Student overdraft.

PaulStat · 17 Mar 2006 at 15:41

When do you loose this facility with Natwest? Is it two years after you finish Uni? As i'm coming up to 2 years myself now :eek:

Superdude · 17 Mar 2006 at 15:42

Im not sure but does it remain intrest free a few years after uni????

Rich_L · 17 Mar 2006 at 15:44

My Lloyds O/D with my student account went up from £1.5k interest-free to a £2k interest-free Graduate account for 2 years after graduation. Although that said, I'm still not paying any interest 2.5 years after graduation

Might be something to do with that I've arranged to reduce it by £150 a month so they are waiving the interest? Not sure really, am not complaining!

gjrc · 17 Mar 2006 at 15:44

just dont tell them, or just say you still need it. they wil let you keep it anyway

punky_munky · 17 Mar 2006 at 15:49

I think the deal with my account is that it's interest free for four years but that ammount gets reduced by £300ish a year. Something like that anyway.

PaulStat · 17 Mar 2006 at 15:52

When I left uni I had to increase it from 1k interest free to 1.5k interest free.

It's still the same at the moment, although these days it's rare that I go over £300 OD.

Hopefully it'll remain interest free for a while yet

Bes · 17 Mar 2006 at 16:05

oops ignore

Vonhelmet · 17 Mar 2006 at 16:12

punky_munky said:
I think the deal with my account is that it's interest free for four years but that ammount gets reduced by £300ish a year. Something like that anyway.

Yeah, they drop down the size of the interest free portion by a few hundred each year. The overdraft itself usually stays but you start getting charged on it.

carvegio · 17 Mar 2006 at 16:23

I think it is two years on graduate accounts. When I graduated, last year, they didn't drop it they basically doubled it

geeza · 17 Mar 2006 at 16:28

Superdude said:
Im not sure but does it remain intrest free a few years after uni????

its not actually interest free anyway. I checked with mine as i get max loan and on £8500 worth of loan I would be paying £18 a month back on top of the loan itself. not interest free at all

so on a max 16K loan ill be looking at paying back probably £17200. (i just estimated so please correct me)

Im in a 1/2 decent situation compaired to people like my mates, some of which have 3 overdrafts on top of their max loans :eek:

molar · 17 Mar 2006 at 21:10

As vonhelmet said, they don't reduce the overdraft amount, they just change the amount which is interest free. Anything more than that amount is authorised up to your overdraft limit but you will be charged interest on it. After one year the interest free portion is up to £-1000. After two years its only £-500.