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lloyds tsb student account overdraft Watch

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    what is the overdraft limit on a student account in 2nd year of study i was first told that it was £1500 in the first and then an additional £1500 in the second year, but now im being told its £1500 that i already have and am being told thats the maximum:confused:
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    dont get an overdraft please!
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    (Original post by J4GGYBoss)
    dont get an overdraft please!
    why?????????????????????
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    the rates are extortion! and in hard times like these how do you know you can repay it back dont take anything for granted the banks havnt been so unforgiving for many years.
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    I got told by Lloyds tsb that the overdraft I was allowed as a student was only £150 >=(
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    (Original post by J4GGYBoss)
    dont get an overdraft please!
    If only it was that simple.....
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    (Original post by ScottyLP)
    If only it was that simple.....

    i agree
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    I'm with Lloyds and I think that the £1500 is right.. that's what mine is. See link: http://www.lloydstsb.com/current_acc...e_accounts.asp

    From their website it looks like you can have extra once you graduate.

    I don't think many student accounts have more than £1500 only RBS.

    You could always make an appointment to see if they will extend yours? They may give you extra but the extra may be interest free.

    Or if you are really desperate for credit they do do a student credit card but tbh I wouldn't get in to that...
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    (Original post by mayh3m)
    I got told by Lloyds tsb that the overdraft I was allowed as a student was only £150 >=(
    That sounds a bit wrong tbh. I know that they stagger the overdraft so you don't get the full £1500 at once but £150 sounds quite small.
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    (Original post by Rrules)
    what is the overdraft limit on a student account in 2nd year of study i was first told that it was £1500 in the first and then an additional £1500 in the second year, but now im being told its £1500 that i already have and am being told thats the maximum:confused:
    You almost certainly weren't told that. You may have misunderstood, but the limit has always been £1500. Lloyds let you get all the way up to that in Year 1, unlike RBS/Natwest who only let you get access to £1250, then £1400, then £1600....

    Over the course of a 3 year degree, if you could borrow £1500 per year then that would leave you with a £4.5k overdraft. That's a huge amount of money. How on earth would you expect to pay it back after you graduate? (remember that overdrafts on non-student/graduate accounts attract a commercial rate of interest - on Lloyds' normal accounts, that is 19.3%, so you should really be trying to clear your overdraft over the 3 years after you graduate....)
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    (Original post by J4GGYBoss)
    the rates are extortion! and in hard times like these how do you know you can repay it back dont take anything for granted the banks havnt been so unforgiving for many years.
    The rates on student/graduate accounts are typically 0%. As long as you reduce you overdrawn balance in line with the reductions in your overdraft limit on your graduate account, you will be fine. Which is, of course, why they only let you borrow about £1.5-£2k - not an unreasonable amount of money to pay off over 3 years at 0%.
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    (Original post by Obscured)
    I don't think many student accounts have more than £1500 only RBS.
    Bank of Scotland offer £3,000.
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    ^ I stand corrected!
 
 
 
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Updated: January 26, 2009
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