Should I open a student account and which one?

Simon11

Hi

I'm in my final year and have a halifax current account (with £5 free per month.)

Currently I put away £500 in a Newcastle ISA at 3% and £300 (Requires min of £100 to get rate for month) in Santander First Buyers at 4% (after tax):)

However I owe my dad some money for laser eye treament, so therefore won't be able to put away my usual £800 a month:(

I was wondering if it was worth opening a student current account and using the overdraft to put into the saving accounts:o I've had a quick look and Halifax looks like a good option plus I have an online account with them already which makes it easier.

Can I have a halifax current account and apply for the student current account or not?

Would Halifax be the best option, for getting the highest overdraft, with only a couple months left for my course. I read for example Halifax gives you overdraft free for a whole year after the course?

I'm very financially displined, so paying off the overdraft afterwards will be no problem, but I wonder why not try to fill my saving accounts while I can get 0%

Thanks for any replies:o

ses6jwg

It damages your credit worthiness, as I found out. Makes you look like you are poor at financial management.

For the extra £40 or so it will earn you, I wouldn't bother. It is one of Martin's methods I do not agree with

Simon11

I didn't know that even a free overdraft would affect your credit rating Its def not worth getting an extra £20 per year for each £500 used. If all goes well finding a job, I'd love to get a place of my own and its not worth risking crediting rating.

Thanks

jonesMUFCforever

Students applying for a student account now will raise suspicions.
They will want to know about previous years.

Some banks only offer 0% overdrafts to first year students (who then stay with them for x amount of years).