest free overdraft. This is what it says:

"All we ask is that you are at least 17 and a half, a UK citizen, UK resident, in full time higher education at degree level or equivalent with full time student status (with more than 6 months left on your course) and you deposit:

at least £300, or
an LEA grant cheque, or
a student loan (you'll need to provide proof that you have funding of £2,500 or more). "

Does that mean that all you have to do is deposit £300 and you'll get access to the overdraft facility (because I could get an £1800 overdraft)?

Thanks

DJ1UK

Where you state Egg - do you mean smile?!?

You 'shouldn't' have 2 student accounts as it can sometimes be a breach of the terms and conditions - but I know some people who have managed to do it.

As long as you but money into both at regular times, it should be ok.

Oh - and remember you have to pay back the overdraft at a later date. I've just finished uni and have a large overdraft to pay back - wish I never used it now.

DJ

RichyRich

Even if smile are ok with it check your RBS terms 'n conditions.

If they're the same as NatWest (which I presume they will be similar) they may impose a restriction even if smile don't

Rich

mrshankly_3

Thanks guys. I think I'll have to look deeper into this one