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    'ello, just this week I have opened a RBS Student Royalties account but have been given conflicting information from leaflets and staff.

    I had been given an appointment to open the account at which I asked what the maximum overdraft they can give is. I was told that in the first year I would be given upto £1250 and it was explained to me that in the first term I could get £500, in the second that would be increased to £1000 and in the third it would be increased to £1250. I was also told that I would not be able to receive the full amount for the year and that whatever I was given would be per term.

    A bit confused I came home and re-read the leaflet which states-
    Interest-free arranged overdrafts
    Our Student Royalties account offers no hassle interest free arranged overdrafts to students aged 18 or over. The maximum borrowing for all years of study is £2,500. Simply ask your branch and we can agree an amount appropriate to your circumstances. Here are the amounts we normally agree by year of study:
    1st year - £1,250
    2nd year - £1,400
    3rd year - £1,600
    4th year - £1,800
    5th year - £2,000
    Seems straight forward enough but then I checked the leaflet I'd been given at the appointment-
    An overdraft of up to £2,750
    You can apply for an interest-free overdraft of up to £2,750 in your first year. All we ask is that you use your Student Royalties account as your main bank account

    To help you budget, we normally offer limits of £500 in your 1st term, £1,000 in the 2nd term and £1,250 in the 3rd term

    However, you can apply for up to £2,750 at any time, but the overdraft you get will depend on your personal circumstances.
    Anyone able to shed some light on this?
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    You can apply for £2750 but the usually only give out smaller amounts and you build it up throughout the years. Just seems like sneaky marketing unless anyone else can shed some light on this.

    Just to add:


    (Original post by RBS Website)
    Interest-free overdraft - up to £2,750 in your first year

    Nobody said student finances were simple. To help you budget in your first year, we normally offer a limit of £500 in your first term, £1,000 in your second term, £1,250 in your third term.

    Moving on, you can decide to apply for up to £1400 in your second year, £1600 in your third, £1800 in your fourth and £2000 in your fifth.

    However, you can apply for up to £2,750 at any time - but this will depend on your personal circumstances.

    In fact, you can use your overdraft for up to five years as long as you're a student - just ask us to lower or raise the limit at any time. There are charges if you go over your agreed overdraft limit.

    To maintain your overdraft, we need to see that you're using your RBS Student Current Account as your main account. This means at least one credit (money paid in) every 3 months, and three debits (money paid out) a month.

    The interest-free overdraft facility is only available after your Higher or A-level results, provided you are over 18. Just visit your local branch on or after 20 August with confirmation of your university place.

    Overdraft repayable on demand.
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    It's not that which is confusing me, it's the general flimsyness of their terms and the fact that they have two conflicting statements (One source saying upto £2,500, the other saying £2,750).

    One other thing that I forgot to ask which was the main reason I made the thread anyway- I was just told recently that if I take out an overdraft any money I put back into the bank will just go into paying back the overdraft. Is this the case?
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    (Original post by Zedd)
    It's not that which is confusing me, it's the general flimsyness of their terms and the fact that they have two conflicting statements (One source saying upto £2,500, the other saying £2,750).

    One other thing that I forgot to ask which was the main reason I made the thread anyway- I was just told recently that if I take out an overdraft any money I put back into the bank will just go into paying back the overdraft. Is this the case?
    Yeh it just means you can apply for £2750 but you won't necessarily get it and most people will get the £500 first term etc..

    With your second question if your balance is -£500 ie in your overdraft you are owing £500. If you put £250 in the bank your balance will be -£250 so still in the over draft, if you put in another £500 you would now have a balance of £250.

    Not sure if that made sense or answered your question.
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    (Original post by Rian1988)
    Yeh it just means you can apply for £2750 but you won't necessarily get it and most people will get the £500 first term etc..

    With your second question if your balance is -£500 ie in your overdraft you are owing £500. If you put £250 in the bank your balance will be -£250 so still in the over draft, if you put in another £500 you would now have a balance of £250.

    Not sure if that made sense or answered your question.
    Okay I get it now, kind of voids the point in me having a student account then but I welcome the freebies
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    (Original post by Zedd)
    Okay I get it now, kind of voids the point in me having a student account then but I welcome the freebies
    But you wouldn't get an interest free overdraft with any other account. As with other accounts you would pay a %age of the amount you are below 0 each month, but with the RBS account you don't pay a penny.
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    (Original post by Rian1988)
    But you wouldn't get an interest free overdraft with any other account. As with other accounts you would pay a %age of the amount you are below 0 each month, but with the RBS account you don't pay a penny.
    Well sure, if the poop hit the fan metaphorically speaking then I would have the interest-free overdraft to bail me out but I have a decent amount of savings and insurance money to tide me over which is the only reason I'm saying it's not of much use to me.
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    sorry to steal the post but when can you apply for the overdraft. I gave them my UCAS letter stating that i hold an unconditional offer (AS12) so should I not be entitled to the overdraft straight away or do i have to wait until the 20th august?
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    (Original post by regis)
    sorry to steal the post but when can you apply for the overdraft. I gave them my UCAS letter stating that i hold an unconditional offer (AS12) so should I not be entitled to the overdraft straight away or do i have to wait until the 20th august?
    I was told that I wouldn't receive any overdraft until the 20th of August and also had an unconditional.
 
 
 
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