Graduate Banking - Overdraft Required

Callum_61

Hello

I am new to the site, and was after a little advice.I graduated university last year and have since progressed slightly at work. I have however had to take out a loan to buy a new car. Due to this, and other bills such as rent etc I have not had the chance to save, and in turn haven't been able to repay my student overdraft.

I received a letter from Halifax last week saying that my overdraft was due to expire, and I needed to visit a branch in order to apply for a renewal. Although they have renewed it until August, I am filled with dread that they will ask for it to be repaid in full when this time comes.


Is my fear unfounded? Would it be recommended that I look at another bank account? I have looked at other Halifax accounts, but i do not really want to pay £1 a day for an arranged overdraft.

Any advice is much appreciated.

Sharon87

You can apply for a Graduate account elsewhere. Although you only can have 1 graduate account i think. Also it depends on credit checks.

Callum_61

Thanks Sharon - My account now is the standard student account, so I will begin the graduate account search.

Apricot

I have a Natwest graduate account, it had an overdraft of £2000 interest free for 1st year after graduation, £1000 interest free for second year and then normal charges at 3rd year.

book12

Here's a list of graduate accounts that you could apply for: http://www.moneysavingexpert.com/banking/graduate-bank-accounts

I recommend Natwest, LTSB, and Barclays.

I got a Barclays one myself. They are quite lenient with their graduate accounts. It just needs a manager approval without any external searches.

vaporate

princessleah_ wrote: »

I have a Natwest graduate account, it had an overdraft of £2000 interest free for 1st year after graduation, £1000 interest free for second year and then normal charges at 3rd year.

Wrong. 3rd year it is interest free up to £500, then the following year it's normal charges.

I THINK it is interest free overdraft up to £100 with natwest with current plus account afaik.