Student overdraft question

BritishNinja

Hi, just a quick question: I'm currently £1k overdrawn with the Halifax, although I'm at uni still so it's "okay" as I get the 0% student interest. However, I'm not sure what happens when I cease to be a student at the end of this year. Will they suddenly slap a proper interest rate on it? Will they want it back? Will there be a grace period of some length or do they do whatever they do the moment your course ends?

If anyone can clarify this for me, I would be grateful. I need to know what to expect so I can prepare for it.

b33r

Currently your interest free overdraft carries on for 1 year after you have finished if you are with Halifax. I say currently because as we saw with HSBC they can just change it whenever they feel like. Halifax are good because they offer the highest o/d limit (2750) but a year isn't very long to pay it off, I believe you get three years with TSB with the interest free amount going down in steps, my advice would be change while your still a student, or max out your halifax and put it in a savings

hth
Paul

BritishNinja

Thank you b33r, I will look into moving my account to TSB or someone else with a better deal than Halifax