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17th June 2008, 1:12pm
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#1 | | Slave To The Rhythm
Join Date: Dec 2001 Location: Govanhill
Posts: 7,577
| Overdraft question
Right, I normally deal with credit cards but this month decided to get an overdraft for some quick cash until I get paid.
I'm not a student however the Bank of Scotland still have me as a student current account (despite filling in forms to change this years ago).
The interest rates are:
Account | Customer | Variable interest charged on an arranged overdraft | Variable interest charged on an unarranged overdraft
Student Current Account | Students+ | £2,750 or less Interest-free (0% EAR*) | over £2,750 0.58% per month (7.2% EAR*)
1.82% per month (24.2% EAR*)
Yeah, this is a stupid question I know, but can somebody just clarify this for me - I get charged 0% interest on an overdraft up to £2750?
Is there something I'm missing? Hidden charges? Seems to good to be true! (Probably is). | 
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17th June 2008, 1:20pm
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#2 | | Destroyer of Worlds
Join Date: May 2005 Location: Glasgow
Posts: 4,057
| Re: Overdraft question
On an arranged overdraft it looks like you're right, but that would involve actually talking to them and confirming that you're a student, which is likely classed as fraud
__________________  http://content.altnation.com/gallery...7/5/TSRSig.jpg" border="0" /> Quote:
Originally Posted by Shannow  I think I'd still rather suck down a cockful of AIDS than deliberately go and see the Strokes. | | |
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17th June 2008, 1:30pm
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#3 | | Auf Wiedersehen
Join Date: Sep 2002 Location: On the Radio
Posts: 18,960
| Re: Overdraft question
I don't know anything about overdrafts but it looks like it, yeah. Nice!
__________________
When I woke up, mom and dad are rolling on the couch.
Rolling numbers, rock and rolling, got my Kiss records out. | |
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17th June 2008, 1:35pm
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#4 | | (suicidemachine)
Join Date: Jan 2002 Location: Too large
Posts: 17,866
| Re: Overdraft question
i still have a student overdraft even though i graduated 6 years ago! | |
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17th June 2008, 1:38pm
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#5 | | Slave To The Rhythm
Join Date: Dec 2001 Location: Govanhill
Posts: 7,577
| Re: Overdraft question
Quote:
Originally Posted by Largest of Gregs i still have a student overdraft even though i graduated 6 years ago! | Several people I've spoken to say it's really common and I should take advantage, free money wayhey! 
Maybe. | |
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17th June 2008, 1:49pm
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#6 | | moot moot
Join Date: Apr 2006 Location: Edinburgh
Posts: 2,922
| Re: Overdraft question
Ive got a Student account with BoS (I am a student) and aye overdrafts up to £2750 are free.
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17th June 2008, 2:06pm
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#7 | | Auch emo für Sie!
Join Date: Aug 2001 Location: OlD WorLd
Posts: 7,077
| Re: Overdraft question
ye, but if u go over ur arranged overdraft u get a charge and then have to pay it back with interest :<<
__________________ affgot affgot affgot fukin faggot affgot | |
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17th June 2008, 2:39pm
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#8 | | F0rum Ghost
Join Date: Feb 2002 Location: In Your Bed
Posts: 3,545
| Re: Overdraft question
NEVER GO OVER YOUR ARRANGED OVERDRAFT
just a little advice.
pure hefty expensive
but you can get it wavered once with most banks.
p.s. just coz it says that you can get up to an amount interest free.. doesnt mean your illegible for it. you might only be allowed an OD for about £100
but they'll give you some estimate if the advisor is nice
Last edited by L@ur@; 17th June 2008 at 2:39pm.
Reason: Automerged Doublepost
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17th June 2008, 2:55pm
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#9 | | Registered User
Join Date: Jun 2004 Location: Glasgow
Posts: 1,383
| Re: Overdraft question
aye, i had a rbs student overdraft and it's 0% interest  When i switched to a graduate account they gave me a interest free overdraft for the first 3 years following graduation so even if you tell them you're not a student anymore you should be fine
__________________ 41 Down no more To Go! | |
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17th June 2008, 3:13pm
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#10 | | Slave To The Rhythm
Join Date: Dec 2001 Location: Govanhill
Posts: 7,577
| Re: Overdraft question
Quote:
Originally Posted by sjonit ye, but if u go over ur arranged overdraft u get a charge and then have to pay it back with interest :<< | No chance I'm going over it, it's just to tide me over till I get paid. Quote:
Originally Posted by L@ur@ NEVER GO OVER YOUR ARRANGED OVERDRAFT
just a little advice.
pure hefty expensive
but you can get it wavered once with most banks.
p.s. just coz it says that you can get up to an amount interest free.. doesnt mean your illegible for it. you might only be allowed an OD for about £100
but they'll give you some estimate if the advisor is nice | I applied for it online and got it up to £750 so far... no need to see any bank people! Result.
Last edited by Pier Angeli; 17th June 2008 at 3:13pm.
Reason: Automerged Doublepost
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17th June 2008, 9:44pm
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#11 | | Vibrouk2003
Join Date: Aug 2003 Location: The same place
Posts: 18,986
| Re: Overdraft question
Aye well you should get that interest free if it is still a student account. But a student account does change to a graduate account, so maybe that's what you're on. | |
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17th June 2008, 9:51pm
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#12 | | hypermediaocrity
Join Date: Jul 2001 Location: in white rooms
Posts: 20,115
| Re: Overdraft question
Quote:
Originally Posted by Pier Angeli No chance I'm going over it, it's just to tide me over till I get paid. | that's exactly what i thought when i got an overdraft a couple of years ago but i then somehow became minus £1000... | |
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17th June 2008, 9:53pm
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#13 | | AB3
Join Date: Jul 2005 Location: Edinburgh
Posts: 1,433
| Re: Overdraft question
yeah, as you've discovered, there's no guarantee your limit will be set at that level but it is as good as it looks and as long as you're not asked to prove you're a student (which you shouldn't given you've now managed to set the thing up!) you're cooking on gas. as for going over your limit and getting ripped a new one by the bank, you're a big girl and i'm sure you had that figured out already! | |
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18th June 2008, 5:17pm
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#14 | | its all funkytastic
Join Date: Mar 2003 Location: The Kingdom
Posts: 3,540
| Re: Overdraft question
Quote:
Originally Posted by Pier Angeli Right, I normally deal with credit cards but this month decided to get an overdraft for some quick cash until I get paid.
I'm not a student however the Bank of Scotland still have me as a student current account (despite filling in forms to change this years ago).
The interest rates are:
Account | Customer | Variable interest charged on an arranged overdraft | Variable interest charged on an unarranged overdraft
Student Current Account | Students+ | £2,750 or less Interest-free (0% EAR*) | over £2,750 0.58% per month (7.2% EAR*)
1.82% per month (24.2% EAR*)
Yeah, this is a stupid question I know, but can somebody just clarify this for me - I get charged 0% interest on an overdraft up to £2750?
Is there something I'm missing? Hidden charges? Seems to good to be true! (Probably is). | Stop buying pretty new clothes and things! 
__________________
"we are all in the gutter, but some of us are looking at the stars" (Mr o Wilde) | |
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18th June 2008, 5:20pm
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#15 | | Lord Quas
Join Date: Jan 2002 Location: The Reading Rooms
Posts: 18,944
| Re: Overdraft question
Overdrafts are a slippery slope to hell. I started with 1 overdraft at £100. 4 Years later i have 2 which are both at £1600.  they pain me. | |
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