Student account Loyds

money_saver30

Hi I'm finishing my degree in a few weeks and have a stduent account with a £1500 overdraft , which I had to use over my 4 year course for bills. Loyds say they convert my account to a graduate account automatically. What then happens to my overdraft ? The grad account comes with a £1500 overdraft too, is that used up with my current debt ? I'm just slighlty concerend Ill have to pay it back in one go when I finish . When do I have to pay that back ?
thanks for the advice

diamonds

Santander 3 years £2000 0% Graduate Account overdraft

http://www.santander.co.uk/uk/current-accounts/student-graduate-current-accounts/123-graduate-current-account/

Westie983

If the lloyds graduate comes with a £1500 OD facility, this will be the amount you have already, you wont get another £1500 on top.

Im sure the graduate account comes with a tiered overdraft so you will find they reduce the amount of interest free portion of it as the years go on, up to three years after graduation, so you will only pay interest on the portion that is over the limit, so you wont pay back the whole amount straight away.

Have a look at the lloyds gradate link, where it explains the account and the tiered overdraft.

https://www.lloydsbank.com/current-accounts/graduate-account.asp

money_saver30

thanks
I only needed ot know if teh over draft is transfered - I odnt mind if I dont get another - just didnt want to have to spend 1500 asap