Student account & 0% interest 8+ years later

peesemould

Hi,

I opened a student account in 2005 when I started uni. I was given a 0% overdraft for up to 5 years, but when applying told them I was studying a 3 year course.

I was told the account would be upgraded to a graduate account after I finished and get the benefit of the 0% overdraft for 3 more years.

It's now 8 years+ since I opened the account and I've realised I still get the 0% interest rate, as I've occasionally dipped into it when I've been a bit short at the end of the month.

I've looked over the account's Ts & Cs online, looked out the leaflet I got in 2005 and the updated one that I was sent in 2011 and neither says I need to advise them of changes in my status as a student/graduate.

Having looked at this info it also states that the graduate account would change in the June of the third year to a normal current account with the usual fees.

I'm worried that if I point out that I'm still getting it they will back charge me interest/overdraft fees.

Has anyone had a similar experience/can advise on what will happen?

Thanks,

(Sorry this is long and sorry if it's in the wrong section)

jonesMUFCforever

Which bank is it with?

peesemould

jonesMUFCforever wrote: »

Which bank is it with?

It's with NatWest.

BoracicLint

I was in a very similar situation after graduating. I had a £1500 OD from Barclays at 0% and 5 years after graduating my account was still showing as a student account.

It was very beneficial at the time as I was living in my OD! They never caught on until I went to the bank asking for mortgage advice. They pulled up my account and realised I was still on the student account. All they did was transfer me to a standard Bank account so I simply paid off the OD before any interest was charged.

Never did get a mortgage from them...had I not gone into the branch in the first place I'd probably still have a nice 0% buffer!

CTID86

Yeah I was with RBS, joined in 2005 with a £1250 0% overdraft. A couple of times when I rang the bank for things they asked if I was still a student, as this was after I had graduated I told them I wasnt a student anymore. They asked me to come into the branch sometime to change over my account...I never did (mainly because I worked nowhere near a branch and I wasnt doing a 14 mile round trip on a Saturday morning just for that.

A year or two later (think it was 2013) I had to go in the branch for something and they collared me and made me change my account to a standard account. Didnt get charged anything at all

Herbalus

Hmmm, this is good news. I've put all of my student overdraft with Natwest in Santander 123. Maybe it will last after I graduate this summer!