What happens to student bank account after 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 HSBC?
If you have an HSBC Student Bank Account, your account will change to an HSBC Graduate Bank Account at the end of your third year. … In your third year after graduation, we’ll move you to an Advance account or standard bank account.
Does your student bank account close after you graduate?
Generally, once you finish university or college your bank will turn your student account into a graduate one. The main reason is to reduce the overdraft amount, that you might have built up during your time as a student.
What happens to Santander student account when you 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.
Can I get a student account as a PhD student?
What you may not know is that most student accounts are also available to postgraduates on recognised Masters or PhD courses. If you already have a student account you can probably extend it for your new degree. If not, you may be able to open one with your current bank, or a different provider.
What’s the difference between a student bank account and a normal one?
The big difference between a normal account and a student account is many of the banks will give you an interest-free overdraft. … Plus, it all needs to be paid back, and after you graduate it’s likely you’ll begin to get charged interest on any money you still owe.
Is it bad to be in your overdraft as a student?
While 0% overdrafts are useful and should help with cash flow issues while you’re a student, they’re never part of your income. Always remember, an overdraft is a LOAN and must be repaid (its rate will jump eventually after you’ve graduated).
Can I have 2 student 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.
How long is HSBC graduate account?
The rate is fixed for 12 months and no partial withdrawals are allowed. If you decide to close your account before the first anniversary you’ll receive interest at our Flexible Saver rate. Please see our Savings rates at www.hsbc.co.uk/ savings for details.
What are the disadvantages of a student account?
Low interest on positive balances: Compared to most savings accounts, student accounts do not actually allow you to make interest on your bank account balance. Interest free overdraft: This may sound odd as it is also listed as an advantage but and the interest free overdraft can sometimes be too tempting.
Do uni students need a bank account?
It’s not compulsory to have a student account if you’re going to uni, but if you’d like to open one, the two UCAS status codes we’ve sent you may make it quicker. If you don’t already have an account with the bank or building society you want to open a student account with, you’ll need to set up a new one.
Is a student account worth it?
Is it worth getting a student bank account? Yes, if you’re a student and looking to open a new bank account, they can be a good option. Student bank accounts offer perks that often are unmatched by other types of current accounts. This is because banks know your worth — most people rarely switch their current account.
How long do you have to pay off a Santander student overdraft?
If you cancel your arranged overdraft you must repay the money that you have borrowed under your arranged overdraft as soon as possible and no later than 30 days after you cancel it. You must also pay all the fees and interest applicable to your overdraft.
How long does a student overdraft last?
You should be able to have a student overdraft for around two to three years. After you graduate, your account may automatically switch to a graduate account – and you should have 2-3 years to pay back the interest-free overdraft.
Do student checking accounts expire?
If your bank asked your anticipated graduation date when you first opened your account, your student checking account expiration may be based on this date.