What's best for me and my budget?

Blue_Topaz

I am currently on job seekers allowance. Prior to this, I was in university and with it I had a Student Bank account with a £750 overdraft:j. Anyway I went to my branch last week and asked to change my account, as I was no longer eligible. I got told I would be put on a basic account which offers no overdraft, because I did not have enough in my bank . I kinda relied on the overdraft and it has stopped me in my tracks.

Could any one let me know if anyone has had the same problem, and what happened?

Thanks!

suki1964

You aren't going to like this

But welcome to the real world where you have to learn to live within your budget

Loans and overdrafts are expensive. Learn now to save before you spend. Will stand you in good stead before you end up posting on the debt free wannabe boards

darcyboo

Sounds like being stopped in your tracks is exactly what you needed.

You'll soon adjust

Mizen79

I may be wrong, but I think OP was asking what will happen with the amount of his Overdraft he is currently using? i.e. are they going to expect a payment of up to £750?

Sorry if I am incorrect OP.

Vortigern

Some banks will convert a student account to a graduate account, which also has an overdraft facility. Not sure which banks do this.

You-kip

Blue_Topaz wrote: »

I am currently on job seekers allowance. Prior to this, I was in university and with it I had a Student Bank account with a £750 overdraft:j. Anyway I went to my branch last week and asked to change my account, as I was no longer eligible. I got told I would be put on a basic account which offers no overdraft, because I did not have enough in my bank . I kinda relied on the overdraft and it has stopped me in my tracks.

Could any one let me know if anyone has had the same problem, and what happened?

Thanks!

You don't been to have money in your account to be granted an OD.

Blue_Topaz

I got told by my local branch that I needed to have at least £750 a month to go in before giving me an overdraft. I understand it would help, not having one, but I have a student bursary to pay for. Unfortunately I can not receive a graduate account, as I am not a graduate (I had to leave, as I had failed my exams, plus caring for my disabled mom was affecting my work). The overdraft I received as a student was free, but I don't mind paying a little for one, as I feel it may be cheaper than the charges!

I was wondering if anyone had come across a good bank account?

Anyway it was worth a try asking

Laura