Graduate Bank Accounts Discussion Area

MSE_Martin

If you have a question or want to discuss graduate bank accounts, this is the place to do it.

(this is based on the article http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1091413660,9636, )

Martin

Note the article has been updated - some of the early discussion below may be referring to the old article

dov

from http://www.lloydstsb.com/current_accounts/own_graduate_account.asp

to be eligible for your graduate account you must:

• be a permanent UK resident and have confirmation of graduation
• have graduated within the last three years with a degree or diploma from a UK based college or university
• transfer your account to us from your existing bank if not already a Lloyds TSB customer
• pay at least £500 into your account per month (if you are moving your account to us)

so it seems if you are NOT already a customer you must transfer an account and pay in £500 a month into the account, which doesn’t seem so good.

I then phoned up, and they seemed to contradict this by saying that if you dont transfer your account you dont have to pay the money/month.

A bit strange. I think i will just apply and see what happens.

I also have a Natwest grad account as they are offering £50. If i have problems with loyds is Natwest second best for interest free overdraft?

MSE_Martin

Im not sure you've got the right end of the stick

The £500 per month just means you pay your salary in. It doesnt mean save £500 a month. It just means have that amount going in.

In other words anyone earning more than £6,500 who pays their salary in, even if they have an overdraft qualifies

Martin

System

I tried before I graduated to switch accounts to Lloyds TSB for their student account and they informed me that in order to do so I had to close down my account at my present bank, rather than transfer it, first before they would consider it. This want possible as 1) I needed a bank account open at all times, and 2) I had to pay off my overdraft in order to do so which was at its maximum at my present bank, so was impossible! If the same situation applicable to the graduate account? :-/

If you have a question or want to discuss graduate bank accounts, this is the place to do it.

(this is based on the article http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1062936713,5357, )

Martin

Mark_Chapman_5

I have graduated twice already after completing a full time undergraduate and a full time masters degree.. no problem getting a graduate account with HSBC after those. However, I am now looking to finish a further masters degree that is being taken part-time..

Are there any restriction on these graduate accounts for part-time courses? I seem to remember that HSBC would only let me convert BACK to a graduate account if I was taking a full time course!

Any help appreciated?

System

Dear Moneysaving expert,

I have got a graduate account with HSBC and do not get an awful lot of interest. I saw on your site that Abbey National give graduates a good interest rate but do you have to bank with them only-ie will I have to switch bank accounts?

System

hell0o Expert

I need to get a loan of £3000 asap. which bank is the best for graduate loans? I already have accounts with halifax and rbs
tHAnK YOU

LouiseW_3

hi

regarding the abbey account. i opened an Abbey student account in addition to my existing HSBC account a couple of years ago. they told me that they didn't really mind as log as i used the account for a few things. i have always used both just transferring money between the two. i keep one account for car payments, eg petrol, insurance etc and make regular payment into this each month.

don't know if they are more strict now but i haven't had any problems with them

System

Hi all!

A have just finished uni and am about to go and get my Graduate Loan to consolidate my debts. I know that it will clear of my credit cards and not my partners.

However, if I was to withdraw the cash and pay it into her accounts clearing her off will my graduate loan then cover the full amount?

Cheers!

MmmmDonuts

I'm about to start my 3rd year of being a graduate, fortunately with a Lloyds TSB graduate account.

They've been amazing to me, they gave me a straight £2000 interest free overdraft straight from when I started Uni, so this is the 6th year of it - aren't they nice? ;D I'm currently right at that limit and although going over a few times have never paid any penalties following a bit of grovelling to a nice girl in the bank.

However, things aren't all rosy, because, presumeably, as soon as it finishes it'll go straight back to a zero overdraft or would they stagger it - any ideas anyone?

zcaprd7

It shouldn't go back to zero - most banks crank the 0% limits down over a number of years.

Generally they'll let you keep the limits you are used to but charge you 'standard' overdraft fees...


After all, that was their reasoning for giving you the nice rate whilst you were a student - to get dosh out of you once you finish?