Natwest Student Account 2009/10: We Want Your Feedback

mazzlestar

Does anyone know how long the overdraft stays interest free for after you graduate?

detimail

Just to say that my husband has been accepted to become a student in HW Uni, starting from year 2 and got his interest-free ovedraft of £2,000 with NatWest straightaway :T. My husband is 32 and has been with NatWest for the past 8 years.
You say that the maximum interest-free overdraft in the fisrt year is up to 1.250. Now I wonder whether this is true or may be my husband got his because of his good credit score?

Unfortunately he wasn't told anything about the railcard and found out about it 2 weeks after he applied. He will complain and possibly negotiate to get one. My husband is very good at asking for things - so let see what happens.

detimail

As far as a know the overdraft stays interest free for another 3 years after you graduate.

jd87

detimail wrote: »

As far as a know the overdraft stays interest free for another 3 years after you graduate.

Wrong. When you graduate your overdraft is moved onto their "Graduate overdraft repayment plan". This is basically a loan with fixed monthly repayments to pay off student overdraft. It is £2000 interest free in the first year, reduced to £1000 interest free in the 2nd year, and £500 interest free in the 3rd year. You don't pay any interest, but you don't get to keep the overdraft.

http://www.natwest.com/personal/loans/g1/graduate-loan/interest-free.ashx

Absinthe_Fairy

jd87 wrote: »

Wrong. When you graduate your overdraft is moved onto their "Graduate overdraft repayment plan". This is basically a loan with fixed monthly repayments to pay off student overdraft. It is £2000 interest free in the first year, reduced to £1000 interest free in the 2nd year, and £500 interest free in the 3rd year. You don't pay any interest, but you don't get to keep the overdraft.

http://www.natwest.com/personal/loans/g1/graduate-loan/interest-free.ashx

That's not true. The 'Graduate Overdraft Repayment Plan' is optional. If you don't want it you don't need to do anything: You can have a graduate overdraft up to £2000 as soon as you graduate, then a year after graduation the limit is lowered to £1000. The second year it is lowered to £500, and the third to £0. The actual overdraft doesn't change - only the interest free amount.

MissPop

I got a letter this morning saying I had gone into an unauthorised overdraft and would have to make an "unpaid item" payment. The woman who opened my account for me said my £500 overdraft would be available straight away, and I paid my £250 halls deposit with it. FML if the cheque bounces and I lose my place in halls.

j_jay4

I'm a graduate and have finished my first degree, I had a student account with HSBC for 4 years but wasn't happy with their service and so closed the account and decided to find a graduate account elsewhere. MSE recommends the lloyds graduate account so I tried them first. I didn't realise that because I will be doing a PhD for another 3 years that I was elligable for a another student account which lloyds told me however lloyds student account has a tiered overdraft (Ie, goes from £200-1000+ over the space of the first year) however this wasn't any good for me as I already have some debt from my last student account and will need extra cash for deposits and first months rent so I need a decent sized overdraft straight off.

Natwest has a tiered overdraft in the first year which isn't helpful but after being refused by Barclays because my official registration form produced by my new uni for the specific purpose of opening a student account was rejected because it didn't say PhD on I was gonna open an account anywhere as I was starting in 3 weeks. Natwest said the same thing as Barclays but also referred my to a phone number for student/graduate services to find out if my course was actually eligible for a student account. This is just stupid it basically says that the staff in the branch aren't qualified enough to make a judgement on whether PhD students are eligible for a student account. Therefore I was even less impressed than Barclays but at least they hadn't made me wait an hour for an appointment to tell me this.

Anyway I couldn't afford to wait another week to get a new document that said PhD on it so I went to Halifax and was seen straight away without queing or booking appointments, I got an account opened and within an hour I had deposited some money and was given a £1000 overdraft and a credit card with >£2000 interest free for 9 months. couldn't be happier with Halifax (maybe when they extend my overdraft at end of year 1),

Natwest sucks the most, a railcard is just a worthwhile gimmick!

HopeAndDriftWood

detimail wrote: »

Just to say that my husband has been accepted to become a student in HW Uni, starting from year 2 and got his interest-free ovedraft of £2,000 with NatWest straightaway :T. My husband is 32 and has been with NatWest for the past 8 years.
You say that the maximum interest-free overdraft in the fisrt year is up to 1.250. Now I wonder whether this is true or may be my husband got his because of his good credit score?

Unfortunately he wasn't told anything about the railcard and found out about it 2 weeks after he applied. He will complain and possibly negotiate to get one. My husband is very good at asking for things - so let see what happens.

He got £2,000 because he is starting in the second year. He won't be eligible for the rail card because its for "freshers starting the first year of a qualifying course". He might have the same problem with other 'freshers' promotions.

hazel05

Despite going into a Branch as soon as he received his Uni Offer, my son will not receive his Rail Card in time for the start of term, which means that the first year's £26 will be lost paying full price for his travel.

Overdraft facility offered £500.

Nat West Customer Service and Student Helpline unsympathetic and unhelpful.

MissPop

hazel05 wrote: »

Despite going into a Branch as soon as he received his Uni Offer, my son will not receive his Rail Card in time for the start of term, which means that the first year's £26 will be lost paying full price for his travel.

Overdraft facility offered £500.

Nat West Customer Service and Student Helpline unsympathetic and unhelpful.

Why won't he get his railcard?