Finances

[Stephen]

I have started to worry slightly over my financial situation as a 1st year starting at St Andrews this september. By the time I pay my hall fees, and get my meagre student loan I have budgeted that I will have only about £1000 to cover me for anything else over the year ... textbooks, social stuff, sports, etc.....

I am beginning to get very worried. My extravagant lifestyle shall have to end.

[harmless loony]

Don't worry! Join the masses and get an overdraft! Not the most sensible advice, I've given out cos it means you'll be in debt, but I found that it's good if it's there just in case!

[Sarah]

IMO you can't NOT get an overdraft if it's interest free. Stick it in a savings account and reap the interest if you don't need the money immediately.

Free money yay!!

[christian_harris]

Also I'd advise getting a job - although if you want to do that then I would come up over the summer and visit the bars/restaurants etc as the jobs are in high demand!

Alternatively, if you are a big bloke with good chat and lots of confidence then come and see me at Ma Bells and if you're lucky I might give you a job!!

[Rrrr]

If that were true i'd have another job by now. I left the Bay cos' i wasn;t enjoying it, and all the jobs seemed to have dried up!

[hr]"We can't condone your violent motives so we'll have to force ourselves to forget they exist."

[heehee]

[s]Unregisted User Stephen wrote on 13:10, 11th Jul 2003:
only about £1000 to cover me for anything else over the year

only!

Hah! Excuse me while I stop laughing.

[Cain]

work like a mofo for the whole summer and take all of the hours that God (or you boss) gives you.

you should be sufficeiently loaded/comfortably well off to not have too many problems during term time.

[Magus]

[s]Unregisted User Stephen wrote on 13:10, 11th Jul 2003:
only about £1000 to cover me for anything else over the year

If only! After I subtract hall fees and tuition from my loan I should have, ooohhh, around minus £1000... anyone else spy a slight problem with this arrangement?!? Stupid tuition fees. Stupid hall fee increase.

Guess I will have to keep working at the lovely bar

[personcoming]

[s]Sarah wrote on 19:04, 11th Jul 2003:
IMO you can't NOT get an overdraft if it's interest free. Stick it in a savings account and reap the interest if you don't need the money immediately.

Free money yay!!



what bank does the best interest free overdraft? and will they give it to anyone?


Admin: Surely there is no difference if there is no interest to pay...

[Blessed Benediction]

well a better interest free overdraft would be one that allows you take more money out i guess. do overdrafts ever have to be paid back by certain dates & do they ever have certain restrictions placed on them?

[hr]watches should have a smiley face on them as it's always time to be happy

[Sarah]

I was with the Halifax for 4 years, and their maximum was 1250 for final year students, which is quite low compared with other banks. They recently made it £2000, but when I asked for an extension they said no. So...went to the Natwest who were very good and gave me the extra 750 (then I hit the shops ). With Natwest the deal is that the overdraft is interest-free until a year after you graduate. After that the amount of overdraft that's interest-free is reduced over three years. Hope you can understand that!

Also I had to close the Halifax account as you're not allowed more than one interest-free overdraft.

[Sr. AGiC.]

I believe that most student over drafts must be paid back within a year of graduating as when you graduate your account turns into a graduate account and not a student account. However they then give you cheap loans on a graduate account if you need/want it.

The graduate account then lasts about two years after you graduate before you have to enter the harsh world of real banking, like paying for the money they give you. How inconsiderate of them.

Well that is Barclays, but i think it is quite similar across the board.

Dont go with a bank that gives you less than £1250 interest free. Barclays give you £1250 but natwest give you £1800 howver natwest are relatively strict and i heard all requests for overdrafts have to be made in writing.

Watch out also as some banks say student overdrafts up to £1000 (or whatever) but say above £750 you have to pay interest. Bank are normally quite helpfull to students as we are the future possible high earners and they want our custom.

If you have £20,000 to deposit, go to Coutts. You get treated like a real customer there.

P.s sorry for the long post. But its important for freshers to know.

[Imp]

The royal bank of scotland student account is pretty good, they have an £1800 top limit for final year students, again after you graduate it turns into a graduate account. You then have a year to repay your overdraft. But they can then give you a loan of aup to £2000 interest free over two years to repay your overdraft. So essentially you have about 2 or 3 years. The student account also gives you an fee free credit card (i didn't take that cos i knew i'd just get in ridiculously more debt...) I've just graduated and found them really good all year. Another good idea to prevent shopping sprees (why i lived of pasta with herbs for mostof my 1st year) is to open a student account and a high interest account. Then set up a standing order for a sensible amount a week from thi high interest to the current. Its pretty good way of budgeting. Through doing this i am currently still living off my student loan, despite having graduated in May