Graduate overdraft to afford rental deposit?

Mr_Dangermouse

Hi,

I'm planning to move out of my rented flat and into a new one in early September. My current landlord requires one month's notice, so I'm hoping to put a deposit down on a new place in late July so that I can then inform my landlord.

Now, I expect to be paying around £1500 to my new landlord in late July (one month's rent as a deposit, plus the first month of rent upfront). I'd then receive around £2200 back in early September (£1300 deposit on my current place, plus not paying my normal £900 rent)

Bank of Ireland seem to have an account for new graduates where you can get up to £2000 interest free overdraft. Given that I don't have savings, is it possible to open one of these accounts with the sole purpose of paying my new landlord using it, then repay it once my former landlord repays me?

bma14

There's no harm in applying and seeing. You can use that overdraft for whatever you like and it seems safe enough if you know you will be getting the money back in relatively quickly. You will need to be eligible for the account and you may not get the full 2000 on application, but you won't know until you apply. If you are a graduate (I think it's usually having graduated in the last 3 years) then you should be eligible. Good luck !