Natwest Student/Graduate accounts

Jez

Jez

Jez

Caporegime
Joined
18 Oct 2002
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I have a natwest student (or could be graduate by now) account as my main current account.

I took it out in 2003 when i went to uni, and got given a £1400 interest free overdraft at that time. I had my student loan paid into it for 1 year while i was at uni until i left at that time (2004).

Since leaving i have not contacted them, and have now been in full time employment, as well as self employed, for just over 5 years. I have a large mortgage payment, salary, and large amounts of money going through the account, none of which relate to education whatsoever.

Why is it therefore that i still have the student account with interest free o/d? Has anyone else seemingly been forgotten like this? Its been aaages.

Not complaining, i like the free o/d facility! Just wondering if i am alone with seemingly having slipped through the net like this?
 
Did you tell them that you'd left uni? Natwest student accounts switch over automatically based on graduation date, it's not done manually. You would have had a student account until around a year after graduation (so 2007/2008 depending on your course length) then it switches to a graduate account with the same interest free overdraft for three years.
 
Vixen said:
Did you tell them that you'd left uni? Natwest student accounts switch over automatically based on graduation date, it's not done manually. You would have had a student account until around a year after graduation (so 2007/2008 depending on your course length) then it switches to a graduate account with the same interest free overdraft for three years.
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Ah, this makes sense, the course was 4 years long, so would have ended in summer 2007 had i stuck at it. So i guess that would mean that it possibly reverted to a graduate account in summer 2008? Meaning i possibly have until 2011 with this facility before they cotton on?

BluZiff said:
but you would have known about it, you get a load of stuff through the post.
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TBH i might have had, i generally ignore most literature from natwest unless it had specifically related to the only feature which i am interested in - the overdraft :)
 
Burnsy2023 said:
The interest free overdraft only lasts a year after graduation before it is reduced.
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Not according to the Natwest website: http://www.natwest.com/personal/current-accounts/g1/students-graduates/graduate-account.ashx

I'm making assumptions based on my experience with RBS accounts, everyone I know got letters in September but the accounts didn't change until March. This would mean you're only just out of your first year with a graduate account, so they may decrease the overdraft soon.
 
Ah, Iv just realised that I origionally applied with doing a placement year in mind, thats why mines still interest free. Great, another whole year for me. Maybe I will get my tax back before then so I can clear it.
 
Vixen said:
Not according to the Natwest website: http://www.natwest.com/personal/current-accounts/g1/students-graduates/graduate-account.ashx

I'm making assumptions based on my experience with RBS accounts, everyone I know got letters in September but the accounts didn't change until March. This would mean you're only just out of your first year with a graduate account, so they may decrease the overdraft soon.
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They do let you have some sort of interest free overdraft for three years, but reduce it every year until then.
 
Sods bloody law, got a letter today from natwest saying that my overdraft interest free amount will reduce to £500 due to me being in my second year of graduate accounting.

£1400 down to £500, boo, big drop :(
 
Jez said:
Sods bloody law, got a letter today from natwest saying that my overdraft interest free amount will reduce to £500 due to me being in my second year of graduate accounting.

£1400 down to £500, boo, big drop :(
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lol. Mine was the same with HSBC, I had a £1500 interest free OD, and it was reduced every year by £500.
 
Mine seems to have dropped a full £900 in one go, not stepped as nicely as yours seems to have been :(
 
i've still got mine and i graduated a year ago.
you're allowed to keep it after you graduate with an interest free overdraft, but it just decreases every year
if you phone them up and speak to them you can have it reduced in small amount every year.

unlucky that you lost £900 in one go :p
 
When at uni, did you guys actually use the overdraft facility? I've applying for student finance, and was just wondering how easy it is to need to use it.
 
Thinking i might as well get the whole thing reduced to £500 rather than having 500 int free then that further £900 at 16.9%

Hmm, how annoying..
 
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