Student to graduate (help with accounts)

gem.steer

Hi there, just wondering if someone could point me in the right direction.

I graduated in Summer '14 and am currently still in the far minus numbers of my student overdraft. By that I mean (-£2000).

I have literally only just read up on something called the graduate account. It looks like it is only available with certain banks (I'm with halifax and it doesn't look like they're one of them).

I am just wondering if I could move my horrendous student overdraft to another bank that was offering a graduate account like Santander with a 0% interest for the 3 years or whether I am stuck with Halifax and doomed to pay extortionate interests.

karlie88

gem.steer wrote: »

Hi there, just wondering if someone could point me in the right direction.

I graduated in Summer '14 and am currently still in the far minus numbers of my student overdraft. By that I mean (-£2000).

I have literally only just read up on something called the graduate account. It looks like it is only available with certain banks (I'm with halifax and it doesn't look like they're one of them).

I am just wondering if I could move my horrendous student overdraft to another bank that was offering a graduate account like Santander with a 0% interest for the 3 years or whether I am stuck with Halifax and doomed to pay extortionate interests.

Can't switch overdrafts like that I'm afraid.

Check your account terms as most adopt a policy of reducing your interest free overdraft after 1 and 2 years from graduating.

Pay it off in steady chunks would be my advice.

grumbler

gem.steer wrote: »

Hi there, just wondering if someone could point me in the right direction.

I graduated in Summer '14 and am currently still in the far minus numbers of my student overdraft. By that I mean (-£2000).

I have literally only just read up on something called the graduate account. It looks like it is only available with certain banks (I'm with halifax and it doesn't look like they're one of them).

http://www.halifax.co.uk/bankaccounts/current-accounts/other-bank-accounts/student-current-account/

"That’s up to five years – plus an extra year after you graduate"

I am just wondering if I could move my horrendous student overdraft to another bank that was offering a graduate account like Santander with a 0% interest for the 3 years or whether I am stuck with Halifax and doomed to pay extortionate interests.

MSE article: Graduate accounts

Don't automatically switch if you've got a Halifax Student Account

Some existing Halifax student account holders get a £3,000 interest-free overdraft for the first year of graduation as an extension of their student account.
Therefore, if you're with Halifax and already have an overdraft bigger than £2,000, you may want to stick with it for this year, then switch to the best graduate account next year.

gem.steer

Thank you, I shall have a read when I am back to a computer.