Student Account Deposit Requirements

jennyjen

So when looking at student bank accounts there is often a requirement that you deposit a certain amount each year/term to activate the overdraft.

The average student will most likely get their student loan deposited in to this account.

Am I allowed to transfer the required amount from another account I own and simply transfer it straight back out?

Is it also ok to then immediately max out the overdraft?

I plan to move some money around and use the overdraft to hold some existing debt interest free. The only deposit I want to make is to activate the account.

Is this feasible?

ceb1995

jennyjen wrote: »

So when looking at student bank accounts there is often a requirement that you deposit a certain amount each year/term to activate the overdraft.

The average student will most likely get their student loan deposited in to this account.

Am I allowed to transfer the required amount from another account I own and simply transfer it straight back out?

Is it also ok to then immediately max out the overdraft?

I plan to move some money around and use the overdraft to hold some existing debt interest free. The only deposit I want to make is to activate the account.

Is this feasible?

Persuming that the t&cs of the account dont stipulate that it must be your only current then that could be possible yes, but why not just convert your normal account into a student one. why do you need to max the overdraft by transferring it into another account?

jennyjen

I'm assuming my current account won't offer such a high overdraft as the student ones shown on the main site.

In theory I will be using the overdraft funds to pay down a credit card that has interest charged on it, thus saving on some interest.

knack92

ceb1995 wrote: »

Persuming that the t&cs of the account dont stipulate that it must be your only current then that could be possible yes, but why not just convert your normal account into a student one. why do you need to max the overdraft by transferring it into another account?

Some may stipulate that it's your only student account but I think it's highly unlikely any will say it can be your only account.

Westie983

Many student accounts require student finance or regular funds to be deposited to allow you to apply for an OD, they like to see the funds in first before application.

I will also make you aware that many of the student overdrafts are tiered so you may not get the whole amount at the start. Each university year allows you to increase your overdraft amount subject to status'

Wonder if that will make a difference in what you are trying to do.

Check the T&C's as many say you can only hold one student account and pay your finance/regular payments into it.

Westie983