What do people do with their student bank account once they have finished uni? Watch

prplearestrange
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I was just wondering what is recommended I should do if I opened a student bank account for uni, and got my student loan paid into there. I already have a bank account, and have money in there - would I need to close that or transfer the money over? Or would I spend the money in my student one until there is no use for it, close it, and then pick up on my main bank account again? Also, during university, would I use my main bank account for anything, or would I predominantly use my student card? It seems really confusing
Thanks in advance for your help
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claireestelle
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(Original post by prplearestrange)
I was just wondering what is recommended I should do if I opened a student bank account for uni, and got my student loan paid into there. I already have a bank account, and have money in there - would I need to close that or transfer the money over? Or would I spend the money in my student one until there is no use for it, close it, and then pick up on my main bank account again? Also, during university, would I use my main bank account for anything, or would I predominantly use my student card? It seems really confusing
Thanks in advance for your help
You can have both a normal current account r and a student account at the same time. You can use them how you like
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prplearestrange
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(Original post by claireestelle)
You can have both a normal current account r and a student account at the same time. You can use them how you like
(Original post by claireestelle)
You can have both a normal current account r and a student account at the same time. You can use them how you like
Do you think it's worth even opening a student account? And what happens after you finish uni?
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domonict
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Check with your bank but you normally get a better deal with a student account.
They view students as a long term investment as people don't often change banks.
However some student accounts might have disadvantages over "normal ones" so read the small print.
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claireestelle
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(Original post by prplearestrange)
Do you think it's worth even opening a student account? And what happens after you finish uni?
Do you need an overdraft? Generally it then becomes a graduate account and you get 2/3 years to pay your overdraft off.
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prplearestrange
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(Original post by claireestelle)
Do you need an overdraft? Generally it then becomes a graduate account and you get 2/3 years to pay your overdraft off.
I don't know, do I? I'll have to get a student loan, and a maintenance loan probably. I would likely get a student bank account with the same bank I already have a debit card for. But I just don't understand whether I'd keep using that student account or ditch it after uni if I already have a different normal account. Unless I'd have to keep it open in order to pay back the student loan, idk
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prplearestrange
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(Original post by domonict)
Check with your bank but you normally get a better deal with a student account.
They view students as a long term investment as people don't often change banks.
However some student accounts might have disadvantages over "normal ones" so read the small print.
So are you implying that if I got a student account with the same bank, I should ditch my normal account before uni? And then would my student one become a normal one after uni, or would it remain legally a "student" account even though I'm not a student and just want to use it as a normal one?
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marupe
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(Original post by claireestelle)
Do you need an overdraft? Generally it then becomes a graduate account and you get 2/3 years to pay your overdraft off.
I never told my bank I graduated... I need to tell them but am worried they will ask me when I finished and ask why I didn't mention it for the past year How much trouble do you reckon I'll be in?
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nulli tertius
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(Original post by prplearestrange)
I don't know, do I? I'll have to get a student loan, and a maintenance loan probably. I would likely get a student bank account with the same bank I already have a debit card for. But I just don't understand whether I'd keep using that student account or ditch it after uni if I already have a different normal account. Unless I'd have to keep it open in order to pay back the student loan, idk
The same bank will want to migrate your existing account to be a student bank account.

If you open an account with a different bank, your existing account will just remain.

Once you graduate they will convert your student account into a graduate account or an ordinary bank account.

Back in the day when banks had managers you obtained better service if your account was not in the ghetto of "student banking" but the world has changed and unless you are willing to pay about £250 a year for banking, you won't get a real manager whatever your account.
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claireestelle
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(Original post by marupe)
I never told my bank I graduated... I need to tell them but am worried they will ask me when I finished and ask why I didn't mention it for the past year How much trouble do you reckon I'll be in?
They might expect your overdraft back a fair bit quicker.
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ltsmith
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At Natwest it changes back into a normal account 2 years after graduation
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Little Popcorns
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It turns into a graduate account at a lot of the banks. Otherwise you can close it if you want or it will usually go to a normal current account.
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prplearestrange
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(Original post by Little Popcorns)
It turns into a graduate account at a lot of the banks. Otherwise you can close it if you want or it will usually go to a normal current account.
Do you think most people close it, or do they keep 2 accounts?
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Little Popcorns
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(Original post by prplearestrange)
Do you think most people close it, or do they keep 2 accounts?
I reckon a lot of people keep the account yeah. Depends whether you want to save too.
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prplearestrange
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(Original post by Little Popcorns)
I reckon a lot of people keep the account yeah. Depends whether you want to save too.
Keep it and get rid of the one they may have before they opened a student one?
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