Transfering for Graduate account

verypoorgrad

Hi,

probably a bit of a silly question, but I currently have a Co-op Student account, which I have a year's grace period before they start charging interest (there's no Grad account with them).

Does anybody know when this period is up? I've lost the letter they sent me about it, and I'm not sure if they are doing it as a year from the date I finished uni (June 2011) or an academic year later (Sept 2011).

There's also absolutely no way I'm going to be able to pay the £2k O/D before then anyway, as I'm moving overseas to teach. My wages are very good locally ($400USD/month), but it's not really going to enable me to pay off the OD!

I've been looking at Grad accounts, thinking of going with Natwest. I wanted to apply with Lloyd's TSB, but I won't meet their minimum income threshold.

Anyway, I was wondering how the transfer works? Will I have to pay my Coop O/D off to close the account? Or will the new bank transfer the debt over to them when I open the account?

Thanks

verypoorgrad

A third silly question- sorry.

A lot of the T+Cs for grad bank accounts require you to be a (Permanent) UK Resident/ living permanently in the UK. I'm going to be working overseas for at least 11 months, but will be working for a British charity, and using my parents' address for post, so not really sure how I stand with this?

Voyager2002

Greetings from a fellow expatriate!

Once you are out of the country you will not be able to open any UK bank accounts, so do all your account-opening now.

Personally, I doubt whether any bank would offer a graduate account with a substantial interest-free overdraft to a new customer, but you can only ask. I suggest that you do so ASAP, and don't say anything about going to work abroad.

Alternatively, talk to the Co-op and ask when you become liable for interest payments, and ask whether they could extend the interest-free period since you will be doing voluntary work.

As a matter of interest, which UK charity has placed you? I didn't think that VSO accepted raw graduates. And I think there are very few countries in the world where USD400 per month would be a good local wage. In Ghana, for example, that is less than the salary for a university lecturer, and lecturers can only survive because they use their position to get consultancies and other part-time work.