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Graduate Account Interest Free
ste_coxy
Posts: 427 Forumite
Hi guys,
foolishly i took out 2 student accounts in september 2005. One with HSBC and one with Natwest.
Consequently I maxed both of them and they have turned into Graduate Accounts now.
I am slightly confused but I thought the Interest Free Tiers are meant to lower each subsequent year i.e. Natwest: Year 1 - £2000, Year 2 - £1000 and Year 3 - £500. HSBC: Year 1 - £1000 and Year 2 - £500.
I should now be in the Year 2 Tier but I have not been paying any interest on either of the 2 accounts - should I count myself lucky? how likely are they are to notice and when/if will it likely to decrease the interest free amount?
Many thanks in advance.
foolishly i took out 2 student accounts in september 2005. One with HSBC and one with Natwest.
Consequently I maxed both of them and they have turned into Graduate Accounts now.
I am slightly confused but I thought the Interest Free Tiers are meant to lower each subsequent year i.e. Natwest: Year 1 - £2000, Year 2 - £1000 and Year 3 - £500. HSBC: Year 1 - £1000 and Year 2 - £500.
I should now be in the Year 2 Tier but I have not been paying any interest on either of the 2 accounts - should I count myself lucky? how likely are they are to notice and when/if will it likely to decrease the interest free amount?
Many thanks in advance.
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Comments
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Consider yourself lucky! If you can afford the interest payments then it may be worth inquiring at the banks about it... though try to pay off chunks first!The size of a glory hole in an open pit should not be greater than the cross-section of the haul trucks that dump into it. Otherwise, you are bound to lose a truck, sooner or later. Source: Sergio Cha
I'm sorry for the demon I've become but you should be sorry for the angel you are not.0 -
Consider yourself lucky! If you can afford the interest payments then it may be worth inquiring at the banks about it... though try to pay off chunks first!
sorry, I don't mean to sound ungrateful but you haven't read what I wrote properly and so not answered my questions.
I said that I am NOT paying interest at the moment even though I think I should be as I am on the 2nd year of the graduate account. I wanted to know how likely are they are to notice and when/if will it likely to decrease the interest free amount?0 -
have you had any correspondence from them at all? or kept your original letters when you openned the accounts which should say when the transfers will happen?
it usually changes in about June, so you may find a big interest payment is going to do out! i certainly get letters from NatWest each year giving me about 3 days notice that the interest free part is changing.
incidentally, i think what you've done is irresponsible and is against the T&Cs of those banks. i think the post you have been ungrateful to has read what you wrote and answered your question - a. you are lucky not to have had your accounts closed, b. you are lucky not to be paying large amounts of intest. c. they told you to contact the banks about it if you can afford the inevitable interest payments. working out how much longer you can continue to fly under the radar isn't exactly sensible advice - telling how to sort the situation out is.:happyhear0
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