Declined Santander graduate account

Ed-1

Birdbrain1 wrote: »

Hmm okay, that just puts me in a sticky situation where I have a overdraft to pay back in one year (with coop) which won't be physically possible but I'm going to find it difficult to find an account who will transfer the overdraft in order to give me more time to pay it back. Great...

There's plenty of graduate accounts out there. Have you considered Lloyds or TSB? They'd give you a £2000 interest-free limit in the first year after graduation, £1500 in the second and £1000 in the third.

Birdbrain1

Ed-1 wrote: »

There's plenty of graduate accounts out there. Have you considered Lloyds or TSB? They'd give you a £2000 limit in the first year after graduation, £1500 in the second and £1000 in the third.

Yeah I was going to go into lloyds but do they allow transfer of overdrafts?

TheEffect

Ed-1 wrote: »

it will show up on your credit file as a 0% overdraft

This is not true.

Ed-1 wrote: »

with these accounts, the overdraft comes guaranteed with the account - you can't have one without the other. If the system detects that its not willing to accept the overdraft it'll decline the account altogether.

Nor is this.

Ed-1

TheEffect wrote: »

This is not true.

I'm sure it showed the 0% rate and the balance when I checked mine with Experian in 2011. In fact, it's just prompted me to order my credit report with Experian as I've not viewed it in a while!

TheEffect wrote: »

Nor is this.

It is with some (if not all) banks for student/graduate accounts; Santander being one. For example in the terms of this account (which can be found here: http://www.santander.co.uk/uk/current-accounts/current-account-important-information) it states that 'This current account comes with an interest-free and fee-free Arranged Overdraft (limit applies).' Although the overdraft is subject to status the criteria the system will consider when accepting/declining the account application for student/graduate accounts will be very similar to that it considers when determining whether it will offer you an overdraft as the 0% overdraft is the main feature of the account.

Ed-1

Birdbrain1 wrote: »

Yeah I was going to go into lloyds but do they allow transfer of overdrafts?

Yes they should do. See the graduate accounts info on MSE (link provided earlier).

Birdbrain1

Ed-1 wrote: »

Yes they should do. See the graduate accounts info on MSE (link provided earlier).

Sorry to ask another question. Is Santander the only bank who will not transfer an overdraft as I found that graduate account through that link.

Ed-1

Birdbrain1 wrote: »

Sorry to ask another question. Is Santander the only bank who will not transfer an overdraft as I found that graduate account through that link.

Check for yourself. You need to scroll down to 'compare graduate accounts' and tick the boxes of the relevant bank to see the details, one of which is 'Transfers accepted at graduation?'. For Santander this says: 'Applications for new graduate accounts are welcome, but transfers from an existing graduate account are not permitted.' You can read graduate account as student account as well.