Natwest student overdraft limits changed?

namakemono

(sorry if this has already been mentioned/is in the wrong place)

I'm about to go into my final (4th) year of my degree and need to extend my overdraft. I was expecting to go to £1800 (from £1600) but on the website I found the following:

You can apply for an interest-free overdraft - up to £1,000 in your first year. However, to help you budget we normally offer a limit of £500 in your first term, £750 in your second term and £1,000 in your third term.
You can then apply for up to £1,250 in your second year, £1,500 in your third, £1,750 in your fourth and £2,000 in your fifth.

I presume this also applies to those who already have their account with them? Hmpf. I know it's only 50 quid but still.

ThinkingOfLinking

Thanks for that info; I was given different information and was considering converting my current account with them to a student one but I don't want to lose my generous overdraft facility which I am really relying on at the moment.

nimbo

i think they've done this to try to be more responsible - the year if left uni a load of my friends took out loans to pay off their overdrafts as they were HUGE....

they are now still paying of the loans at stupid interest, and i have finished paying off my overdraft at vey low interest...

it seems like a lot, but when you leave uni you will be glad to be in less debt....

- i am about to get made redundant, and am looking into going back to uni to retrain as a social worker, hence the reson i'm nosing on the students board...

namakemono

Flickering_Ember wrote: »

Thanks for that info; I was given different information and was considering converting my current account with them to a student one but I don't want to lose my generous overdraft facility which I am really relying on at the moment.

Have you been told £1250 first year, £1400 2nd, £1600 3rd etc?

(just noticed a "chat with advisor" option on natwest site and the ones in my OP are definitely the ones for continuing students too )

Luckily I think that by the end of my final year with a little bit of MSE-style living, I can be quite a way out of it (straight back in again when starting teacher training I'm sure, but still...)

ThinkingOfLinking

namakemono wrote: »

Have you been told £1250 first year, £1400 2nd, £1600 3rd etc?

(just noticed a "chat with advisor" option on natwest site and the ones in my OP are definitely the ones for continuing students too )

Luckily I think that by the end of my final year with a little bit of MSE-style living, I can be quite a way out of it (straight back in again when starting teacher training I'm sure, but still...)

I've chatted to advisors online but they're only able to offer very basic advice and tend to get you to phone up or go to your branch. They're always friendly though.

raquella

namakemono wrote: »

(sorry if this has already been mentioned/is in the wrong place)

I'm about to go into my final (4th) year of my degree and need to extend my overdraft. I was expecting to go to £1800 (from £1600) but on the website I found the following:

You can apply for an interest-free overdraft - up to £1,000 in your first year. However, to help you budget we normally offer a limit of £500 in your first term, £750 in your second term and £1,000 in your third term.
You can then apply for up to £1,250 in your second year, £1,500 in your third, £1,750 in your fourth and £2,000 in your fifth.

I presume this also applies to those who already have their account with them? Hmpf. I know it's only 50 quid but still.

I am also about to go into 4th year. Are we able to extend my overdraft now even though term hasn't started yet? I could really do with it to pay my rent!

Also, we are able to get the £1800. I found this on the Natwest website:

From 2010 all Student Account customers starting their first year of university will have the following thresholds applied:
2st year - £1000
3rd year – £1250
4th year - £1750
5th Year - £2000
All Student Account customers entering their second third, fourth or fifth year of university will have the following thresholds applied:
2st year - £1400
3rd year – £1600
4th year - £1800
5th Year - £2000

atypical

raquella wrote: »

I am also about to go into 4th year. Are we able to extend my overdraft now even though term hasn't started yet? I could really do with it to pay my rent!

Last year NatWest gave a date after which you could extend your overdraft with the letter they sent with the renewed railcard. This year there was no date in that letter.

Give them a call, and let us know the date if you find out

namakemono

raquella wrote: »

I am also about to go into 4th year. Are we able to extend my overdraft now even though term hasn't started yet? I could really do with it to pay my rent!

Also, we are able to get the £1800. I found this on the Natwest website:

From 2010 all Student Account customers starting their first year of university will have the following thresholds applied:
2st year - £1000
3rd year – £1250
4th year - £1750
5th Year - £2000
All Student Account customers entering their second third, fourth or fifth year of university will have the following thresholds applied:
2st year - £1400
3rd year – £1600
4th year - £1800
5th Year - £2000

Thanks for that! Good news :beer:

As for extending it early, last year I couldn't do it until the beginning of September, yet the year before that I'm sure I did it earlier over the phone, so that could've just been the woman at the help desk in the bank not knowing what she was talking about I guess.

I'm going to see how long I can leave it before I have to extend, as I know I have just about enough to pay for rent and a little bit more for stuff over summer.

ipswichblade

atypical wrote: »

Last year NatWest gave a date after which you could extend your overdraft with the letter they sent with the renewed railcard. This year there was no date in that letter.

Give them a call, and let us know the date if you find out

I've enquired about this today and the overdraft extension date is September 1st.