changing from a student account

anicol914

Quick question, if you have a student account with an overdraft facility what happens when you stop being a student?? Can you swith this account to a normal one and still keep the overdraft facillity???

Thanks.

456789

depends on the bank

with halifax it stays a student account for 1 year more then changes to a normal current account

jay11_2

When you graduate from uni it usually becomes a graduate account and the overdraft is gradually reduced over the next 2-4 years--the bank will write and tell you the details. Overdraft often stays free.

If you drop out of uni you need to check the bank's small print, can usually do that online on their website.

rb10

The interest free overdraft depends on the bank - some, like Halifax, will let you have up to £3k interest free for one year after you stop being a student; others will gradually reduce it.

However, once they switch it back to a regular current account, they may or may not decide to reduce the overdraft limit. That is entirely up to them. BUT, remember that as soon as it stops being a student or graduate account, the overdraft will not be interest free.