Help with RBS Graduate Interest Rates Please!

thewake

Hey all,

I have a RBS graduate account and I am in the third year of it, which means I currently have a £1000 interest free overdraft, however I am still about £500 overdrawn into it and I am not sure whether I will be able to clear it all by June which is when the interest free element ends. However I cannot find anywhere what the interest rate will be on the remaining balance after June, and I cannot find the info anywhere.

Everywhere I read seems to describe the interest free element but not what happens at the end of the 3 years after graduation.

If anyone can help I would greatly appreciate it so I can work out what my interest is going to be!

Thanks,

book12

After 3 years of holding the graduate account, I believe the account (including the overdraft), will be switched to a non-graduate account. Most banks do this. The overdraft will not be interest free anymore.

In your case, I think it will be the 'Interest Paying Current Account'

rb10

book12 wrote: »

In your case, I think it will be the 'Interest Paying Current Account'

... which, despite the somewhat misleading name, pays only 0.10% AER.

chambta

rb10 wrote: »

... which, despite the somewhat misleading name, pays only 0.10% AER.

Misleading or factually correct?

In any case the OP's issue is being overdrawn.

rb10

chambta wrote: »

Misleading or factually correct?

Both.

In any case the OP's issue is being overdrawn.

The OP said that they may be able to clear the overdraft by June - and if they can, then it would probably be worth looking elsewhere for a current account.