Graduate account
Supporting you into the world of work
A new job, relocating and buying a home – life after graduation can bring lots of changes. Our graduate account makes the move as easy as possible.
Our graduate current account comes loaded with useful extras. Here’s a small selection:
- An interest free overdraft for up to three years after you graduate, plus a clever way to pay off your previous student overdraft
- Borrow up to £15,000 with a graduate loan
- Mobile phone and online banking make it easy to stay on top of your finances
Already have a NatWest student account? We’ll automatically upgrade you to our Graduate account in the July of your final year of graduation.
If you don't already bank with NatWest, and have graduated in the last three years, it's easy to switch.
Banking
Interest-free overdraft
A tiered interest-free overdraft of up to £2000 for three years following graduation.
Pay off your student overdraft, interest-free
Our interest-free graduate overdraft repayment plan let's you borrow up to £2000 to pay off your student overdraft
Graduate loan – borrow up to £15,000
Specially tailored rates when you borrow from £1000 to £15,000 with a graduate loan. You can take a 4-12-month holiday at the start of the loan. If a repayment holiday is agreed, interest will continue to accrue during this period.
Online and telephone banking
We've made it easy for you to stay on top of your finances, any time of day or night.
Mobile phone banking
Text alerts sent straight to your phone, when your account hits upper and lower limits set by you.
Mobile phone top-ups
Got a pay-as-you-go mobile? Top up at any NatWest cash machine.
Free day-to-day banking
We don't charge any monthly subscription charges just to run your account.
Payments made easy
Use your Maestro debit card to pay in shops or on the internet.
Chequebook available
Handy when cash or cards aren’t convenient. Subject to eligibility.
Withdraw your money
Get your money out at almost every UK cash machine.
Overseas cash
Planning a trip? Get your money in the local currency wherever you see the Maestro logo. You can also use your card to pay for goods in overseas shops.
Monthly statements
Get your statements by post - or go paperless with our online service. You can also pick up a mini-statement from our cash machines.
Security
Backup the information on your mobile phone, with our NumberVault™ service. If your phone is lost, stolen or damaged, you’ll be able to get all your numbers onto your new phone.
This page provides a summary of the rates and charges that apply to NatWest current accounts.
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
You may need Adobe Reader to view some of these documents. Get Adobe Reader. Visit access.adobe.com.
We also have a separate page providing an update on unarranged overdraft charges.
Common definitions
Throughout this page, you'll see various terms being used. Here's what they mean:
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
Effective Annual Rate of Interest (EAR). This is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.
Gross Rate. This means the interest rate you are paid before the deduction of income tax.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Nominal Rate. The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
p.a. per annum (per year).
Interest we pay you
The annual rates of interest paid on credit balances:
| Type of current account | Amount held in account | Gross Rate % | Net Rate % | AER% |
|---|---|---|---|---|
| Graduate Account | Any amount | 0.10 | 0.08 | 0.10 |
Calculation and application of interest.
Interest is calculated on a daily basis and paid into the account once a month. Please see Section 8 of our leaflet: Personal and Private Banking – A Guide to Fees and Interest (PDF File 147KB) for further details.
Interest due on overdrawn balances
1. Arranged overdrafts
Your overdraft is available at a preferential rate while you hold a Graduate Account. If at any time you cease to be a Graduate customer for any reason, then the interest rate you pay on your overdraft will revert to the standard rate which applies to Current Plus customers.
The package is available for up to 3 years and the preferential terms expire at the end of June in the third year after Graduation. We will treat the end of our June charging period as the end of June for this purpose. In all cases, proof of graduation is required to open an account.
