Compare 2008/09 Graduate Accounts

Abbey

Barclays

Co-operative

Name

Graduate Account

Fee Free Graduate Account

No formal graduate account, but student accounts continue for the first year after graduation

Eligibility Criteria
(You must be at least 18 to get an overdraft)

Must have completed a full time first undergraduate, postgraduate, HND or nurse training course (with a length of at least two years) in the last three years.

You must also be in, or have, a firm offer of employment.

Must have completed a full time higher education course and be a permanent UK resident.

It must be used as the main account and customers who are didn’t hold a Barclays student account must be in permanent employment or have a firm job offer with a six months minimum contract.

Must have held its student account at time of graduation

Sign Up/Other Incentives (selected)

N/A

Year 1

£2,000

£1,500

£2,000

Year 2

£1,000

£1,250

N/A

Year 3

£500

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?

Yes, although you must credit the account with at least £500

Assessed on a case by case basis

At the bank's discretion

Agreed Overdrafts beyond the 0% limit

9.9%

15.6%

9.9%

Unauthorised overdraft rate & fees
(ALWAYS AVOID – talk to the bank first)

28.7%

If you go past your overdraft, you'll be charged a ‘Personal Reserve’ fee of £22 every five working days, until crediting the account to clear the reserve. You’ll be advised of your personal reserve limit once an application is successful. Any payments debited from the personal reserve will be honoured.

Payments beyond the personal reserve will be bounced, unless they fall into the category of a guaranteed transaction (e.g. a cheque payment guaranteed with a cheque card). Customers will pay £8 per item for a returned or guaranteed transaction, capped at five per day.

15.9%, unpaid items £30

What is the in-credit interest?

1.5%

0.1%

0%

Transfers accepted at graduation?

Yes, subject to status

Yes

No, you must have held its student account to be eligible

What account does it revert to afterwards?

Abbey Current Account

Barclays Bank Account

Co-operative Current Account

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?

Yes; 7.5% typical APR on loans up to £10,000. Must have its graduate account.

Yes; 8.4% typical APR, available up to 3 years after graduation for a maximum term of 5 years. Must have its graduate account.

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

HBOS

HSBC

Lloyds TSB

Name

No formal graduate account, but student accounts continue for the first year after graduation

Fee Free Graduate Account

Fee Free Graduate Account

Eligibility Criteria
(You must be at least 18 to get an overdraft)

You must have had its student account at the time of graduation to qualify for this

Must have graduated within the last two years

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.

If a main current account is held elsewhere, it must be transferred to Lloyds and credited each month with at least £500.

Sign Up/Other Incentives (selected)

N/A

25% off at LA Fitness

N/A

Year 1

£3,000

£1,500

£2,000

Year 2

N/A

£1,000

£1,500

Year 3

N/A

N/A

£1,000

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?

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

Guaranteed

Guaranteed

Agreed Overdrafts beyond the 0% limit

7.2%

18.8% + £25 overdraft arrangement fee

16.8%

Unauthorised overdraft rate & fees
(ALWAYS AVOID – talk to the bank first)

24.2% with a £28 fee per month. Paid item charge of £20 (max one per day), failed item charge £20 (max one per day)

18.8%

No arrangement fee on overdraft requests (formal or informal) in any six month period.

Thereafter, £25 arrangement fee for each subsequent request in excess of £10.

Returned items (incl. cheques, Direct Debits, standing orders): Up to £10 = no charge Up to £20 = £10 per item £25 plus = £25 per item.

16.8%

A monthly flat fee of £15 is payable, and then a lower unplanned borrowing fee on a daily basis, irrespective of how many transactions they make that day. Being over the limit by less than £25 will cost £6 per day, from £25 to £100 will cost £15 per day and over £100 will be £20 per day.

What is the in-credit interest?

2.02%

0.01%

0.1%

Transfers accepted at graduation?

No, you must have held a Halifax or HBOS student account to be eligible

Yes

Yes

What account does it revert to afterwards?

Choice of current accounts

HSBC Bank Account

Lloyds TSB Classic Account

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?

No

Yes; 8.9% typical APR, available within five years of graduation. Must have its graduate account.

Yes; 9.9% trypical APR, available for up to five years, between £1,000 and £10,000. Must have its graduate account.

Is there anything in your terms and conditions to stop them opening a graduate account with another bank too?

No

No

Yes

NatWest

RBS

Smile

Name

Graduate Account

Graduate Royalties

No formal graduate account, but student accounts continue for the first year after graduation

Eligibility Criteria
(You must be at least 18 to get an overdraft)

Graduated within the last three years

Graduated within the last three years

Must have held its student account at graduation

Sign Up/Other Incentives (selected)

N/A

N/A

N/A

Maximum Interest Free Overdraft Limits

Year 1

£2,000

£2,000

£2,000

Year 2

£1,000

£1,500

N/A

Year 3

£500

£1,000

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?

Assessed on a case by case basis

Assessed on a case by case basis

The overdraft is at the bank’s discretion

Agreed Overdrafts beyond the 0% limit

17.81%

9.9%

9.9%

Unauthorised overdraft rate & fees (ALWAYS AVOID – talk to the bank first)

17.81%

If you exceed your arranged overdraft facility or go overdrawn, you will be charged £38 for each unpaid item (eg. standing order, Direct Debit, cheque payments)

29.84%

15.9%

What is the in-credit interest?

0.1%

1.02%

2.27%

Transfers accepted at graduation?

Yes

Yes

No, you must have held its student account

What account does it revert to afterwards?

Current Plus Account

Interest Paying Current Account

Smile Current Account

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?

Yes; 8.4% typical APR, available within three years of graduation. Must have its graduate account

Yes; 7.7% typical APR, available within three years of graduation. Must have its graduate account

No

Is there anything in your terms and conditions to stop them opening a graduate account with another bank too?

No

No

No