having a student account and another bank account with santander

fairy.fly

I've currently got a student account with santander with a free overdraft can i also open a 123 account to get cashback. When i log in i do get offered the chance to upgrade my account but i think my overdraft would then incur charges.

fairy.fly

bump ? does anyone know if santander would allow this

zerog

You need to open a new account not upgrade.

Money needs to go into the student account regularly (i.e. student loans) otherwise the overdraft will be taken away. £500 a month needs to go into the 123 from outside Santander otherwise you won't get cashback or interest.

gillianlouise

If I was you I would keep the student account as it is fee free for overdrafts. You can apply for a 123 account the application and acceptance will depend upon your credit score.
You must fund with £500 for anywhere apart from another Santander account, you must have minimum 2 direct debits, and you will be charged £2 per month.
There are also charges if you use your overdraft or go overdrawn without authority. hope this helps.

amcg100

123 account is not much use unless you pay large household bills ( leccy, gas , phone, sky , council tax - 123 credit card is a different animal - it gets you cash back on shopping petrol and other stuff. - it has a £24 annual fee though so you should make sure you will spend enough to justify. The best card for cashback is aqua at 3% on everything up to £100 cashback per year - unfortunately it has a high interest rate, so never get in debt to it.

innovate

123 account is of great use if you are desperate for a savings account for between £3K and £20K. It might also come in handy for access to e.g. ISAs with preferential rates for 123 customers.

If you open a 123, go via a cashback site (Quidco, TCB - - about £50 cashback up for grabs). Clean your cookies before applying!

amcg100

innovate wrote: »

123 account is of great use if you are desperate for a savings account for between £3K and £20K. It might also come in handy for access to e.g. ISAs with preferential rates for 123 customers.

If you open a 123, go via a cashback site (Quidco, TCB - - about £50 cashback up for grabs). Clean your cookies before applying!

What a lot of old cobblers - ignore this post please

innovate

amcg100 wrote: »

What a lot of old cobblers - ignore this post please

Did you mean your own post?

If not, care to elaborate what you don't like about my post?

fairy.fly

thanks for all the information i did start the application but on the first page it does say you have to be over 18 not a student or in full time education as i have a student account with them already i would assume they class me as such although i am not a full time and only doing a part time course. so i decided against it. I don't want to risk losing my student overdraft as its free money and i have a different account with another bank i pay my bills from.