Deficit Banking & multiple 0% interest account

fragster

when i showed my letter to hsbc they did not stamp it, just looked at it, and i signed up for my other accounts in freshers fayre where everyone is a student and so they dont ask for any proof, smile want me to send them various letters which i havent got round to doing yet but i will do if i can be arsed, its worth it for 2k i spose just need to get round to it

jonathan_d_2

ohit are you really gonna try and open 8 student acounts?
i thought three was a lot!
you don't want any to think you are money laundering  :D

ohit

I am, yes.

I think 7 though, as RBS and Natwest is the same company so they may find out.

I don't see the problem with it anyway. I won't be doing anything illegal, just unethical in terms of the banks' terms/conditions. £7k of free money in high interest is very tempting. Might get problems in the 2nd year though when applying for increase in overdraft (credit check etc.) ?? Who knows...

Besides, I'm only going to be a 'proper' student for once in my life, so might as well utilise 'loopholes' as much as possible? ;D

We'll see. 4 is pretty much definate. I think I'm actually looking forward to results as well just for the acceptance letter! :-/ ??? ::)

ohit

fragster, thanks for your reply. Sounds very promising.

I've also just learnt that RBS would accept a UCAS _conditional_ offer letter as proof of student status. Heck, I would've opened an account at the beginning of the year, when I got the offer, if I knew that (any course starting in next 12 months is fine).

Only if I had known. Could've got going with £1250 of 0% overdraft and had one less credit check around now.

Remember this people, maybe useful.

Also, another 'tip' I figured out...
It was very easy to convert my pre-18 accounts to student types. They just needed the UCAS letter. Also opening pre-18 accounts (when you are actually under 18!) means no credit check. I'm thinking that people planning on multiple 0% overdrafts should open pre-18 accounts everywhere just ready for converting later. Much more likely to get them all.

Only if I had known that too! I think I'll get my sister all ready to go with this in a year when she turns 16

Any thoughts you guys?

ohit

Success!

I converted my Abbey normal pre-18 account to a student (I think my other posts say that). This was a couple of days ago.

Today I have a £1k overdraft on my account. Called telephone banking and they've confirmed it's at 0%.

But, the key bit here I think, is that at the branch I must've reached a trainee. They called the bank manager when I asked for an account convert and just did it straight away through the computer. As part of the staff training, I guess, the manager was saying that the proper way to do is to get them to fill out a form etc. to sign.
So basically, to me, this means that I haven't actually agreed to any of their terms etc. - I didn't sign anything. They just did it.

I also just checked my live credit file online, and there's no Abbey search for possible credit request. Technically, there can't be anyway, I never signed or agreed to one.

Another reason I think for getting the accounts before being 18 just for conversion later.

Lovely Lovely ;D