Stoozing an overdraft.

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Static Stan
Posts: 3
Joined: Sat Mar 05, 2016 12:07 pm

Stoozing an overdraft.

Postby Static Stan » Sun Mar 06, 2016 1:04 pm

Hey all, new here and need some help.
I was wondering if it was possible to stooze an overdraft?
I'm an apprentice so i'm pretty sure i could get a student account offering good overdraft rates, one like this:
https://www.co-operativebank.co.uk/stud ... t_11012016
My question is can I take the £1,400 that they are offering and stick it into a high interest current account for a year (like Lloyds), picking up the interest then paying their £1,400 back at the end of it.
Would i get charged for this, or do I have to pay them back monthly?
Thanks

planteria
Posts: 354
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Re: Stoozing an overdraft.

Postby planteria » Sun Mar 06, 2016 6:00 pm

i don't see why not.. although ensure that the T&Cs don't specify that you have to pay in a minimum amount each month, for example.. if you do, just move the money from Lloyds to Co-op and back one day each month :mrgreen:

Static Stan
Posts: 3
Joined: Sat Mar 05, 2016 12:07 pm

Re: Stoozing an overdraft.

Postby Static Stan » Sun Mar 06, 2016 7:29 pm

Thanks planetaria, i've reviewed the t's and c's and it seems that they just want my wages paid into the account, I wonder if it would be acceptable to them if i pay it in myself? Anyway thanks for the help! I'll let you know how I get on.

ceredigion
Posts: 19
Joined: Sat Feb 20, 2016 12:12 pm

Re: Stoozing an overdraft.

Postby ceredigion » Sun Mar 06, 2016 10:43 pm

Static Stan wrote:Hey all, new here and need some help.
I was wondering if it was possible to stooze an overdraft?
I'm an apprentice so i'm pretty sure i could get a student account offering good overdraft rates, one like this:
https://www.co-operativebank.co.uk/stud ... t_11012016
My question is can I take the £1,400 that they are offering and stick it into a high interest current account for a year (like TSB), picking up the interest then paying their £1,400 back at the end of it.
Would i get charged for this, or do I have to pay them back monthly?
Thanks

i have corrected that for you

Static Stan
Posts: 3
Joined: Sat Mar 05, 2016 12:07 pm

Re: Stoozing an overdraft.

Postby Static Stan » Mon Mar 07, 2016 12:40 am

Thanks Ceridigion but I've maxed out the TSB account already, I've realised the Lloyds ones bad unless you've got 4-5k in there, so i'm gonna try Nationwide, for the 5% (up to £2500) wish me luck.


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