Graduate Acc becoming Current Acc

fileylass

I graduated from university this time last year with a good degree but also a 1,200 overdraft. I live in this and am constantly struggling to save to pay some of it off. (started with 1500 so pretty pleased) I got a letter from Halifax last week saying my student acc/graduate acc will now become a current acc leaving me having to pay £1 a day while my boyfriend has a 1800 overdraft with barclays and has 3 years paying very little. Just wondered if someone could advise me on whether I can switch banks. Halifax imho are useless, £28 charge for going over overdraft (bf pays £8), no bank in my town and 2 months notice that i will need an extra 30 pounds every month from Nov. Just advice wanted really. Thankyou

jonesMUFCforever

If you are earning ask them to convert the overdraft to a Graduate loan?

opinions4u

fileylass wrote: »

I graduated from university this time last year with a good degree but also a 1,200 overdraft. I live in this and am constantly struggling to save to pay some of it off. (started with 1500 so pretty pleased) I got a letter from Halifax last week saying my student acc/graduate acc will now become a current acc

I assume this isn't a surprise to you. It's exactly what they told you would happen when you opened the account.

leaving me having to pay £1 a day while my boyfriend has a 1800 overdraft with barclays and has 3 years paying very little.

When the change happens, ask them to make the account a Reward account. Then you get £5 a month back from them.

Just wondered if someone could advise me on whether I can switch banks.

It's always an option if you can find another bank to take you and your debt.

Halifax imho are useless, £28 charge for going over overdraft

No. It's not the bank who are useless if you mismanage your account. As it happens, they don't charge you that sort of fee once your account stops being a student account. They charge you £5 a day instead.

no bank in my town and 2 months notice that i will need an extra 30 pounds every month from Nov. Just advice wanted really. Thankyou

Shop around. Consider a personal loan. Consider moving the debt to a credit card.

They gave you several years notice. The recent letter is reminding you.

Sharon87

I would shop around for other Graduate banks. HSBC, Natwest.etc HSBC Graduate accounts were 2 years for me, £1000 interest free in my final year. And interest at 19.9% after that, which is less than a pound a day

sineadm123

I have had this letter also and this is a surprise to me as when opened my student account it said in the terms and conditions that the account would remain a student account with an 0% interest overdraft a year after I have graduated. It would then be changed to a current account after the year.

I think you should also shop around MSE suggests trying either RBS/ Santander or Natwest. I hope to be able to open a graduate account with Santander as I have a large overdraft and have only been able to get a p/t job. Therefore I will not be able to pay off my overdraft come November.

Good Luck!!

ses6jwg

Most banks offer a graduate account for 3 years.

Ditch and Switch.