Opening another bank account?

Baschen20

Hi

I'm a 20 year old uni student, I've just finished second year and I'm close to maxing out my 1500 HSBC student overdraft. It's interest-free for another 2 years from now. I really want to work abroad this summer rather than at home, which will probably mean earning less money. I've been offered an au-pair job in Madrid, but might not have enough money to book flights etc. Will it be ok to open another bank account? I know there's no point trying to open another student account, but I've seen an offer for a normal Nationwide account with 12 month interest-free overdraft. I would use a bit of this overdraft just to tie me over this summer. I'm on my year abroad next year where I'll be earning money for a paid job and also getting grants and loans, so if I manage my money well, both overdrafts should be paid off within a year. However, a friend told me his girlfriend suddenly had her Nationwide overdraft cancelled with no explanation, so now I'm a bit wary of doing this. Does anyone have any advice? Or does anyone know of any other banks that offer interest-free overdrafts for at least a year? Thanks

InsideInsurance

There is nothing wrong with you applying for another account but you'd have to question the probability of you getting one with an overdraft if you are always living in your current overdraft.

If your struggling with debts now without an extra overdraft how are you going to be next year when you've had an extra debt to pay off given you've failed to cope this year?

Your better off getting a job that allows you to build up some savings and only travelling when you can afford to do it out of money you have rather than getting further into debt

olly300

All overdrafts including student ones can be recalled or cancelled by the bank with no notice.