Film, Media & TV0 min ago
High Interest Savings
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Hi, im a student (but im not entitled to any loans bursaries etc) as Im doing a second degree. I have a student bank account with an interest free overdraft. someone has suggested that i withdraw up to the limit of the overdraft and invest it in a High Interest Savings Account, and "live" off the interest. Does this sound too risky? or is it a common practice?
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For more on marking an answer as the "Best Answer", please visit our FAQ.as above ... most student accounts only have about a 2000 pounds overdraft i have 6000 pounds in a high interest account and get about 20 pounds interest a month therefore i would deduce on 2000 quid it would be about 7/8 quid a month. Good luck living on that then!]
To answer your question fully it is not risky,if its just a savings account because if you needed the money, you could get it back. and i think it's fairly common to do that
To answer your question fully it is not risky,if its just a savings account because if you needed the money, you could get it back. and i think it's fairly common to do that