Reclaim interest on current account overdraft whilst I could have has a student acct?

mrmoneymoney

Hi all,

I have a lloyds current account with a 5000 pound overdraft which I have had for several years.

I have been a student for the last 3 years at University and I did not know that I could switched to a student account which had considerably lower interest rates on overdrafts.

Current Account

Per month: 1.52%
EAR: 19.89%

Student Account:

Per month: 0.66%
EAR: 8.21%

Is there any way I could reclaim this as I was eligible for a student account, but was not informed, or did not know in anyway. It would help me considerably, even if I could switch now to lower the interest. Reclaiming overpaid interest would be a massive bonus anyhow??

Thanks,

Lokolo

No. If Asda have 2 types of spaghetti and you have been buying the most expensive, should Asda have told you there was a cheaper option available to you? No.

Take responsibility for your own choices. It's up to you to do your own research on these things.

mrmoneymoney

What about switching now though to a student account, is that a feasible option? I have took responsibility as I have always paid and never been overdrawn over my planned overdraft limit.

sheramber

Only the bank tell you