Student overdraft

dang1805

Im currently in my third year at uni and have a student overdraft and credit card with HSBC. The overdraft limit is £1500 and the c/c limit is £500.
I know having two student accounts is against the banks T&C's and im not looking to take the banks for a ride. I was just wondering if opening an account with Halifax (who are offering a £3000 overdraft) and then paying both my overdraft and c/c with HSBC off and then closing the account would be a possible option? Or would this be too risky as i understand the banks can demand the overdraft be paid off in full if they were to find out i had two student overdrafts?

Lokolo

Halifax rarely give out the whole £3,000.

butler_helen

you can switch student accounts, so without having two at some point, I dont see how you'd manage it.

I doubt they would demand you pay both off if you only have two for the day you pay the HSBC one?

I'd do it and I've worked for a bank and was a student.

h

rb10

If you are in need of more overdraft, then you are probably spending too much. There are ways of cutting down the amount you spend whilst still retaining a good quality of life, and if you post on this board: http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=&f=76 , there are people there who have lots of tips!

Remember that a bank can ask for the whole overdraft to be paid back immediately, regardless of whether you have, or they believe you to have, two student accounts. They do not need to give or have a reason, they can just do it. It would be a very good idea to try to get yourself out of overdraft, if you can.