Best answer: What is the difference between a student account and a graduate account?

The main difference between current and student accounts is the overdraft facility. … This means that you don’t have to pay interest on anything within the authorised overdraft limit while you’re a student. But remember, this isn’t free money. After you graduate, you still have to repay everything you have borrowed.

Is a graduate account a student account?

Graduate accounts aren’t just for new graduates

Stick with your current student account and you may find your 0% overdraft quickly diminishing in the first year after university. Some graduate accounts offer preferential terms for up to three years after graduation.

What happens to your student bank 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 are the disadvantages of a student account?

The disadvantages

Student accounts are not always best for everyone and there are a few disadvantages involved with setting one up. 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.

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Can I get a student bank account for a masters?

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.

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.

Is a student bank account necessary?

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 do already have an account with that bank or building society, they may be able to upgrade it to a student account.

How long does a graduate account last for?

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.

Can I get a graduate account?

To apply for a Graduate Account, you must be 18 or over, be a permanent UK resident and have graduated (and have confirmation of your graduation) within the last three years with a qualification from a UK based university.

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Do I need a graduate account?

No, you don’t have to open a graduate bank account once you’ve graduated. If you decide you don’t need the benefits of an overdraft facility, there might be other advantages included in a standard current account that suit your needs better.

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).

What is the benefit of student account?

The advantage of a student bank account is that it’s specifically designed for the needs of students, and to make the financial side of university life less of a trial. The main benefits of a student bank account are the interest-free overdraft options that many of them come with.

What is the minimum balance for student account?

You need to maintain a monthly average balance of INR 5,000/- at account level or INR 5,000 at Customer ID level. If you are unable to maintain this minimum Monthly average balance at account level, Monthly service charges as mentioned below will be levied.