Leaving Uni - what happens to my student accounts?

vickitoria100

I have been offered a fantastic job thats good money and suits my life with h2b and our mortgage so I am leaving uni at the end of this year (yr 2) and doing my 3rd year with OU paid for by my new employer.

However, I was wondering what would happen to my student accounts when I leave and I can't find any information on this in the T+Cs, only describing what would happen upon graduation. Will they automatically revert to normal accounts and the overdraft become payable (or accrue interest) or will they give me a cooling off period as with when you become a graduate?

Is it my responsibility to notify the banks and what will happen if I didn't until I've paid off my overdrafts?

Thanks guys :beer:

flossy_splodge

If you're continuing to study, albeit with a different University you still count as a student. You will need a letter from the OU confirming you are a student with them and all else should be plain sailing. Personally my feeling is to tell your bank whats going on but mostly they don't care as their object in having student accounts is to hook you into them for life. It would of course be dishonest to hold a student account if no longer a student at all, as student accounts get preferential T&C's. Enjoy the new job.:T

gulife

As flossy_splodge just said, Banks don't regularly check your status, but will probably contact you at the end of Year 3/4 of your University Career to confirm if you are still a student / review your account.