How To Earn Most Cash Freeeeeeee

rickwaller

Bascially iam about to start 2nd year of uni. Im wondering if it right to open 7 interest free overdrafts and put it into my hi saving intrest account i.e. ICICI bank. Therefore i would earn the most intrest on the money i borrowed then pay the banks back. i calculated that i can potentially earn upto £800 each year.

my question is, is it right to do this and will the bank prosecute me?

dmg24

Ryan ... go to bed ...

rickwaller

what im not ryan, what u chatting about man im being serious i wanna be rich when im older im planning to become a stock broker

dmg24

Maybe you are ... maybe you're not ...

Why don't you post some figures for your planned £800 interest in a year?!

rickwaller

listen man i know quite a bit i do accounting. k my ICICI bank are offering 5.15%. i have £6000 in savings. im planing to get 7 intrest free over draft from 7 banks roughly about £1500 * 7=10500+6000=16500*5.15% gives me £850 each year and growing.

dmg24

If you study accounting I don't know why you need to ask?

There is nothing illegal about this kind of activity, so long as you declare to each bank upon application that you hold the other bank accounts and your respective balances. If you don't declare the other accounts when asked then you would be committing fraud (obtaining pecuniary advantage by deception).

I would be very surprised if seven banks would each give you a £1500 overdraft.

rickwaller

my sister go 5 overdrafts but she spent all the money but ur saying i cant and u r surprised why?
i will only declare one account so will that be fine?

rickwaller

another thing when i was siging online e.g. for HSBC i can only put one account in, there was no spaces other accounts to put in.


see i have good ideas. to all students follow me u will earn lots of money if u do what i do

dmg24

night Rick ... sorry, Ryan ...

Blacksheep1979

if you apply for credit all in one go the banks are going to see 7 other searches and acceptance for credit - this tends to make lenders wary.

executiverocker

reported....again