The best Banks for intrest free overdrafts ? 10 June 2004 at 6:52PM in Student Money Saving 3 replies 2.9K views

Jack_Gleeson

Just completed a Btec national diploma in ICT, gonna tak a year out but i wanna start playing the banks, which is the best banks to go with or high overdrafts with no intrest so i can start earning intrest by putting the money in personal high intrest or ISA accounts ?

System

HSBC have been really good with there intrest free overdraft of 1000 in the 1st yr and 1250 in 2nd.

MMMIARMW_2

When you come to the end of your degree it's also worth considering which bank account lets you pay off the overdraft for the longest period of time (interest free).  

For example the co-op student account only lasts for 1yr although they will give you a £2000 overdraft wereas HSBC drops down in £500 increments each year from £1500. Although you can transfer bank accounts at any point need to think of how you mantain your account - if you want to swap.

Also - look out for the charges related to going over your overdraft either unauthorised or authorised as some accounts can have a nasty sting in their tail![img][/img]

David_Brent

I found Lloyds TSB offered me a good student account of a £1500 interest free overdraft for my time studying my degree.