Top Graduate Accounts 2009/10 Article Discussion

Former_MSE_Alana

This thread is specifically to discuss the

Graduate Accounts 2009/10

Article

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Kushan

Good article, as usual. However, I have a slight problem: Lloyd's TSB seem to require you to be in employment in order to sign up, is this the case? Part of the requirement on their website says they need "proof of income" and sadly not all of us graduates have managed to land a job just yet.

I looked on Natwest's site and they seem to also do a £2,000 overdraft over 3 years and don't mention requiring proof of income on their site, either. Is there something I'm missing with their account? Something that might sting me down the line?

I'm looking to open up a new graduate account pretty soon, in fact I was waiting for MSE to update the article

Thanks in advance!

kitatravs

Is it possible to have two graduate accounts?

My student account was with Halifax and I have a pretty big o/d on that so am keeping that graduate account. However, I also have a Lloyds account (from before uni) with a £1000 o/d I've been living in for the last 4 years. My job starts in September and was planning on spending my first year concentrating on paying off the o/d's.

Just wondering if I'd get away with switching my Lloyds current account to a graduate one too so I'm not paying £12-15 interest every month!

aless02

Can I get a graduate account if a) I've never had a student account; b) I would be using an MA as my 'graduate degree' rather than a BA. Also, do I need to use it as my main bank account or can I just keep it secondary to take advantage of the no-interest overdraft?

Former_MSE_Alana

Hi,

Thanks for your comments, I just want to make sure you have seen the drop-down table, which appears when you click on the image that says 'Full table of all 2009/10 graduate accounts'?

This may help to answer some of your questions, as it has full details of the big banks graduate accounts (including eligibilty criteria and whether they allow you to have other graduate accounts).

As far as I'm aware Lloyds don't require you to have an income, but if you are switching to them you must pay at least £500 into the account every month.

I hope this help,

Alana

kitatravs

Ahh, awesome. Thanks

ISA_Aspirant

What does the Lloyds TSB Graduate account mean when it says you must pay at least £500 into the account per month if you are switching? Is this requirement satisfied if I deposit £500 from my HSBC current account into it and then immediately transfer it back? Is it just to keep it active?

Former_MSE_Alana

Hi,

We have had confirmation from Lloyds and you don't have to be employed to qualify for the account, but if you are employed you should bring proof with you when you apply.

Alana

b100

ISA_Aspirant wrote: »

What does the Lloyds TSB Graduate account mean when it says you must pay at least £500 into the account per month if you are switching? Is this requirement satisfied if I deposit £500 from my HSBC current account into it and then immediately transfer it back? Is it just to keep it active?

Yes, i would also like to know what this means. I called up Lloyds to ask and the guy on the phone had no idea. I explained that i have not been able to find a full time job and therefore my part time salary varies depending on how much overtime i can get etc, so i might not be paying £500 each month. Does anyone know if we can simply transfer £500 in and then back out at each month?

Miss_J

I currently have a Halifax Student account, the overdraft facilty is due to be withdrawn in August as it will be 1 year in September since I graduated from university. I'm not at all clued up about Graduate accounts, but have already been in touch with Halifax to find out what happens when my overdraft is removed. According to them if I am unable to pay back the overdraft which is currently at the max, £2750 then they will close the account and enter into an arrangement with me, whereby I agree to pay a certain amount back per month. The problem with this is that this will show on my credit report as an unauthorised overdraft. I am interested in transferring to another Graduate account but am concerned that I may be declined. I have another current account with another provider with an overdraft on it, which I get charged a small fee for each month, so couldn't close that account down. I notice that some banks ask that the current account is closed in order to open a new account, would closing and transferring my Halifax account be enough to qualify or would I also have to close my other current account down? Does anyone know if the current accounts are offered on strict credit checks? I ask because I have recently been turned down by Halifax for a Loan to pay off my overdraft and a few other debts that have accumulated when studying, because they said I had too much debt and needed to reduce this before they would consider me for a loan? Any advice would be gratefully received.

newgrad_2

I've posted a question in he loans section, but I have to question the advice given here.

I have been to Natwest, Barclays, LTSB and HSBC.

They ALL said that they will open a graduate account but will only give a loan if you are currently earning. An offer letter showing salary is not good enough.

What's the point of graduate accounts then?