Student and normal bank accounts - overdrafts!

mutedwhisper

Hello!!

I joined RBS quite a few years ago and when I became a student three years ago, I applied for a student account which I thought my current account would just be transferred to.

Anyway - when requesting an overdraft online it increased my current account one and now I have been paying interest for far too long. I have asked them if they can transfer that overdraft to my student account so that it's interest free but they said they can't...can somehow just tell me if that's true?

I'm due to graduate in October but have also gone back to Uni but don't want to continually pay interest when I shouldn't need to!

Hope that all makes sense and thanks in advance for any help!!

whitfreak

Overdrafts are dodgy things as they as repay on demand. I.e. they are at the whim of the bank. Do you currently have an overdraft on your student account? They cannot stop you (short of taking it way) of transfering money between your two accounts to minimise the interest. But they do not have to transfer the limits.

My advice would be to move banks. Hopefully they'll give you student account (or atleast a graduate one) with a suitably large interest free overdraft. Or atleast make it clear to RBS that you will move. I am assuming that your combined limits would be still within a "standard" student overdraft.