Overdrafts to Savings accounts (litterally)

noexit

I've googled this and i havn't found anything so mayby someone here can help.

When i started at this year i noticed that banks offered free overdrafts. I already had the idea to put all my student loan in a savings account and use it as i need it. As i live at home and travel to college and also have a part time job which covers my expense's and then some i have put my first two student loan payments in my savings account. Anyway, thats not the point.

Back to september, i went online and opened a bank account at 4 bank accounts that offered free overdrafts to students. Halifax (which is now my main bank in effort to get the £3000 overdraft), barcyles (£1000 overdraft), TSB (£500 soon to be £1000), Natwest (£1250) and HSBC (been there for 6 years so i didn't open this just change it to a student account but got a £500 one)

After applying online for them all, i got all of the literature for all the banks and one tuesday when i was off i went around and systematically opened them all and requested the maximum overdraft. Just to point out i didn't get the maximum overdraft at ever bank but i got £1000 at halifax and £1000 at natwest the rest i got about £500.

I was recently told by a friend that you can only open one student account (woups).

So, i've maxed out my ISA for this year and I have the rest in my savings account making not an awful lot of money. I have kept a close watch on all my accounts and they're all sitting jsut short of the overdraft limit (apart from halifax as i want to get the £3000 overdraft which i should be able to get in march as i will of meet all of the requested critera.

Now you know my background. Will my credit rating of dropped through the floor? as it shows that i'm indebt to quite a few banks but my ISA and savings account are very healthy. Any ideas if i should leave it and hope interest rates go up (doubtful) as i have all the money to put all my bank accounts i'm overdrawn with to 0.00 and as none of it is lcoked away for a set period i am able to fix my overdrafts at a moments notice.

P.S. i've posted this on two boards students (as i'm a student) and Budgeting & Current Accounts (as these are current accounts)

Lokolo

Stick to one board in future theres loads of us who can help

The chances of Halifax giiving £3,000 is very very very unlikely. No-one I know got it and a lot of people on this board complain when they don't.

As long as you keep an eye on the accounts and post you will be fine. Banks can take the overdraft away at anytime and you will be racked up with charges if you don't get the money back in ASAP.

Make sure the money in savings is instant access too.

Personally for the next few years I wouldn't bother unless its a significant amount. But even at 3% with £1,000 thats £30. I would keep at it, but be careful because all the banks could take the accounts away from you without a moments notice.

You're credit rating is likely to have already been affected with the number of credit checks n it (each time you apply, the bank do a check, lots of checks = go on the reports = bad). However its not likely to have done too much damage.

Blacksheep1979

The credit checks don't matter so much as I think they go after 6 months, what will matter is that you're borrowing/have credit available to you of several thousand pounds. Unless you're wanting to take out a loan or get a credit card this shouldn't be a problem and will sort itself out once you've closed some of the accounts.

As for keeping all the banks happy you should be fine if you set up a standing order from say Natwest -> Barclays -> Halifax -> TSB -> HSBC back to Natwest of a relatively small sum ~£5. That way the accounts should never be flagged as inactive and you're less likely to have the overdrafts recalled.