At what point does a student account ...

newsmonkey

... cease to be a student account?

I'm a finalist with a Halifax student account, and all the lovely advantages that accompany it.

Presumably I told them at the beginning when I was expected to graduate (next Summer) - but I can't remember doing so.

Given that Halifax has no graduate account to speak of (ie: I'll be shopping around), does anyone have an idea when my student account becomes a normal current account?

The main reason I ask is I'd like to know when this marvellous interest-free overdraft has to be repaid, and whether it has to be repaid in full, in instalments etc.

newsmonkey

<bump>

.. since this forum software doesn't seem to present threads in chronological order.

zcaprd7

They (most banks) let you down nice and slowly (but I guess that depends if you have been a good boy/girl with the account).

HSBC let me keep my 0% overdraft but knocked £500 off the limit each year.

VickyA_2

Depends on your bank. With HSBC, I think that they presume you're no longer a student as of about 30th June of the year that you finish. If you disagree with the date that they give you (they normally write to you at least a month before the end - or they should do!) then you can go and argue your case.

As the previous poster said, with HSBC they just convert your student account into a graduate account.

lmcgregor

I am with the bank of scotland and because the two have joined I suspect that halifax will be the same. They consider you a student till the end of the tax year. So if you graduate in July 2005 then you'll be a 'student' to the bank until April 2006.

Hope this helps.

davidcampbell

im with bos as well and i graduated in june 2003 and still have my student account. i have told them 3 times im no longer a student and they havent yet changed it. might be interest free for rest of my life .... :rotfl:



DC

sly_dog_jonah

I've been with LloydsTSB since before going to Uni, and had a student account with them through my 5 years at uni - it was a long course!

At the end of my 4th year they incorrectly changed me into a Graduate prematurely, and it was a bit of a hassle getting them to sort it. I told them I still had a year to go, and they extended my overdraft expiry to July after I graduated.

I graduated on schedule, but didn't get any 'now your graduating...' letter. They still haven't flagged it up, and I'm in no rush to tell them. My overdraft expiry was automatically extended by another 12 months and then again until this summer. They haven't been in touch about it since, so obviously they are happy with the way I'm using the account. I now have a new current account which pays better in-credit interest but I still get my salary paid into my 'student a/c' and transfer it by DD on pay day.

Occasionally I get an phone call asking me to come in for an appointment to 'discuss my account and needs' but I just tell them I'm happy as I am and don't need a 'review'. I've been into other LloydsTSB branches in the last year to sort out Foreign Currency and a Credit Card Application and they have never flagged up any concerns. I could probably pay it back tomorrow if needed, but it looks nicer in a Cahoot A/C @ 5.65%.

If they ever kick up a fuss, which I guess they will do, I will simply tell them to offer me a 'new customer' decent interest account or say goodbye to my custom.