Smile Student/Current account

CheekyMonkey22

Has anyone any experience of a Smile Student Account becoming a current?
Mine's shortly coming to the end of its one year's 0% overdraft and I just wanted to know:
1. Is the OD limit reduced immediately?
2. What's the interest charge like?
3. Is the first £500 0% which seems to be one of Smile's selling points? (Possible min 1000 credit/m not sure)

Before someone says, why don't you check with Smile, I didn't really want to draw their attention to my account unless I really have to. as I haven't paid much into it recently.

Just interested to see what other people's experience has been.
Thanks in advance.

Savvy_Sue

CheekyMonkey22 wrote:

3. Is the first £500 0% which seems to be one of Smile's selling points? (Possible min 1000 credit/m not sure)

This is the only thing I am fairly certain of, because we've got a 'normal' current account with Smile and have just had a letter saying that the 'automatic' £500 overdraft is now dependent on paying in at least £1000 pm. You don't have to leave it there, of course ...

jimclark1967

CheekyMonkey22 wrote:

Has anyone any experience of a Smile Student Account becoming a current?
Mine's shortly coming to the end of its one year's 0% overdraft and I just wanted to know:
1. Is the OD limit reduced immediately?
2. What's the interest charge like?
3. Is the first £500 0% which seems to be one of Smile's selling points? (Possible min 1000 credit/m not sure)

I'm in exactly the same situation, I graduated last summer and, after sending Smile a secure message, had it confirmed that it would turn into a "normal" account at the end of June this year.

1. OD limit - I'm not sure as I plan to pay it all off in the last week of June using 0% credit card funds.

2. Overdraft interest rate is currently 9.9%

3. The £500 overdraft is fee free but not interest free.

I stopped using the Smile account when I opened a Lloyds TSB Graduate account last October but set up a standing order to pay in a small amount each month to avoid being detected by any computer systems looking for dormant overdrawn accounts.

JC

jitsuguy

Have you thought of changing your account over to Alliance and Leicester, they will give you £50 (I think you might have to refer someone) plus they do give 0% overdrafts. How much is the overdraft? Could you move it onto a 0% credit card and then just pay that off?

Jitsuguy

CheekyMonkey22

Many thanks for your replies.

More complicated as I also have a Natwest and Halifax Student ODs. Halifax will be paid off with new RBS OD this week. But I will still be left with Part Natwest and RBS, 0% for another 2 years. Plus Smile. Just wondering really, not really that much more than taking out a loan.