El Cid Posted February 27, 2017 Share Posted February 27, 2017 My daughter is wanting to change banks, she is 17 in a few months. Just looking at Lloyds, they offer a £1000 free over-draft!! I guess they have got to learn sometime, but I am just a little concerned that they are allowed to borrow, £500 in the first six months. I believe Lloyds is the one she was changing to. http://www.moneysavingexpert.com/students/Student-bank-account#table Link to comment Share on other sites More sharing options...
nikki-red Posted February 27, 2017 Share Posted February 27, 2017 (edited) Im surprised by this, when my son applied for a current account he was told he couldnt have an overdraft as they cant lend money to anyone under 18? If I remember rightly its because an U18 cant sign a contract, which is what an overdraft is. It means that if they get into debt the bank cant take them to court for it. Edited February 27, 2017 by nikki-red Link to comment Share on other sites More sharing options...
999tigger Posted February 27, 2017 Share Posted February 27, 2017 It is the undergraduate accounts that come with the large overdrafts. She wont be starting uni yet so she wont be getting one of those accounts. This is more likely. https://www.lloydsbank.com/current-accounts/all-accounts/under-19s-account.asp Link to comment Share on other sites More sharing options...
El Cid Posted February 27, 2017 Author Share Posted February 27, 2017 It is the undergraduate accounts that come with the large overdrafts. She wont be starting uni yet so she wont be getting one of those accounts. This is more likely. https://www.lloydsbank.com/current-accounts/all-accounts/under-19s-account.asp This Lloyds and the Co-Op, You must be 17 or over Maximum interest-free overdraft limits Year 1 £1,400. £1,500 tiered in the first year: £500 for the first 6 months, £1,000 in months 7-9, £1,500 after that. Its in the link is you compare the accounts. Link to comment Share on other sites More sharing options...
999tigger Posted February 27, 2017 Share Posted February 27, 2017 This Lloyds and the Co-Op, You must be 17 or over Maximum interest-free overdraft limits Year 1 £1,400. £1,500 tiered in the first year: £500 for the first 6 months, £1,000 in months 7-9, £1,500 after that. Its in the link is you compare the accounts. and be studying on a full-time course that's at least two years long, or be on a one-year access course leading onto a full-time degree. You missed the bit out where it points you towards it being an undergraduate account. Link to comment Share on other sites More sharing options...
El Cid Posted February 27, 2017 Author Share Posted February 27, 2017 and be studying on a full-time course that's at least two years long, or be on a one-year access course leading onto a full-time degree. You missed the bit out where it points you towards it being an undergraduate account. A 17 year old that is not working? Link to comment Share on other sites More sharing options...
999tigger Posted February 27, 2017 Share Posted February 27, 2017 (edited) Read the page. The accounts are for students starting university and not A level or college students. If your daughter isnt starting uni then she isnt getting the account you identified. She is more likely to get the account I suggested. No overdraft. Edited February 27, 2017 by 999tigger Link to comment Share on other sites More sharing options...
El Cid Posted February 27, 2017 Author Share Posted February 27, 2017 Read the page. The accounts are for students starting university and not A level or college students. If your daughter isnt starting uni then she isnt getting the account you identified. She is more likely to get the account I suggested. No overdraft. "You must be 17 or over, have lived in the UK for the past three years and be studying on a full-time course that's at least two years long, or be on a one-year access course leading onto a full-time degree." Link to comment Share on other sites More sharing options...
999tigger Posted February 28, 2017 Share Posted February 28, 2017 "You must be 17 or over, have lived in the UK for the past three years and be studying on a full-time course that's at least two years long, or be on a one-year access course leading onto a full-time degree." You are spectacularly unhelpful. You havent bothered to provide any details except she is 17. If for some reason hey decide to give her the normal student account then any o/d is still subject to status. You can look this up for yourself as you only ever argue with people who take the time to answer your questions, you do it time and time again. Link to comment Share on other sites More sharing options...
cgksheff Posted February 28, 2017 Share Posted February 28, 2017 Just read the T&Cs that clearly say that you must be over 18 to apply for the overdrafts. Link to comment Share on other sites More sharing options...
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