How long does a 123 graduate account last?

Your 1I2I3 Graduate Current Account will last up to 2 years before it automatically transfers to an appropriate current account. Only one 1I2I3 Graduate Current Account can be open at any one time and it must be used as your main current account and your salary must be paid into it.

What happens to my 123 student account when I graduate?

We'll automatically give you this account when you graduate if you have a 1I2I3 Student or 1I2I3 Postgraduate Current Account. You'll need to give us proof that you've graduated. This could be a graduation certificate or confirmation from your university on letter headed paper.

How long will my graduate account last?

Whether you're looking to start your first job, or travel the world, this account is available for three years after you graduate – which is the perfect next step after you've completed your studies.

Is there a fee for Santander 123 graduate account?

There is no monthly account fee with this account. There is no monthly minimum funding requirement, however you must credit your account with your primary form of funding, for example, your salary. You must have at least £100 in your account to receive interest.

Is there interest on the 123 graduate account?

There is no monthly fee for maintaining the account. There is no monthly minimum funding requirement, however you must pay money into your account with your primary form of funding, for example, your salary. We don't pay interest on this account.

Here to help | 123 Current Account | Get the most out of your account

What are the benefits of a 123 account?

Can you have 2 graduate accounts?

Unarranged Overdrafts

You can find this rate in the Banking Charges Guide. Restrictions • You can only have one Graduate account with us. Your account must be in your own name as an individual. You can't have a joint Graduate account.

How much do you have to pay into a Santander 123 account each month?

Monthly Funding requirements

You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account.

How much do I need to pay into my Santander graduate account?

There is no monthly minimum funding requirement, however you must pay money into your account with your primary form of funding, for example, your salary. You must have at least £100 in your account to receive interest. We work out interest on a daily basis on your account balance.

Is Santander 123 a good account?

Santander 123

The 123 pays more cashback on some bills than the Edge, and you can earn money on Santander mortgages too. However, it comes with a higher fee and lower interest rates. In fact, I wouldn't use this at all for interest as the rate can be easily beaten elsewhere.

Are graduate accounts worth it?

If you don't need an overdraft after graduating, then don't go for a graduate account. These standard bank accounts have perks such as free cash or vouchers for switching, linked regular savers, and monthly cash rewards. However, their overdrafts are often much smaller, or more expensive.

Why has my student account changed to a graduate account?

Your student bank account is normally changed to a graduate account automatically at the end of your course. This usually keeps your overdraft interest-free for at least another year, helping you budget to clear it. See graduate bank accounts explained for more information.

Can you switch graduate account?

If you've graduated in the past three years, you can still switch your graduate account, even if your existing bank has automatically switched your account from a student to a graduate account.

What is a 123 student account?

When you open the 123 Student Current Account from Santander, you'll automatically receive an interest-free overdraft account. The overdraft allowance available depends on your year of study. The breakdown for those overdraft allowances is as follows: Years 1-3: £1,500. Year 4: £1,800.

What are 2 disadvantages of a student account?

A student checking account can be a valuable tool in managing your finances while in school. It offers convenience, low fees, and the opportunity to build your financial skills. However, it's essential to consider the potential drawbacks, such as limited features and age restrictions.

Can I use my 123 student account abroad?

Travel. We won't charge you when you use your 1|2|3 Student Current Account debit card to make withdrawals at Santander cash machines abroad. You'll find our cash machines in Spain, Germany, Poland, Portugal, Argentina, Brazil, Chile, Mexico, Puerto Rico, Uruguay, and the USA.

What happens to Santander student account after graduation?

After the completion date we will automatically forward and redirect any payments made to or attempted to be taken from your old current account to your new current account at Santander for a period of at least 3 years, or longer until it is no longer required, in accordance with the Current Account Switch Agreement.

Can I have 2 student bank accounts?

Although you can have multiple current accounts or savings accounts, you're unlikely to be allowed more than one student account. Usually, a condition of receiving the perks of a student account is that you pay your student loan into that account. Banks regularly check to see that this is happening.

What happens to my student overdraft when I graduate?

No interest to pay - in detail

The amount of your arranged overdraft that's interest-free reduces each year after your graduation. This is to help encourage you to pay back money you may have borrowed whilst studying.

Can I switch from Santander 123 to edge?

You can change your account online. Simply log on to Online Banking and choose 'Current accounts'.

How do I avoid fees on Santander?

Santander® Essential Checking $10 $4 The Monthly Fee is waived if any owner on the account is under 26 years of age or 65 years of age or over. If these conditions are no longer met, the waiver may be removed.

What happens to my Santander 123 mini account when I turn 18?

Once the child turns 18, if the account is still held in trust, the interest rate will change to 0.10% AER/gross (variable). This is unless we tell you otherwise. At this point, the account can't be transferred to another account in our range. The child will need to apply for an adult current account in their own name.

What happens to your account when you graduate?

Once you're out of school, you typically will not be able to keep the specialized bank account any longer. Different banks have different rules on exactly how and when they determine you have graduated and have aged out of maintaining a student account.

Is HSBC current account free?

Take a look at our full range of current accounts, all with no monthly account fee.