Help needed!

jambosans

Do you hold a Bank of Scotland Student Current Account? If so, it might be worth considering a graduate account. These accounts (as the name suggests) are designed for graduates, and can often (subject to status) provide an interest free overdraft for up to three years. You would need to check the specifics to make sure you qualify, but this may be a viable option. Apologies if you're not a graduate and I've just taken your thread way of track.

kirsty_baird

i currently have a student account with bos and asked about graduate accounts which they said they didnt have. Just went with A & L cause of the £150 (100 from them and 50 quidco) iv allready applied now so think its too late for graduate account

jambosans

kirsty_baird wrote: »

i currently have a student account with bos and asked about graduate accounts which they said they didnt have. Just went with A & L cause of the £150 (100 from them and 50 quidco) iv allready applied now so think its too late for graduate account

That's right, BoS don't offer graduate accounts, just an extra years interest free overdraft after you graduate. See how you get on with A&L but it's unlikely they will match your student overdraft unless you are in credit for x days each month. Although multiple credit searches within a short space of time are not advised, there is nothing stopping you from applying for a graduate account if you don't get the overdraft with A&L. For example, the RBS Graduate Royalties allows you (subject to status) to consolidate your overdraft into an interest free loan.

kirsty_baird

thanks im hoping i get the same overdraft if i agree to reduce it each month? As i want to get rid of it within the year so heres hoping if not ill do what i said before or contact rbs

jambosans

kirsty_baird wrote: »

thanks im hoping i get the same overdraft if i agree to reduce it each month?

That's how loans work, not overdrafts. A&L will base their decision on their credit scoring model and not a verbal agreement to reduce your overdraft each month.

kirsty_baird wrote: »

As i want to get rid of it within the year so heres hoping if not ill do what i said before or contact rbs

Overdrafts are not loans, and carry a greater deal of risk. Overdrafts are repayable on demand, whereas a loan has been fixed over a set term.

If you want to give yourself a fixed timescale and repayment amount, I would consider RBS. Overdrafts are much more accessible (what with a debit card) than a loan, which is a separate account being reduce by a set amount each month. You have to be disciplined to run an account which you're actively using (e.g paying bills from) and reduce the borrowing on the account.

cheryl78

Kirsty, did you manage to get the overdraft with A&L? Were you able to apply online for this account with the £100 incentive? I can't find it anywhere on their website!

Thanks in advance.

kirsty_baird

I applied on the websites through quidco but iv now cancelled the account! Were only offering a £400 overdraft and didnt find it worth the hassel