Question: What happens to Santander Student Account when you graduate?

What happens to your student account when you graduate?

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.

What happens to my student account when I graduate Santander?

Use of your 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. If your 1I2I3 Graduate Current Account has been opened prior to this date, it will last up to 3 years.

What does Santander graduate account change?

Santander to hike graduate account overdraft fees – but you can beat it by switching. Santander is halving the maximum interest-free overdraft it offers those in their second year after graduating to £1,000 from 1 July, and grads who go over this buffer will be charged interest of almost 40%.

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Can you extend your Santander Student Account?

At the end of your course

If you have a 1|2|3 Mini Current Account and are in, or going into your first year of study on an undergraduate course, you can change your account online. You must be able to provide your UCAS 4-digit status code.

Can I have a graduate account and a student account?

Mostly, banks will only let you have their graduate account if you’d had their student account. Yet, if you are switching from a student account or other graduate account, you need to know that… All overdraft limits are “up-to” amounts, so you’re not guaranteed to get them – it’ll depend on your credit score.

Can a student have 2 bank accounts?

Although you can have multiple current accounts or savings accounts, 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. For that reason, you’re unlikely to be allowed more than one student account.

Does Santander student overdraft affect credit score?

Does a student overdraft affect credit score. For the most part an overdraft will not affect your credit score. An overdraft is part of your current account which credit bureaus have little interest in. They are much more interested in your credit history and how you behave with borrowed money.

What happens if you go over your overdraft Santander Student Account?

If we allow a payment, this will take you into an Unarranged Overdraft and you may incur a fee for allowing a payment despite lack of funds. If we refuse your payment, you’ll stay in credit or in an Arranged Overdraft and you may incur a fee for refusing a payment due to lack of funds.

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Can you open a student bank account before results day?

You don’t have to wait until term starts to open an account, as you can do so as soon as you’ve received your UCAS confirmation letter. If you’re an international student, you should aim to choose a bank account before you arrive in the UK, or see if you can start applying for one online before you leave.

How long does my Santander graduate account last?

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. If your 1I2I3 Graduate Current Account has been opened prior to this date, it will last up to 3 years.

Is Santander a good bank?

Overall bank rating

The bottom line: Santander Bank has thousands of ATMs and hundreds of branches, mostly across the Northeast. It charges monthly fees for its checking and savings accounts, but those fees are easy to waive. Just watch out for low interest rates and high overdraft fees.

Which bank is best for graduates?

Graduate bank account reviews

  • Barclays Higher Education.
  • Nationwide FlexGraduate.
  • HSBC Graduate Bank Account.
  • TSB Graduate Account.
  • Lloyds Graduate Account.
  • Santander 123 Graduate Account.
  • Natwest Graduate Account.
  • RBS Graduate Account.

26.01.2021

How much overdraft can a student get?

You’ll find overdrafts of up to £3,000 are available with many student accounts, but how much you actually get depends on your credit rating. Often the amount will start lower initially, and you’ll need to ask to have it increased at the end of each academic year (it doesn’t happen automatically).

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How long do you have to pay off Santander student overdraft?

You’ll have to pay off the overdraft eventually, usually after two or three years. The way banks try to encourage this is to reduce the maximum 0% overdraft each year – the idea being that by the time the 0% ends, you’ll have paid it off.

Do you have to be 18 to open a student bank account?

Who can get the account? You need to be 18 or over, a UK resident and studying in your first year, or about to start a two-year or more undergrad course or a level four to seven apprenticeship.

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