No, typically a graduate account is meant for those who have completed their studies and no longer qualify for a student account.
Detailed response to your query
While it may seem possible to have both a graduate account and a student account, typically these two types of accounts are mutually exclusive. A graduate account is meant for those who have completed their studies and no longer qualify for a student account. According to Santander, “once you’ve graduated, you’ll lose your student status and your student account will no longer be suitable for your needs.”
It’s important to note that some banks may offer transitional accounts for recent graduates, which may have some benefits similar to those of a student account, such as interest-free overdrafts. However, these accounts are still considered graduate accounts and are meant for individuals who have completed their studies.
Here are some interesting facts on the topic of graduate and student accounts:
- Student accounts often come with benefits such as interest-free overdrafts or cashback incentives, while graduate accounts may offer lower interest rates on loans or credit cards.
- Some banks may require proof of enrollment or graduation in order to open a student or graduate account.
- Graduates may also be able to take advantage of services such as career advice or alumni networks through their banks.
- According to a survey by Save the Student, nearly 30% of students switch banks during their studies, often in search of better deals or benefits.
- As noted by The Guardian, however, it’s important to consider a range of factors beyond just banking benefits when choosing a bank or account type, such as customer service, location, and online banking tools.
To summarize, while it may not be possible to have both a student and a graduate account at the same time, recent graduates may be able to take advantage of transitional accounts or other benefits through their banks. As entrepreneur Jim Rohn once said, “everybody ends up somewhere in life. A few people end up somewhere on purpose.” It’s important to choose a banking strategy that aligns with your goals and needs as a student or recent graduate.
Here is an example table comparing student and graduate accounts:
| Bank | Student Account Benefits | Graduate Account Benefits |
|---|---|---|
| Santander | Up to £1,500 interest-free overdraft | 1% cashback on electric and household bills |
| Barclays | Cashback and discounts with partner brands | Lower interest rates on loans and credit cards |
| NatWest | Amazon Prime Student membership and tastecard | Access to career advice and alumni networks |
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Many graduate accounts offer similar perks to student accounts and generous overdraft deals, often up to three years after you’ve graduated. If you have an existing student bank account, your bank may automatically switch your student account to a graduate account when you graduate.
A graduate account is a type of bank account that offers new rewards and incentives to students who have completed their studies. However, most banks will only let you have their graduate account if you had their student account. Therefore, you cannot have both a graduate account and a student account at the same time. If you want to switch from a student account or another graduate account, you need to check the terms and conditions of the bank.
You’ll be entitled to open a student bank account. Once you’ve completed your studies this can become a graduate account, offering new rewards and incentives.
Mostly, banks will only let you have their graduate account if you’d had their student account. Yet, if you are switching from a student account or other graduate account, you need to know that…
Response to your question in video format
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More interesting questions on the topic
Moreover, Is a graduate account a student account?
The response is: Generally, once you finish university or college your bank will turn your student account into a graduate one. The main reason is to reduce the overdraft amount, that you might have built up during your time as a student.
Can I have two bank accounts as a student? Although you can have multiple current accounts or savings accounts, you’re unlikely to be allowed more than one student account. Usually, a condition of receiving the perks of a student account is that you pay your student loan into that account. Banks regularly check to see that this is happening.
Additionally, Can a Masters student have a student account?
As a response to this: As a postgraduate student you may find that you may be eligible for a student bank account. This may also be possible if you have already had a student account previously. Your bank may also allow you to keep your existing student account if you have only just completed your undergraduate studies.
Besides, What’s the difference between a student account and a graduate account?
The reply will be: But do what you can to avoid taking on more debt than you already have. While the main aim of your student bank account was to allow you to borrow in order to get through your uni years, the purpose of a graduate account is to give you a few years to pay off what you owe before it starts gaining interest.
Simply so, Is a student bank account a graduate account?
As a response to this: Much like the Co-operative bank account (above), as the name suggests, this one isn’t really a graduate account at all. Instead, you just get to keep your student bank account for three years after you graduate. That means you get just one graduate year of your interest-free overdraft, which is by far the worst deal on this list.
Also Know, How long can you keep a student bank account after graduation?
As an answer to this: Instead, you just get to keep your student bank account for three years after you graduate. That means you get just one graduate year of your interest-free overdraft, which is by far the worst deal on this list. Although, you do get 0.1% AER interest on all in-credit balances.
Keeping this in view, Can I set up my graduate account a year after graduation? Your graduate account is your last chance to pay back what you already owe before you start paying interest on it. It is possible to set up your graduate account a year after graduation. But, if you wait around, you’ll enter into the second year overdraft limit, which is often lower than the first year.
Herein, Can a bank convert a student checking account to a regular account? Your bank could automatically convert your student checking account to a regular checking account once it knows that you have graduated. Because you’re no longer a college student, you lose the student pricing. The typical college student will complete their degree within 4 to 5 years, which is the reason why some banks use this time frame.
Is a student bank account a graduate account? Answer: Much like the Co-operative bank account (above), as the name suggests, this one isn’t really a graduate account at all. Instead, you just get to keep your student bank account for three years after you graduate. That means you get just one graduate year of your interest-free overdraft, which is by far the worst deal on this list.
Can a bank convert a student checking account to a regular account? Your bank could automatically convert your student checking account to a regular checking account once it knows that you have graduated. Because you‘re no longer a college student, you lose the student pricing. The typical college student will complete their degree within 4 to 5 years, which is the reason why some banks use this time frame.
Can I set up my graduate account a year after graduation? Your graduate account is your last chance to pay back what you already owe before you start paying interest on it. It is possible to set up your graduate account a year after graduation. But, if you wait around, you’ll enter into the second year overdraft limit, which is often lower than the first year.
Do college students need a bank account?
In reply to that: Learn more. Whatever their financial situation, college students can benefit from becoming bank account holders. Recognizing this, many financial institutions offer bank accounts specifically geared toward college students and, in some cases, high school students.