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Student or Current account

Can i open a santander 123 current account AND a santander 123 student bank account?

Current Account: http://www.santander.co.uk/uk/current-accounts/123-current-account

Student Account: http://www.santander.co.uk/uk/current-accounts/student-graduate-current-accounts/123-student-current-account

(edited 8 years ago)

Reply 1

Comeback

Why would you need both? The student account is a current account with special privileges (large overdraft and railcard freebie).

Reply 2

newblood

Original post by Comeback

Why would you need both? The student account is a current account with special privileges (large overdraft and railcard freebie).

I am not looking to use my overdraft - the student account only appeals to me because of the railcard.

The interest on the student account is payable on balances up to £2,000, while interest on the current account is payable on balances up to £20,000 (both at the same interest rate).

As I have saved up a considerable amount of money in my gap year, I'm looking to store away approx 10-15k in a high interest account while at university. So the student account provides no benefit here, while the current account is the best I've seen anywhere.

(As a student I'm tax exempt, so interest on the current account still works out better than an ISA e.g.)

So do you know if I can open both accounts?

Reply 3

claireestelle

As a student I m actually not tax exempt after I ve used my isa allowance up according to my bank so I d check that's certain before putting it all in a taxed accounts .

Reply 4

newblood

Original post by claireestelle

As a student I m actually not tax exempt after I ve used my isa allowance up according to my bank so I d check that's certain before putting it all in a taxed accounts .

I will definitely be within the personal allowance of £10.6k - I won't have any job so I will certainly be tax exempt. Are you earning, while studying - that is probably why?

Reply 5

claireestelle

Original post by newblood

I will definitely be within the personal allowance of £10.6k - I won't have any job so I will certainly be tax exempt. Are you earning, while studying - that is probably why?

Nope unemployed the whole time, the one time I didn't use Isas the I was only taked by £0.50 on my interest so it's not that it's awful.

Reply 6

newblood

Original post by claireestelle

Nope unemployed the whole time, the one time I didn't use Isas the I was only taked by £0.50 on my interest so it's not that it's awful.

You shouldn't be paying any tax whatsoever. You need to officially let HMRC know by filling in an R85 form, otherwise they will assume you need to pay tax

Reply 7

claireestelle

Original post by newblood

You shouldn't be paying any tax whatsoever. You need to officially let HMRC know by filling in an R85 form, otherwise they will assume you need to pay tax

Since its in a fixed isa i m just okay but when I move it next financial year I ll get it sorted.

Reply 8

newblood

Original post by claireestelle

Since its in a fixed isa i m just okay but when I move it next financial year I ll get it sorted.

Good idea

Any idea about my original question with regard to the current / student account. Who are you with?

Reply 9

claireestelle

Original post by newblood

Good idea

Any idea about my original question with regard to the current / student account. Who are you with?

Lloyds, I myself have a joint current account and then my student account so had no issues having two types of current account and an isa and an e savings( I do have a student overdraft and a £20 emergency on the joint account so even that appears to be fine), check the t&c's to be sure.

(edited 8 years ago)

Some student bank accounts only let you keep 1 account (only the student account). So get to know their T&C's..

That being said, if you can open more than 1 account (e.g: student account + current account), Try this out

http://www.moneysavingexpert.com/savings/savings-loophole

(tedious but worth it)

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