Another Question About Student Banking

BrokeStudent_2

Hey guys, So I've been looking at all the various student accounts and I've made my decision. I think I'm gonna go with Halifax just because it then gives me free overdraft even after my 3 year course.

However, the problem is my course doesn't begin untill the end of September and I'm still in the process of looking for temp jobs etc but it's not going too well. I've been told I should be able to open my student account now as I have an uncondtional offer etc but will I be able to use my overdraft immediately? In case I don't get a job the extra bit of money will mean life or a summer of sitting in a state of boredom for 2 months.

If anyone could let me know whether or not I should be able to access the overdraft straight away I'd be grateful!!!

Thanks for reading.

walgi

If they let you open a student account now, then with it comes the overdraft limit (confirm you have the overdraft limit of however much you are entitled to first of course)

Fire_Fox

Do you really want to start your first year in debt? :eek: Freshers week (month) is known for students blowing their entire grant/ loan before they have even attempted to apply for jobs, and then spending the rest of their studies stressed out and trying to play catch up. The overdraft is not free money, it's a debt like any other. Get out there and get a job or at least prepare a budget for the next twelve months. Or read this website inside out and back to front until you have identified all the free cinema tickets and half price pizza offers.

BrokeStudent_2

Thanks Walgi, and Fire Fox I know you're trying to help but I'm fully aware of how an overdraft works as I do have one for my current account at the moment. The fact is its I start Uni in september, I don't have a job but I need to pay for everything Im going to take to Uni, including laptop and a deposit for somewhere to stay. Considering I dont have any job I really dont have any option except for an overdraft. I see what you're saying tho but it's really my only choice for now.

JoRowlingRocks

Yep, as long as you have your UCAS letter confirming that you have an unconditional offer then your overdraft will be available as soon as you open the account

I have to say Fire Fox, as long as you're sensible with money then there's no reason why a student shouldn't go into their interest-free overdraft- it is free money if you take the overdraft and put it into a savings account! BrokeStudent, just make sure you work everything out well so that once your loan comes through and you get back out of your overdraft, you have enough money to last you until the end of the term