Martin Lewis

Graduate Account Survey Details
 

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Graduate Account Survey Details

 

 Abbey, Barclays, Co-op, Halifax/Bank of Scotland
 HSBC, Lloyds, Natwest, RBS, Smile

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 2007/08 Graduate Account Details
The banks' answers to important questions 
  Abbey Current Account for Graduates Barclays' Higher Education Account Co-operative Bank/Smile Halifax/Bank of Scotland
The Basics Fee free graduate account. Fee free graduate account.  Student account - No formal graduate account, but student accounts continue for the first year after graduation. No formal graduate account, but student accounts continue for the first year after graduation.  
Eligibility Criteria You are at least 19 years old You are a permanent UK resident You have completed either:
- your first undergraduate course
- a postgraduate course
- a HND or nursing training (minimum 2 years course).		 Any graduate within 1 or 2 years of graduation with a salary going into the account. UK resident. Must provide details of graduation.   Not available to graduates transferring from other banks – must have already been held as a student account.  Someone in full time education over 18.  The course must qualify.  Over 18 and in full-time education. 
Sign Up/Other Incentives (selected)  N/A N/A N/A N/A
 Interest Free Overdraft Limits 
Year 1 £2,000 £1,500 £2,000

£2,750. If the account has been held for less than 12 months then it is £1,750.

Year 2 £1,000 £1,000 N/A N/A
Year 3 £500 N/A N/A N/A
Year 4 N/A N/A N/A N/A
Year 5 N/A N/A N/A N/A
Are these interest free overdraft rates guaranteed or are they done on a case by case basis? If case by case what proportion of people get the maximum? Guaranteed Subject to status. Subject to status and funding (customer needs to initially deposit £300).  Reviewed annually.Majority (c90%) will get the maximum. No, you are not guaranteed to get the maximum, as with all credit account behaviour will be used to determine lending. % on maximum not disclosed. 
Agreed Overdrafts beyond the 0% limit 9.9% 15.6% 9.79%, no fees 7.2%
Unauthorised overdraft rate & fees (ALWAYS AVOID – talk to the bank first)  28.7% APR (variable)  27.5% paid referral fee is £10 (capped at £30 each month), unpaid fee is £15. 32.92%, unpaid items £35 24.2% paid item £20 max 1 per day.  Failed Item £20 max 1per day.  Unauthorised overdraft charge - £28 per month.
What is the in-credit interest? 1.5% AER 0.1%  N/A 2.02%
Transfers Accepted At Graduation? Yes, subject to status. Yes No, nor after graduation. Transferring students will be accepted should they pass the criteria set by the Halifax and Bank of Scotland. 
What account does it revert to afterwards? Abbey Current Account. Barclays Bank Account. Standard Co-operative Bank current account. Choice of current accounts.
Is a graduate loan available?  If so at what rate? How long after graduation is it available?  Must customers have a graduate account with you to get it? You can apply for a preferential loan of up to £10,000 (minus any amount outstanding on Overdraft Manager) at any time within three years of graduating. 6.1% APR typical (variable rate) on amounts over £7,500.  Overdraft Manager is offered at a preferential rate of 3% if it's taken up within 3 months of graduation, or 6% if taken up between 3 and 6 months of graduation.  Overdraft Manager is available exclusively to Abbey current account for graduate holders. Unsecured personal loans are available to non-current account customers. Yes – we do offer a Graduate Loan. The interest rate is 7.9% APR. It is available until 26th June in the second year following graduation (or third year following graduation where a Graduate Additions account is held). Customers must either hold or be prepared to open a Graduate account with us. No No
Is there anything in your terms and conditions to stop them opening a graduate account with another bank too? No, but a condition of the Abbey current account for graduates is that it must be the customer's main account. No No No
                                  
                              
 2007/08 Graduate Account Details 
  HSBC Graduate Account Lloyds TSB Graduate Account NatWest  Royal Bank of Scotland
Graduate Royalties 		Smile
The Basics Fee free graduate account. Fee free graduate account. Fee free graduate account. Fee free graduate account. Student account - No formal graduate account, but student accounts continue for the first year after graduation.
Eligibility Criteria 18 years or overGraduated from University within the last 3 yearsWorking full time or has received a job offerHappy for us to undertake a credit register searchCan provide i.d. and proof of address and on months bank statement from current bankCan provide proof of graduation (i.e. graduation certificate). Available to graduates until June of the third year after graduating. Students must have graduated from a course that lasted for a minimum of two years and is one of the following:

Undergraduate degree e.g. BA, BScBTEC Higher National Diploma (HND levels 3 and 4)Diploma in Nursing StudiesDiploma of Higher Education.		 Must have previously held a student account with the bank or graduated from a full time course of higher education, lasting two years or more within the last 3 years. Graduates who have held a Student Account with us OR Graduates who have graduated from a full time higher education course (lasting two years or more) within the last 36 months. Not available to graduates transferring from other banks – must have already been held as a student account.  Someone in full time education over 18.  The course must qualify. 
Sign Up/Other Incentives (selected) Commission-free foreign currency and travellers cheques. Up to 20% off Lonely Planet guide books.   N/A N/A N/A N/A
 Interest Free Overdraft Limits 
Year 1

N/A                     N/A

 £2,000 £2,000 £2,000 £2,000
Year 2

N/A                     N/A

 £1,500 £1,000 £1,500 N/A
Year 3 N/A £1,000 £500 £1,000 N/A
Year 4 N/A N/A N/A N/A N/A
Year 5 N/A N/A N/A N/A N/A
Are these interest free overdraft rates guaranteed or are they done on a case by case basis? If case by case what proportion of people get the maximum? N/A All our interest-free overdrafts are guaranteed. We cannot guarantee any overdraft limit – all customers can apply and would have to be approved. Done on a case by case basis. Subject to status and funding (customer needs to initially deposit £300).  Reviewed annually.Majority (c90%) will get the maximum.
Agreed Overdrafts beyond the 0% limit 9.9%  16.5% EAR 17.81% EAR 9.40% variable N/A
Unauthorised overdraft rate & fees (ALWAYS AVOID – talk to the bank first) 9.9%No arrangement fee on first overdraft request (formal or informal) in any six month period.  £25 arrangement fee for each subsequent request in excess of £10.  Returned items:Up to £10 = no chargeUp to £20 = £10 per item£25 plus = £25 per item HSBC’s additional ‘Fair Fees’ policy waivers apply. 29.8% 17.81% + possible unpaid fee (£38 if items returned).  29.84% EAR 25%, monthly £5 fee
What is the in-credit interest? 0.10% AER 0.1% 0.1% Gross 2% 3.04%
Transfers Accepted At Graduation? Yes Yes Yes Yes N/A
Transfers Accepted After Graduation? Yes Yes Yes up to 3 years. Yes, up to 3 years post graduation. No
What account does it revert to afterwards? HSBC Bank Account.