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Graduate Accounts 2012/13
Former_MSE_Sally
Former MSE 74 Posts
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Thanks.
Aims:[STRIKE] clear debt, get married, buy a house[/STRIKE]
I've been trying to see if I could have two graduate accounts, and pretty much use it as a 0% interest loan for a small car, paying it back before the respective interest rates kick in.
I am currently with Natwest, with whom I have been with for my student account.
The website said RBS and HSBC allow you to have a graduate account with another bank as well, however both have rejected this when I have asked them. Furthermore, HSBC say I need to have had a student account with them to get their graduate account, as did Santander, contrary to the table.
Is there any proof in any small print to prove they actually do allow two graduate accounts, or is the MSE page just wrong?
Thanks
Jack
The guy that I spoke to explained to me that because I wasn't using it as my main account I was ineligible for the overdraft extension, even though all of my money was going into their bank, just not the right bank account.
I explained to him the reasons for me using my accounts in the way that I had done, in order to ensure that I budgeted correctly, and did not spend too much of my student loan on nights out etc, and I explained to him that there has been a regular income on my basic account every month if not every week. To which he said that it doesn't matter it has to be going into my student/graduate account and not the other. I find this very strange, given that they can see the activity of both the accounts and recognise that I am earning a fair bit of money.
His only suggestion was that I rearrange my wages so that it goes into my graduate account and then reapply in three months time. This isn't particularly helpful to me given that the only reason that I was applying is because I've got two interviews in London that I need to go to and don't get paid until the day after the second one.
Was wondering if anyone could give me any advice on what to do about this. It seems pretty counter-intuitive for them to act like this. Natwest are supposed to be the "helpful bank", but they certainly are not being particularly helpful on this occasion.
Such is modern banking that branch staff won't have any discretion over these kind of rules. It's a "computer says no" situation.
If you want to keep your budgeting method, you could transfer your salary into the student account and immediately transfer it back out again. Computer will probably say yes then.
I wouldn't pay any attention to the marketing ("helpful banking" etc. etc.). They only have use in complaints.
I was wondering if I could open a graduate account while I keep my student account with a different bank.
I have recently graduated, and I'm also starting a PhD so I want to keep my student account and open a graduate account.
Many Thanks
Plus - porridge, free film event, free gig.
On first calling them I was told I wasn't eligible for an account because I needed to apply within 2 years of graduation - I graduated in 2011, so it was within 2 years in any case, but actually their own info states that you've got three years if you graduated before January 2013. After pointing this out to them I was invited in to the branch to open an account.
When I went in to open the account, the clerk did not know basic information such as the thresholds for the 0% overdraft, and on which date in the year they would reduce. (It is reduced on the date that you graduated.) Fair enough, it was the first time she'd opened one of these accounts for a customer, so I can understand there's a learning curve with all jobs.
10 days later I received a phonecall to say that I was unable to open a graduate account whilst I had an existing student account with overdraft with another bank (!) Surprising because we'd discussed that the very purpose of the graduate account was to transfer said overdraft. More surprising because my existing account was no longer a student account, it had been transferred to a current account at the end of last year. After I'd pointed this out the customer adviser said she'd call me back within the day.
Two weeks later and I still haven't heard back from them! After calling repeatedly today, and leaving messages, I finally got through when I called again at 4.30. I was then told by the same customer adviser I've been dealing with the whole time that it wasn't to do with my student account (obviously because I don't have one), but that my application had been rejected because of credit rating but they don't have any other information... so no reason why my credit rating isn't sufficient. She was surprised that I hadn't received anything in the post, as I should have, but was far from apologetic at the lack of contact, in fact she didn't seem to think that after assuring someone you will ring them back within in the day that you should make the effort to ring them back... at all.
Really, really frustrating experience with the Royal Bank of Scotland, that I would not recommend to anyone. In applying for the account I was actually going against my better judgement as their ethical reputation is appalling, but I had hoped that it would be a short term solution to easing finances and finally getting rid of the overdraft!
I will be contacting them again with my "excellent" credit report at hand, but only to let them know that I no longer want to bank with them anyway.
I wouldn't bother with that. They clearly don't want you as a customer (otherwise they wouldn't mess you about) and you've now decided you don't want to be their customer. Life's too short to chase things like this every time some company screws up. Choose your battles - you've nothing to gain from this but grey hairs!
As Martin says, you don't have to be a loyal customer.
http://www.tsb.co.uk/current_accounts/graduate_account.asp