Student Overdraft question

Carry on, and make the most of it. A recent thread on this subject, or a similar one, reported that at some stage the bank started kicking up a fuss about making repayments, but you can face that when it comes.

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Thanks very much - I've just transferred the funds ;) I wonder how long they'll leave it before "getting in touch"!

If you make transactions on the account every month they may not notice.

I had a similar interest free overdraft on an account with NatWest. After I switched banks, and did no longer use NatWest, I had still maxed out the overdraft. If I remember correctly, it took them about two years before they sent me a letter saying they were converting my student account to a 'normal' account, which meant the overdraft would no longer be interest free.

Go for it!

It's not illegal, but it's not exactly ethical. Still, the banks are falling over themselves to give all these offers, so we might as well take advantage of them. Just because they assume we're all stupid, it doesn't mean we are.

For the same reason I take out the maximum student loan off the government and have it stashed in high interest accounts even though I don't need it. If the interest rate on the loan ever rises above the interest rate on the savings account (not likely) then I'll pay it back.

Until then, I'll enjoy the interest :-)

When are the banks ethical?! Just had a poor gal in the office accept a 7.8% loan and use of interest free overdraft after i'd found her a loan of the same amount (and terms) but for 5.5%. She was "entitled" to the interest free and no charge overdraft anyway. Her "personal" adviser "advised" her against going elsewhere knowing full well it was a cheaper option for her. Ethical banks, nah.

The banks offer these student deals so they can catch you later when people are too stupid to realise or too lazy to check the other offers available. You should milk them for as much as possible if you can. I had 2 student accounts with combined 3800 overdraft and used it for exactly the same thing you are thinking of, except i chose to invest in the stockmarket but obviously its more risky.

I have a interest and fee-free 1000 student overdraft available. I'm not planning to use it, so I thought it might be worth transferring the

I just wondered if this is a good idea or not! I'm assuming it's not illegal...

Thanks!

You carry on, my daughter did the same and after she Graduatedted her bank "upgraded" her account to a Graduate Account that offered 2000 interest free overdraft. That's in an ISA too!

Jerry