Multiple graduate bank accounts?

ClarkeyBoy1987

Hey,

I am about to graduate in November and HSBC has already upgraded my account from a student account to a graduate account. I have enough money to get by until December, or March if I get paid the £1000 I am or will be owed for websites I have developed. I have just started job hunting and I am not sure when I will have a job - could be next week, could be next June... who knows?

Anyway I was just wondering if it is ok (and legal) to have multiple graduate bank accounts to take advantage of the interest free overdraft..?

Thanks in advance.

Regards,

Richard

Esoog

I did. Although Natwest changed mine to something else after about two years as a graduate. Its not illegal methinks, however the whole point of a student account was that you would pay your loan into that account and not just open it and take the o/d out.

Also, once it goes graduate its not interest free - my HSBC one certainly wasn;t ;o although its not a great deal of %

ClarkeyBoy1987

Looking at some of the graduate accounts available, according to MSE, the overdraft is interest free but any subsequent increases incur a large percentage of interest, higher if it was not an agreed increase. I dont think these incur any interest on the original overdraft but they do go down by roughly £500 per year.

Have a look at http:// www. moneysavingexpert.com/banking/graduate-bank-accounts#highest - £2000 interest free from Lloyds or up to £2000 from RBS. Maybe theyve changed since you took out your account.

To be honest HSBC is not very good - they upgraded my account early, during a very stressful time when I was doing my project so I read the message about my account upgrade, then forgot about it while getting stressed, and now I have just had charges because I didnt transfer enough from my savings account before paying off my credit card. I should have been on £1750 overdraft then because I was in year 4, not the £1500 that I was on because it had been wrongly upgraded. If they'd done their job properly in the first place then I wouldnt have incurred those charges at all. But obviously they are in the right because they warned me and I didnt correct them bla bla bla...

Esoog

Yeah actually now you mention it you're right, the interest free bit went down in £500s (not my balance alas heh)