What happens to my 123 student account when I graduate?

When you graduate, your 1I2I3 Student or 1I2I3 Postgraduate Current Account will automatically transfer to a 1I2I3 Graduate Current Account. For any 1I2I3 Graduate Current Account opened on or after 26 June 2017, the account will last up to 2 years before it automatically transfers to an appropriate current account.

What happens to my student bank account when I graduate?

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.

What is a 123 graduate current account?

Your 1I2I3 Graduate Current Account will last up to two 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.

How long can I keep my student account?

After two or three years, dependent on the bank, your graduate account will be converted into a normal current account – with all the interest and fees these entail.

How long do graduate accounts last for?

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.

In this School, Students must Kill their Teacher to Graduate

Can you keep your student checking account after graduation?

Student checking accounts can be a really attractive option for college students. These accounts usually come with fewer fees and requirements than traditional accounts. But they don't last forever. Once you graduate, you may lose access to the account you were using while still in school.

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.

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.

What benefits do you get with a Santander 123 account?

What are the disadvantages of a student account?

Student bank accounts often pay less interest than regular accounts. That means it might not be the best option for you if you're always in credit and are hoping to gain interest on your money.

What happens to my 123 mini current 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.

Should I keep my student bank account?

Student bank accounts are similar to standard current accounts, but often come with great perks such as cash, discounts on shopping and travel, and interest-free overdrafts. These can be particularly helpful when you're studying and don't have a full-time income.

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.

What happens to student cards when you graduate?

It's also possible, depending on your issuer, that your account will be reclassified automatically once you graduate. The good news is your issuer usually won't automatically close or cancel your account just because you've graduated.

What happens to unused student loan money after graduation?

Grants and Student Loans

Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.

Is a graduate account 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.

What happens to Santander student account when you 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.

What are the rules for Santander 123 account?

To qualify for a Santander 1|2|3 Current Account, you need to be aged over 18 and live in the UK permanently. You'll need to pay at least £500 into your account each month and set up two active Direct Debits. You can only hold a maximum of two 1|2|3 Current Accounts: one in your own name and one in joint names.

Who is eligible for 123 current account?

Eligibility

To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names.

Does a student account affect your credit score?

While having a student checking account won't directly impact your credit score, it could help you gain access to credit in the future—especially if you keep your account in good standing and use it to automate bill payments so you're never late.

What is the best bank account for students?

Can you have 2 student bank accounts?

You can have one student account. You can have as much bank accounts with as many banks as you want, but only one student account.

How long does Santander student overdraft last after graduating?

An overdraft has no fixed end date but we will review it regularly and have the right to change your arranged overdraft limit at any time. You can reduce or cancel your arranged overdraft facility at any point in Online Banking, by calling us or in branch.

What is the difference between student and graduate bank account?

The main difference is that the overdraft limit on a student account usually remains at the same limit for the duration of a full-time course - be it three or four years. With many graduate accounts, the overdraft limit automatically goes down each year.

How much can I withdraw from Santander 123 account?

withdrawing cash up to £500. If you have a debit or cash card, we can reduce your daily cash withdrawal limit at the cash machine from the standard £300 to £0 or £60. This may help you to reduce access to cash where your circumstances may need it. To arrange this, call us.