Graduate Account arranged overdrafts are interest free if the overdraft limit does not exceed the thresholds set out below. If an overdraft is arranged with a limit which exceeds those thresholds, you will pay interest on the amount of the overdrawn balance that exceeds the relevant threshold at a rate of 1.38% per month which is equivalent to 17.81% EAR Typical (variable). However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described in section 6 of our leaflet: Personal and Private Banking - A Guide to Fees and Interest under the heading Sums which do not bear interest.
| Interest free thresholds | Nominal monthly rate% | Nominal annual rate % | EAR % |
|---|---|---|---|
| Year 1 - £2,000 | 0.00 | 0.00 | 0.00 |
| Year 2 - £1,000 | 0.00 | 0.00 | 0.00 |
| Year 3 - £500 | 0.00 | 0.00 | 0.00 |
| 0.0% EAR Typical | |||
If you have taken out a Graduate Overdraft Repayment Plan, you may still apply for an overdraft facility, but we will charge you interest at a rate of 16.50% per annum, which is equivalent to 17.81% EAR Typical (variable)
2. Unarranged overdrafts
Any amount overdrawn without an arranged overdraft or in excess of an arranged overdraft limit will be charged at the following rates:
| Type of current account | Nominal monthly rate % | Nominal annual rate % | EAR % Typical variable |
|---|---|---|---|
| Graduate Account | 1.38 | 16.50 | 17.81 |
Interest on arranged and unarranged overdrafts is calculated on a daily basis and applied to your account once a month on the dates set out in section 8 of our leaflet NatWest Personal and Private Banking - A Guide to Fees and Interest (PDF File 271KB).
Charges - Arranged Overdrafts, Unarranged Overdrafts and Unpaid Items
The charges shown in this section do not normally apply to the other accounts we offer to Personal and Private Banking customers. However, we sometimes allow other accounts (including savings accounts) to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, the charges listed below in the sub-section "Unarranged overdrafts and unpaid items – charges" will apply.
Arranged overdrafts – arrangement and renewal fees
| Fee payable | |
|---|---|
| Student Account and Graduate Accounts | |
| Overdrafts up to the arranged limit | No fee |
| Temporary or increased facilities for all customers | |
| If you wish to increase an existing facility at any time contact your Relationship Manager or your branch. Any fees payable will be advised to you at that time. | |
Unarranged overdrafts and unpaid items – charges
| Fee type | When charged | Fee amount |
|---|---|---|
| Unpaid Item Fee | ||
An Unpaid Item Fee will be payable if:
| At the time we decide not to make the payment | £38 for each item (subject to a maximum of £114 per day) |
| For examples showing how our charges work, please see the section headed Unarranged Overdrafts and Unpaid Items in our leaflet Our Commitment to You. | ||
| Enforcement | ||
| A Default Notice Fee will be payable if we need to serve a default notice on you (for example, if you fail to repay your overdraft on demand or we wish to enforce any security we hold). This is in addition to any other charges that may apply. | Within four days of the Default Notice being served. | £30 per notice |
Additional services
| Stopping payment instructions | |
|---|---|
| Stopping a cheque (unless it has been lost or stolen) | £10 |
| Payments | |
|---|---|
| Obtaining a banker's draft | £12 |
| Obtain a special cheque clearance | £15 |
| CHAPS payments | £23 - between banks £21 - between our branches |
| Obtaining copies of statements | £5 per request |
| Arrangement fee for Advantage Private FlexiLoans | Any fees payable will be advised to you at the time |
| FlexiLoan arrangement fee | 2% of amount borrowed (minimum fee £100 |
| Emergency Cash Service | Any fees payable will be advised at the time |
If the service you are looking for is not shown in the table above, please ask at any branch or call the number on your statement summary sheet.
Important information
Credit facilities: Over 18s only. Calls may be recorded. Details correct at the time of publication. Security may be required.
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
Mobile phone top-up facility available at all NatWest cash machines and those displaying the top-up logo, including those operated by Royal Bank of Scotland and Tesco Personal Finance. Top-up amounts are subject to your debit card daily withdrawal limit and the availability of sufficient funds. Network operator top-up limits may also apply.
Overdrafts
- You have to repay any overdraft upon our request. Overdraft and interest rates may change
Sometimes we have to update our systems so our 24-hour telephone and OnLine Banking services may not be available for short periods in the early hours of the morning.
Please also read our website terms and conditions which cover your use of this website.
Apply now
Call us on
0800 200 400
Minicom
0800 917 0526
Lines are open: Mon to Fri 8am-8pm, Sat 9am-6pm
(excl. public holidays).
Calls may be recorded