Graduate (2015) looking to switch Bank Accounts

ah23

Hi all

I've been with Halifax since birth & I'm now in my final year of the "Student Current Account" before it automatically changes to the Adult "Current Account", but after reading the MSE site, I am hoping to switch to another Bank which offers Bank Accounts specifically directed towards new Graduates.

I am currently taking a year out and working part-time, and due to start a Master's programme (MSc) in September 2016. Should I switch from Halifax to a Santander 123 Graduate Account, and then to their Postgraduate account once I have enrolled in September?

I have 3k+ in savings sat in my account, an income of around £500pm with no outgoing household bills/rent.

What's my best option?

Thanks.

diamonds

What is Halifax offering in comparison to Santander for your individual situation ?

ah23

diamonds wrote: »

What is Halifax offering in comparison to Santander for your individual situation ?

Thanks for your reply.

Halifax doesn't have a specific account for Graduates, so in other words I'll just end up with a normal current account with no graduate benefits.

Santander Graduate accounts offer overdraft limits of up to 3k over a few years (student benefits for a little longer basically) and after that it'll change to a standard 123 Current Account.

Westie983

When you say you are at the end of your student account, does that mean the extra year after you finish University, as you say Halifax dont have a graduate account but they do have a +1 year after graduation.

If you are looking for a graduate account try opening one before you close or switch the Halifax account.

System

Just open an account which offers the best student account in September or ask Halifax to revert you to a student account.

What's the appeal of Santander's offering?

ah23

Westie983 wrote: »

When you say you are at the end of your student account, does that mean the extra year after you finish University, as you say Halifax dont have a graduate account but they do have a +1 year after graduation.

If you are looking for a graduate account try opening one before you close or switch the Halifax account.

Yes, I mean the extra year after finishing university (which expires in July 2016). I'm just researching the graduate accounts available to me at the moment, and hope to switch before July.

And for your second comment, I assumed the bank you are switching to deals with the transfer and all DD's etc. & closes the Halifax account in the 7 day switching period?

Heng_Leng wrote: »

Just open an account which offers the best student account in September or ask Halifax to revert you to a student account.

What's the appeal of Santander's offering?

In hindsight, I don't think Halifax offer the best incentives for students and graduates. I think either way I would move elsewhere.

Santander offer up to 4 years interest-free and fee-free arranged overdraft of up to £1,500 and £1,800 in the fourth year provided I continue to pay in my main form of funding each academic term. Their 123 Postgraduate Current Account also offers in-credit interest of 3% AER/2.96% gross (variable) on balances from £300 up to a maximum of £2,000. Halifax does none of these, the most I have received from Halifax in 3+ years is an overdraft of £300 and a fee-free overdraft.

The issue is, Santander only allow you to switch to the Postgraduate account upon proof of student status, so my plan is to apply for the 123 Graduate Account and then switch to the 123 Postgraduate Account in September.

Thanks again.

System

You are quoting 4 years - Masters courses are usually 1 or 2 years full time - after which time it'll simply be converted to a graduate account.

You either get an interest free overdraft or credit interest - not both.