Is there interest on the 123 graduate account?

This current account comes with an interest-free and fee-free Arranged Overdraft (limit applies). Unpaid Transactions Fees). The Unarranged Overdraft Usage Fee Cap includes both Usage Fees and Paid/Unpaid Transaction Fees.

What happens to my 123 student account when I graduate?

We'll automatically give you this account when you graduate if you have a 1I2I3 Student or 1I2I3 Postgraduate Current Account. You'll need to give us proof that you've graduated. This could be a graduation certificate or confirmation from your university on letter headed paper.

Does Santander 123 current account pay interest?

You'll earn interest on your entire balance up to £20,000. We work out the interest on your daily balance and pay the interest every month. We'll pay this interest into your current account on the same day each month. This is usually on the date you opened or transferred your account.

What is a 123 graduate current account?

Your 1I2I3 Graduate Current Account will last up to two years before it automatically transfers to an appropriate current account. Only one 1I2I3 Graduate Current Account can be open at any one time and it must be used as your main current account and your salary must be paid into it.

Is it still worth having a Santander 123 account?

Santander 123

The 123 pays more cashback on some bills than the Edge, and you can earn money on Santander mortgages too. However, it comes with a higher fee and lower interest rates. In fact, I wouldn't use this at all for interest as the rate can be easily beaten elsewhere.

Santander 123 current account review: 123 vs 123 Lite

What is replacing the 123 account in Santander?

In its place, Santander is launching the Edge Up account, which it says offers customers the ability to earn over £100 a month in total with up to £30 in cashback and up to £71.72 in interest. The Edge Up account is essentially a souped-up version of Santander's Edge account, which was launched in November last year.

How much do I need to pay into my Santander 123 account each month?

Monthly Funding requirements

You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account.

Should I close my graduate account?

If you don't owe the bank any money, you might be better off switching to a current account. These often come with perks like cashback, savings interest and free overseas spending.

How long can you have a graduate account for?

Year 1, 2 and 3 after graduation

In the fourth year after you graduate you will automatically move onto a Select account and your arranged overdraft will no longer be interest free.

Are graduate accounts worth it?

If you don't need an overdraft after graduating, then don't go for a graduate account. These standard bank accounts have perks such as free cash or vouchers for switching, linked regular savers, and monthly cash rewards. However, their overdrafts are often much smaller, or more expensive.

What happened to Santander 123 current account?

General documents. From 20 June 2023, we removed the 1|2|3 Current Account and Select Current Account from our product range.

How much interest do I get from Santander?

As of 21st November 2023, Santander's full range of savings products, which can all be opened online or in branch, are: Santander Edge Saver (7.00% AER/6.78% gross for 12 months) Fixed rate ISA (5.25%-5.10% AER/tax-free depending on term length) Regular Saver (5.00% AER/gross for 12 months)

How often does Santander pay interest?

We work out the interest we'll pay on your account each day. You can choose whether you want us to pay interest monthly or yearly into your account.

What is the interest rate on Santander 123 student account?

The 1I2I3 Student Account interest rate will decrease to 1% on balances up to £2,000. Both accounts previously offered a tiered rate of 3% on the entire balance from £300 to £2,000, 2% from £200 and 1% from £100 (0% below £100).

Do student accounts earn interest?

Student bank accounts often pay less interest than regular accounts. That means it might not be the best option for you if you're always in credit and are hoping to gain interest on your money.

What are 2 disadvantages of a student account?

A student checking account can be a valuable tool in managing your finances while in school. It offers convenience, low fees, and the opportunity to build your financial skills. However, it's essential to consider the potential drawbacks, such as limited features and age restrictions.

Can you have 2 graduate accounts?

Unarranged Overdrafts

You can find this rate in the Banking Charges Guide. Restrictions • You can only have one Graduate account with us. Your account must be in your own name as an individual. You can't have a joint Graduate account.

Is it OK to not graduate in 4 years?

Bottom Line. You might graduate from a bachelor's program in four years or under, but the majority of students now take more time to finish their degree. There are many reasons for this, including work, the inability to transfer credits between schools, changing majors, and any number of life changes.

How long is HSBC graduate account interest-free?

What are the overdraft charges for this account? In the first year after graduation, you may be eligible for an interest-free overdraft facility up to £3,000, and up to £2,000 in your second year after graduation.

Does a graduate account count as a student account?

Once you've graduated, you'll no longer be eligible for a student account - and that's why you might be automatically moved to a graduate account. The main difference is that the overdraft limit on a student account usually remains at the same limit for the duration of a full-time course - be it three or four years.

Can I have 2 student bank accounts?

You can have one student account. You can have as much bank accounts with as many banks as you want, but only one student account.

What are the benefits of a 123 account?

The 123 account got its name from the fact that it pays either 1%, 2% or 3% depending on the particular bill. You get 1% cashback on your council tax bills, mobile, home phone, broadband and TV packages. You also get it for your monthly mortgage payments if you happen to have a Santander mortgage.

Can I switch from Santander 123 to edge?

You can change your account online. Simply log on to Online Banking and choose 'Current accounts'.

What's the difference between Santander 123 and edge?

Santander Edge is a cashback current account that allows you to earn cashback on your monthly household bills and everyday spending. The Santander Edge current account replaced the Santander 123 Lite current account which was withdrawn on 22nd November 2022.