SBT & student overdraft?

alvarado

I have just applied for virgin credit card and plan to use the super balance transfer into high interest savings account via current account.

My partner is a student, and regularly has various banks falling over themselves in an effort to try and make her fall further into debt with them. is it possible to use these student accounts in the same way as an SBT?

they are completely interest free for another 2 years, and she has been told she can get as many as she wants. would there be any hidden charges if before the 2 years is up we returned all the money back into the student accounts?

I hope this would work, it seems only fair to make something back off them.
great site btw, thanks

grumbler

I think you can do this without any charges. However, usually overdrafts are 'repayable on demand' (not sure that this applies to student overdrafts). Hence:
1. It is worth having current and saving accounts in different banks
2. It is worth using easy-access saving accont (and, of course, don't spend money).

dawny10

It may be worth checking the t & c's for the accounts as while they can't stop you opening several accounts with different providers they obviously don't want you to, so often stipulate you need to pay in your grant or loan to that account.

It's easier to obtain multiple accounts in your first year as a student as when I tried to open another student account in my 2nd year at uni they asked me to prove I didn't already have another student account! They tend to assume you will have already opened one and are just trying to get at another interest free overdraft. Whereas in your first year they just assume that they are the first bank you have approached.