Moving around my student overdraft

Berkovic

Hi everyone,

I recently ceased to be a student, however in the "becoming a drop out" not "becoming a graduate" sense. While I was at university I quite comfortably maxed out my £1000 overdraft over the course of the year.

My question is, could I open a new bank account (probably the Nationwide one recommended by Martin) with a 0% overdraft, and then transfer £1000 over to my current student account to balance it out and then close it? I'm not sure if it's strictly okay to have more than one current account on the go and I don't know how the bank would feel if as soon as my overdraft was available I immediately withdrew it all.

Thanks in advance for any answers on this

macman

You can have as many current a/c's as you wish in theory. However whether with your finances (no income?) they would allow you an immediate £1K overdraft is another matter entirely. How would you service the debt?
If they allow you a £1K overdraft, then you can use it whenever you wish.

Berkovic

Well I've been jobhunting ever since I found out I wasn't going to be continuing my studies and I'm quite confident of finding something. I was meaning to make this change once I've found a job and have a steady income

brendon

Where will you get a 0% overdraft from?

TheEffect

Berkovic wrote: »

Well I've been jobhunting ever since I found out I wasn't going to be continuing my studies and I'm quite confident of finding something. I was meaning to make this change once I've found a job and have a steady income

If you can get a job, apply and get accepted for a 1k overdraft, then sure, it's a great plan.

Do you plan on returning to studying?

I dropped out at the start of this year and will be returning in September. I informed NatWest, but they just kept me on the student account and updated my graduation date until a year later.

brendon wrote: »

Where will you get a 0% overdraft from?

Nationwide....