AIB Free Overdraft to fund savings

[CGorman]

Hi,

AIB claim to be introducing a completely free overdraft facility on Student Plus Accounts from October 22nd (see [broken link removed])

The facility is up to €1,500... am I missing any obvious T&C's?

My question stems from the fact that i'm committed to saving a large sum every month towards my 7% Halifax regular saver account... for the winter months I had planned to feed this from another savings account (Credit Union/Rabo) as my AIB balance will dwindle to close to zero by Christmas (at which point i'll probably get a part time job).

Does this AIB offer make it a reasonably good idea to feed my savings account from a free overdraft for 2 or three months and then to clear this in early 08 with either rabo money or work money? This would ensure I maximise my savings....

Any thoughts?

 

[tim2070]

Yes, on the surface this looks plausible. However you should kick the tyres a little.

This offer is only for authorised overdraft facilities. When I used bank with AIB they used to charge as fee of €28 to authorise an overdraft does that fee apply here.

 

[Itchy]

Ulsterbank currently have a €650 free overdraft on their student accouts, they authorise it for free. It increases to €1500 for a graduate account.