Where should I go for the best chance of a large overdraft?

Ziri

Hi all,

I'm a graduate intending to begin a graduate entry LLB (i.e., an undergraduate programme for graduates) and as such I'm on the lookout for a student account. My preference is for an account that will give me the largest interest free overdraft over the two year degree. From what I can see, HSBC is the bank that could provide me with the largest interest free overdraft (£3k) but I am a little weary from what I hear regarding being granted that size of overdraft from them.

Currently I have a reasonable amount of savings (which will go on the tuition fees), some direct debits, and a steady income. During my degree I will have a student loan and a part time income with direct debit payments for accommodation, my tuition fees, and probably a mobile phone bill or something of that sort.

My question is: which bank would provide me with the largest interest free overdraft over the course of the two year degree given my financial situation?

GoldenShadow

It's likely to be variable depending on your account conduct. HSBC repetitively offered to up mine, banked with them since I was about 14 and got my student account aged 18. I went with them because of their service mainly!

Ziri

I'll perhaps have to discuss it with an account/credit manager I suppose. Thanks for your feedback, it's good to know that the service is good

amiehall

I had mine with HSBC and ended up with the maximum, I did only get offered £1500 when I first opened the account though. Comparing with friends, most of them were only offered £500 initially by them but I was working for a while prior to starting uni and have a solid credit record (which presumably you have as well).

I would be wary of assuming they will give you the maximum though if you're relying on it. When I first went to uni in 2006, everyone got the max amounts but I guess the economic issues have had an impact on this since then. I think the co-op will offer a guaranteed £1400 to anyone accepted to the account.

Another option is that Barclays, Santander and Natwest don't bar you from having more than one student account (although you must make an effort to transact on the accounts rather than draw all the money out and ignore them). So you could open all 3 and the combination of the ODs is likely to be more than HSBC will give you. This depends on your credit score clearly as well.

ani*fan

I've been a Santander customer for a long time and this round of studying they gave me £1500 interest free overdraft on the same day I asked for it. Easy.