Natwest graduate account t&c's

elamozzarella

Hello,

I'm trying to find out what action is needed on a Natwest Graduate account to keep it open. My boyfriend has a £1000 0% overdraft that he wants to pay down, and I think the best way to do this is to get a new current account which his salary is paid into and direct debits come from and pay down the Natwest overdraft a bit each week/month. This way he could also get a switching bonus which would help reduce the debt.

But I can't find the T&C's. Does anyone know?
Thanks!

hellokitty08

I would love to know the answer to this, as i want to do the same, however I am with Barlcays.

Lokolo

When you switch you close down the account. With money owed on it, they wouldn't be able to switch.

You can open another account elsewhere and change DD and Salary details yourself, this would mean no switching bonus.

You would also open up yourselves for having the overdraft withdrawn (the bank may see the lack of salary and inactivity and think you are trying to run away from your debt) and then owing the whole amount immediately. Which banks are allowed to do.

Personally I would just budget and get some willpower to not spend as much each month.

elamozzarella

I wasn't under the impression that switching meant closing the old account.
They can withdraw the overdraft at any time. As he was unemployed for a while there was not a lot of money going in and it mostly went straight out, £100 a fortnight, so we could just bounce that around.

The reason for the switch it to allow him to have some money available, as last time he tried to save anything they just used the savings to permanently reduce the overdraft. We want to avoid that happening again.

CG19a

Natwest do the graduate overdraft repayment plan. They turn you interest free overdraft into an interest free loan, forcing you to be disciplined enough to pay it back, and its still interest free.