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.

Is a graduate account the same as a student account?

Once you finish studying, most student bank accounts automatically convert into a graduate account. This often works like a student account in reverse, with the interest-free overdraft reducing each year. Always check when your bank will start to charge interest, and budget to repay the overdraft before that date.

What is the difference between a normal bank account and a student account?

A student bank account is a bank account designed for younger adults, typically in their teens or early 20s. Student bank accounts often have different perks and limitations compared with traditional bank accounts. Benefits of a student bank account may include a lack of overdraft fees or monthly fees.

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 are the disadvantages of a student bank 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.

Bank accounts, money terms for International Students in the UK 🇬🇧

Is it better to have a student bank account?

Before you go to uni, it's a good idea to get a student bank account. These are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft.

How long can you have a graduate account 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.

Which bank is best in UK for students?

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 happens to my student bank account when I graduate?

Once you've graduated, you'll no longer be eligible for a student account - and that's why you might be automatically moved to a graduate 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.

What is a graduate bank account?

Our Graduate Account is designed to help you make the transition from study to a career. Bank whenever and wherever you want, and use our tools to help you stay on top of your finances. With no monthly account fee. To apply, you'll need to be 18+ and have graduated in the past 2 years.

What's the point of a student bank account?

The main benefit of a student bank account is that you'll probably have an interest-free overdraft. This means that you can arrange an 'overdraft' amount, which is an agreed sum of funds that you're able to access, even when your account has no money remaining in it.

What is a student graduate account?

While the main aim of your student bank account was to allow you to borrow in order to get through your uni years, the purpose of a graduate account is to give you a few years to pay off what you owe before it starts gaining interest.

What are the benefits of the 123 graduate account?

This current account comes with an interest-free and fee-free Arranged Overdraft (limit applies). Unpaid Transactions Fees). The Unarranged Overdraft Usage Fee Cap includes both Usage Fees and Paid/Unpaid Transaction Fees. All overdrafts are subject to status.

What happens to my UK account when I graduate?

Students who are no longer enrolled at the university will have their accounts turned off after nine months from the date of their separation (e.g., graduation date, last date of course registration).

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.

Can a student open a normal bank account in UK?

Most international students are only eligible to open a basic or current account depending on the bank (and terminology will vary between banks). This provides a visa debit card and is usually combined with an online banking service. Banks do not normally charge for this type of account.

Which account should a student open in UK?

Most international students will only need to open a current account when studying in the UK. Savings accounts: a savings account is a place to collect money over a longer term. Some students may consider opening one of these, if they are working or want to save money for travel or emergencies.

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.

Can I get a student bank account as a postgraduate?

You need to be a full time undergraduate student (on at least a 2-year course at a UK University/College) or you need to be completing a full time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date.

What is a graduate account HSBC?

With the HSBC Graduate Bank Account you'll get:

In your third year, we'll move you to an Advance Account or Bank Account with an improved interest-free overdraft allowance from £500 to £1,000. Save at great rates. As a graduate customer you can open a Regular saver, one of our highest earning savings accounts.

What is the age limit for student bank account?

Savings Bank Account for Students(SBZER)

Students above 10 years and up to 25 years of age and are pursuing regular courses can open these accounts. The account will be automatically converted to normal SB once account holder attains the age of 25 years. Cheque book can be issued after student becomes major.

What is the best bank in the UK?

Barclays, Lloyds Bank, HSBC UK, The Nationwide Building Society, and the Royal Bank of Scotland are our picks for the best banks in the UK.