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rizel23

Graduate Account

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I took out my student account with them in June 2004 and graduated in June 2007, interest free overdraft ect.

 

Switched over to a graduate account in June 2007 which i thought was for 3 years with each year the interest free period reducing by £500 a year (£1500 year 1, £1000 year 2 £500 year for final year then end)

 

I've now had 3 letter telling me that on July 19th 2009 the interest free amount of £1000 (year 2) will come to an end.

 

There is a arrangement fee of £25 to keep the overdraft limit (£1500 with 1k interest free), which on one letter says 9.9% Effective Annual Rate and another says 19.9 EAR variable.

 

Can anyone advise, i swear it was 3 years for a graduate account with them when i signed up!

Thanks

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I took out my student account with them in June 2004 and graduated in June 2007, interest free overdraft ect.

 

Switched over to a graduate account in June 2007 which i thought was for 3 years with each year the interest free period reducing by £500 a year (£1500 year 1, £1000 year 2 £500 year for final year then end)

 

I've now had 3 letter telling me that on July 19th 2009 the interest free amount of £1000 (year 2) will come to an end.

 

There is a arrangement fee of £25 to keep the overdraft limit (£1500 with 1k interest free), which on one letter says 9.9% Effective Annual Rate and another says 19.9 EAR variable.

 

Can anyone advise, i swear it was 3 years for a graduate account with them when i signed up!

Thanks

I think HSBC changed the terms and conditions of their account. There has been a lot of facebook activity with regards to them. Perhaps Halifax/natwest/rbs might be worth talking to as they do take on Graduate accounts as well.


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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i've been looking through my paper work and can not find any info on it, i shall search Facebook now, thanks

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There is no advantage with staying with any bank these days, if you dont like what HSBC are doing find a bank you do like :)

 

pete

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I took out my student account with them in June 2004 and graduated in June 2007, interest free overdraft ect.

 

Switched over to a graduate account in June 2007 which i thought was for 3 years with each year the interest free period reducing by £500 a year (£1500 year 1, £1000 year 2 £500 year for final year then end)

 

I've now had 3 letter telling me that on July 19th 2009 the interest free amount of £1000 (year 2) will come to an end.

 

There is a arrangement fee of £25 to keep the overdraft limit (£1500 with 1k interest free), which on one letter says 9.9% Effective Annual Rate and another says 19.9 EAR variable.

 

Can anyone advise, i swear it was 3 years for a graduate account with them when i signed up!

Thanks

 

 

I got the exact same letter. I rang them up the other day and they basically said since 22006 all their graduate accounts have been for two years only which is impossibleas I got my graduate account for 3 years in 2007 so I still have a year as a graduate. Anyway the guy I was talking to couldn't help me said I have to visit the branch I opened the account with so thats my plan.

 

You should go in there and give them hell!!

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Another thing re the £25 admin charge is that to keep an interest free overdraft of 1000? Its not ideal but if all else fails i'll do it for now and then switch banks later...im going on holiday in a couple weeks dont have time to look up new banks just need it sorted before the 19th!!

 

When I get back they will wish they kept me sweet.

 

Not he first time hsbc have done this when i first graduated they changed my total account to a current account without telling me then i got it reverted to a graduate account. I thin kthey were hoping I wouldn't notice....

 

Can anyone recommend a good bank to switch to? With a decent overdraft facility of course...

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Another thing re the £25 admin charge is that to keep an interest free overdraft of 1000? Its not ideal but if all else fails i'll do it for now and then switch banks later...im going on holiday in a couple weeks dont have time to look up new banks just need it sorted before the 19th!!

 

When I get back they will wish they kept me sweet.

 

Not he first time hsbc have done this when i first graduated they changed my total account to a current account without telling me then i got it reverted to a graduate account. I think they were hoping I wouldn't notice....

 

Can anyone recommend a good bank to switch to? With a decent overdraft facility of course...

 

2 forms of ID

Passport

last three months statements

plus Degree certificate. It takes maybe an hour of your time......

Top Graduate Accounts 2008/09: Cut the cost of banking...

the above is a guide albeit they are in the process of updating it.

  • Haha 1

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Apologies for hijacking this thread!!!

I too have recieved the same letter and i was also not aware of the changes to the graduate account period.

I graduated in 2007 and understood that my £1500 overdraft facility would decrease by £500 a year for 3 years before changing to a normal account.

I am actually still a student after deciding to complete a second undergrad course which will finish in 2011.

Will i qualify for another student account elsewhere and would it be possible to transfer a graduate account balance to a new undergrad account?

There is just no way i can pay the 19.9% EAR variable they are preposing by changing my account to a Current Account Advance.

I also have a student credit card with HSBC which has a balance of around £125 outstanding. If i decided to switch account could they or would they ask for the remaining balance outright. The interest on that alone is bad enough.

Sorry for all the questions but it's a little worrying to say the least. It all gets a bit confusing too so forgive me. I just want to know roughly where i stand before consulting with the bank

 

Thanks

Andy


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Apologies for hijacking this thread!!!

I too have recieved the same letter and i was also not aware of the changes to the graduate account period.

I graduated in 2007 and understood that my £1500 overdraft facility would decrease by £500 a year for 3 years before changing to a normal account.

I am actually still a student after deciding to complete a second undergrad course which will finish in 2011.

Will i qualify for another student account elsewhere and would it be possible to transfer a graduate account balance to a new undergrad account?

There is just no way i can pay the 19.9% EAR variable they are preposing by changing my account to a Current Account Advance.

I also have a student credit card with HSBC which has a balance of around £125 outstanding. If i decided to switch account could they or would they ask for the remaining balance outright. The interest on that alone is bad enough.

Sorry for all the questions but it's a little worrying to say the least. It all gets a bit confusing too so forgive me. I just want to know roughly where i stand before consulting with the bank

 

Thanks

Andy

 

I would make the bank aware you are still a student, they may extend the terms of the student account(natwest/rbs certainly do but not sure on whether other banks the same way).


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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And if they don't find a bank that will give you the student terms and conditions you need and close your HSBC accounts down.

 

 

pete

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