Barclays Graduate Overdraft

gems82_2

I am thinking about changing banks. I am currently with Barclays and have a Graduate account with them that has a £3000 overdraft. I am up to this limit most of the time due to the difficulties of finding full time employment at the moment (I am currently part time). I am also looking at claiming my bank charges back, about £245, and am worried about them closing my account and demanding the overdraft back as a result of my claim. So I thought the best thing would be to move to another bank and close the Barclays account. The problem is that I think it's unlikely that any other banks will give me such a high overdraft on my current credit rating which is pretty lousy. Anyone got any ideas or advice?

I have already asked in the Reclaiming Bank Charges section and was sent here

techno_geek

My immediate response to your question was that you should open a couple of graduate accounts at other banks, but to really give you good advice, I think more information is needed.

When did you graduate, how much of your current overdraft is interest-free?

think it's unlikely that any other banks will give me such a high overdraft on my current credit rating which is pretty lousy.

What makes you say this?

tom188

think it's unlikely that any other banks will give me such a high overdraft on my current credit rating which is pretty lousy.

Advice from a money savvy graduate.

Then you need to stick with barclays as no other bank is likely to give you the same large overdraft and there are now generally terms and conditions on most accounts preventing you having more than one. alternatively try for a commercial rate account but unless AL will give you an interest free one you will pay more than £245 for the privilidge.

Mind you, as the amount of interest free diminishes with time you may be better starting to look for another account. But you wont get a decent limit if your not earning a decent wage to support it. Most banks expect you to be in credit at least some of the time, at least to begin with.