Quick Answer: What happens to your student bank account when you graduate?

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.

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 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.

What happens to my student account when I graduate Barclays?

If you have a Student Additions Account with us, when you graduate we’ll automatically upgrade you to a Higher Education Account, which is an account designed for graduates. … The Higher Education Account is available for three years after you graduate – after that, you’ll be moved to another current account.

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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. When you use an overdraft you’re borrowing money from the bank, so an interest-free one is probably the cheapest way you’ll be able to borrow money as a student.

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.

What happens to my Santander 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.

Can Masters students get a student bank account?

The following table lists some of the accounts currently open to UK postgraduate students from the main ‘high street banks’.

Banking for UK postgraduates.

Bank Lloyds
Account Name Student Account
Overdraft Up to £1,500 in years 1-3, then up to £2,000 in years 4-6
Perks Free NUS Extra card, plus cashback offers

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).

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What happens if you go over your student overdraft limit HSBC?

If you end your overdraft you’ll have to repay any overdrawn amount and any interest owed. If you want to reduce your limit, you’ll first need to make sure you bring your borrowing down within the new limit.

What happens to student overdraft when you graduate?

While some student bank accounts will automatically transfer you to a graduate account when you finish your degree, never assume this will happen as, if it doesn’t, you could start getting charged interest on your overdraft.