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student bank account santander

what does it mean when it says we need to pay 500 pounds per term in terms of - can we use this money or is it more like a fee, and what happens if one term youre not able to put in 500? And how are you even supposed to get 500 as a student (I dont think I could make that much even after working part time)
You have to pay in £500 per academic term.

This can be your student maintenance loan gets paid into it.

If you’re working part time then £500 per term is not a lot of money - would be about 6 hours a week for a 10 week term.

Yes you can use that money-it’s yours.
Reply 2
Original post by Ciel_
what does it mean when it says we need to pay 500 pounds per term in terms of - can we use this money or is it more like a fee, and what happens if one term youre not able to put in 500? And how are you even supposed to get 500 as a student (I dont think I could make that much even after working part time)

Usually it'll be covered by your maintenance loan going in :smile: In my experience, all that happens at first when you stop doing that is they take away the overdraft, so I wouldn't worry too much if a payment goes in later than expected once (and you could always contact to explain if there was a genuine problem with it).
Reply 3
Original post by Ciel_
what does it mean when it says we need to pay 500 pounds per term in terms of - can we use this money or is it more like a fee, and what happens if one term youre not able to put in 500? And how are you even supposed to get 500 as a student (I dont think I could make that much even after working part time)

Banks typically expect you to use the student account as your "main" account, i.e. the one your income is paid into, and from which you do your routine spending.

Santander's approach to this is to expect you to pay in at least £500 per term, and this would typically be your maintenance loan and/or other income (like a part-time job).

If you don't comply with the rules, then Santander might decline/reduce/withdraw your overdraft facility (overdrafts are always "subject to status" and "repayable on demand"), change your account to a standard account (rather than a student account) and ultimately could decide they no longer want you as a customer and close your account completely.


The account must be used as your main or primary current account.

Your main form of funding, for example your student loan, grants, parental contribution, and/or income from any employment, must be paid into it. If you don’t regularly pay in your main form of funding, we may discontinue some of the services offered on your account or close your account.



source: https://www.santander.co.uk/assets/s3fs-public/documents/123_student_current_account_key_facts_document_jun21.pdf
(edited 2 years ago)
uh i have this account but the 500 is just from student loans and i dont pay them anything. If they were going to charge me it would probably be from going past the student account overdraft limit but thats really high and hard to do since it's initially 1500.
Re up on a santan re up on a Barclay re up on Halis
Reply 6
thank you so much for the responses, really appreciate them and I can now understand it, thank you :smile:
Original post by GabiAbi84
You have to pay in £500 per academic term.

This can be your student maintenance loan gets paid into it.

If you’re working part time then £500 per term is not a lot of money - would be about 6 hours a week for a 10 week term.

Yes you can use that money-it’s yours.

sorry to add a question 2 years later haha, but by ‘pay in’ does it mean your account balance has to be 500 or above.. or can I spend a portion of this 500 before getting the overdraft?
Cheers
Original post by GabiAbi84
You have to pay in £500 per academic term.

This can be your student maintenance loan gets paid into it.

If you’re working part time then £500 per term is not a lot of money - would be about 6 hours a week for a 10 week term.

Yes you can use that money-it’s yours.

Sorry to ask a question 2 years later haha, but by ‘pay in 500’ does your account balance have to read 500 or above, or is it the case that you can spend a portion of the 500 before receiving your overdraft?
Cheers
Original post by TheRobsterLord
Sorry to ask a question 2 years later haha, but by ‘pay in 500’ does your account balance have to read 500 or above, or is it the case that you can spend a portion of the 500 before receiving your overdraft?
Cheers


You have to pay in £500 (or more) per term but you don't have to maintain that balance - that is, you can spend it once it is in. :smile:
Original post by normaw
You have to pay in £500 (or more) per term but you don't have to maintain that balance - that is, you can spend it once it is in. :smile:

This is super helpful thanks so much!! Just to quickly follow up, does the 500 have to be paid in as one lump sum, or can it be fragmented? I.e 100 paid in every week for example
And as a quick secondary question does it matter where this money comes from? (Part time job, savings etc)

Thanks again for your help!