Barclays Graduate account

patchwork_cat

My DD has just gone down to open one of these and been told that because she isn't a student account holder she can't have the £3000 overdraft and that she would have to apply for a loan for that.

Has anyone else had this and a heads up this is not the best graduate account because you won't get £3k

Flobberchops

The £3k is not guaranteed in the first place, rather that's the maximum fee-free tier you could theoretically qualify for if you meet all the lending criteria. It then reduces to at most £2000 and then £1000 over the next two years.

I wasn't aware though that the fact she wasn't migrated across from a Student Account means she is ineligible to even apply for an overdraft (doesn't necessarily mean the advisor is in the wrong, but I have a knowledge gap there). Aside from one short sentence of product description on the Barclays website I can't find a clear ruling on that either. Did the advisor point to any specific T&C when explaining that decision?

patchwork_cat

Advisor was vague and muttered she might get some, but she would be better off staying with Santander. I would have thought that was rather short sighted.
The page has been updated since we first saw it and it is clearer that it is up to than it was a few weeks ago, although it is naive of me to be surprised!

Marchitiello

I had basic Barclays account that I transformed in a student account and in turn automatically became a graduate account after my graduation. At the time (Long time ago..) it was not possible to apply for a graduate account, you were simply transferred into it. In fact I was in a 4 years course and they automatically transformed it at the end of the third year, so I had to bring evidence that I still had one year to go, and it was reverted back for one more year to a Student Account.

System

It will depend on individual bank policy - student and graduate products are essentially loss leaders to obtain future custom.

I transferred from NatWest graduate to LloydsTSB graduate - they were very strict and required me to close/downgrade the NatWest account before they would provide and match the overdraft.