NatWest Graduate Account to Select Account - Overdraft querey

mariesococo

Hi,

I've just recieved a letter from NatWest as I am coming to the end of my Graduate account so my intrest free overdraft will be reduced to £100 (was originally £2000) and my account is now to be a select account.

This may seem obvious but I just want to double check... Will I only be paying intrest on anything I owe over £100 but under £2000?

Thanks

madgagoo

Hi,

No, you will pay interest on the full overdrawn balance, if it is more than £100.

You will not pay interest if your balance is between £0 and £100OD.

Hope that makes sense!

mariesococo

Hi,

Thanks for the above.

Also just to make sure, will my 'agreed overdraft limit' still be £2000?

madgagoo

I wouldn't expect it to change, unless you asked for it to.

However, remember that ANY overdraft is repayable on demand or the bank could decide to reduce the limit by giving you notice.

That said Natwest generally don't reduce overdraft limits unless you go over it a lot.