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The Best Graduate Accounts 2006/7 Discussion Area
Former_MSE_Archna
Posts: 1,903 Forumite
This thread is specifically to discuss the content of the
The Best Graduate Accounts 2006/7 Article
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The Best Graduate Accounts 2006/7 Article
To discuss or ask a question about the article: click reply
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Comments
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Hi all,
From people's past experience, are people in general more likely to need to use their overdraft nearer the beginning or end of their three yeas. I only ask because the Lloyds account stated in the article has a small overdraft in years 2 and 3, yet with Natwest the overdraft increases in size.
Thanks!0 -
Been checking for this updated article every day recently! HSBC have switched my Student account to a Graduate account without notifying me (or sending any of the freebies!). Im considering getting a grad loan from them but may change my bank.0
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Hello everyone.
I have an HSBC graduate account. Having read the article about the best grad accounts, I'm wondering about switching to the RBS one which has a higher interest free overdraft and putting the spare (free!) cash in an ISA. But I don't want to wallow too long in an overdraft - I'd much rather be spending my own money rather than the banks. Has anyone else done this? What do you think?0 -
I have an HSBC graduate account. Having read the article about the best grad accounts, I'm wondering about switching to the RBS one which has a higher interest free overdraft
I am also thinking about switching to RBS. Am I right in thinking they will pay off your overdraft and you are then overdrawn to RBS ? Or is it more complicated than this?0 -
This is worth a shot as it could potentially save you money in interest but be warned...switching accounts may not be as easy as it sounds. I tried to switch my HSBC Graduate account to Lloyds TSB and Barclays. Lloyds said that as a new customer, I would only qualify for £250 interest free overdraft and that is if I paid the £5 monthly fee for their 'plus' account. In order to get an interest free overdraft from Barclays, I would have to sign up for their 'Graduation Additions' account which costs £5 a month. This is still cheaper than the interest but I was advised that as a new customer, there was no guarantee that I would be accepted but whilst the application was being processed, I would be asked to close my current HSBC Graduate account. If my application to Barclays was unsucessful, I wouldnt be able to stop the closure of my HSBC account and would suddenly have to find the money to cover the overdraft (£1500)! Eventually I persuaded HSBC to allow me to go interest free so stuck with them.0
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It depends on what you mean by 'best'. Personally, im looking for the biggest interest free over draft facility.
I currently have a HSBC overdraft £1800 (£1500 interest free) but soon they are reducing it to £1000 interest free. Looking at the other banks it seems Nat West are the best with a £2000 interest free overdraft and am now in the process of applying. Should save quite a bit in overdraft fees!
:beer:0 -
jaxkesa wrote:Been checking for this updated article every day recently! HSBC have switched my Student account to a Graduate account without notifying me (or sending any of the freebies!). Im considering getting a grad loan from them but may change my bank.
HSBC automatically convert a student account to a graduate account at the end of the three year study period, they should have sent you a letter telling you this. If you're still a student, you should tell them as I think the overdraft goes up again if you have a fourth year of study...
On another note, I'm thinking of changing my HSBC account to an RBS one now, however as mentioned previously, Barclays run a "Graduate Plus" account which for a £5 monthly fee can get you up to a £3,000 overdraft. I'm still trying to decide whether this is good value or not...0 -
I didn't receive a letter telling me, I just notice that it now says "GRADUATE A/C" on the on-line banking, apart from that there is no difference as far as I can tell.
Anyway, I have now initaited the process of changing to an RBS account. Have had bad experiences with HSBC over the last few years, especially since they closed my Uni branch (which was the main reason I chose HSBC as a student account).
Specialist university branches with advisors who appreciate your needs is what it says on their website. Now there is just a cash machine and a red phone lol0 -
the T+C of the RBS account (when you click through to apply now, you can see this) states :
Royalties
B.34 In July of your year of graduation, the Student Royalties account will be converted to a Graduate Royalties account. In July of the year following your graduation, subject to our assessment of your financial position, the Graduate Royalties account will be converted to a Royalties account and the monthly Royalties fee applicable at that time will be charged. At any time after the Graduate Royalties account is converted to a Royalties account you may close the account at no charge to you.
what ist he monthly royalties fee? surely thsi makes the RBS grad account a fee paying acct?0 -
A cautionary tale for those thinking of switching to RBS...
I spent an age filling in forms for my new RBS account, for which I applied for the £2,000 overdraft, swapping it over from my HSBC account.
I was constantly in contact to make sure everything was running smoothly which it appeared to be.
As luck would have it, I paid a visit to RBS on the day before my accounts were due to switch. Much to my horror I found out that they hadn't applied the overdraft. They also couldn't apply one, even though I'd already provided them with three months worth of wage slips, 3 months worth of statements etc. A total shambles. I also felt I was treated as if it was my fault, even though I had made it clear to them that the reason I was setting up my account was because of the overdraft.
I managed to halt the transfer from HSBC and now plan to close my RBS account, as no-one at the branch I set the account up with seemed to know what they were doing. Each different advisor would tell me different things!
The moral of the story is be careful... ensure that RBS have set up your overdraft before they transfer your old account!0
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