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Switching Student Accounts

Last updated: 7th June, 2012

Choosing a student account is tough and you may feel as though you have made the wrong decision. If you find a better deal elsewhere or simply need a larger overdraft or better customer service then switching your account would be ideal.

In the past banks have even been known to offer current students incentives for switching to their account half way through the year (such as £50 cash).

switching student accounts

Can you switch your student bank account?

As you may have guessed, you are able to switch your student bank account at any time you like (whether you are a 2nd year, 3rd year or even 5th year student).

You will get the same terms as others in the same year of study to yourself. However, before the bank allow you to switch they will ask you for a number of details as well as checking your credit score (which you can check here for free).

How can you switch student accounts while studying?

To switch accounts you will have to pass a credit test as well as prove that you are a current student with a form of ID and an acceptance letter or proof of attendance from your university.

Once you have passed all of these stages and proven that you are a current student both of the banks involved should switch over your balance for you (if you fit the T&Cs).

Changing your bank account might mean transferring a negative balance (in your interest free overdraft) so if this is the case you need to make sure that the bank you are moving to will allow to to transfer as they may not be willing to offer you an overdraft at the same rate as your current bank.

Switching from a current account to a student bank account?

Before starting university you will most probably have a current account at one of the major banks. To take full advantage of what the student accounts have to offer you will need to switch your current account to a student account (considering that you are staying with the same bank).

To do this you simply need to head to the bank with 2 forms of ID as well as an acceptance letter from the university that you will be attending. The bank should then switch your account to a student one.

Can you switch accounts after graduating?

It is possible to change you account after graduating, however, it is not as simple as switching student accounts.

Halifax and Santander do not allow you to switch to their current account unless you owned a student bank account with them. Co-op do not currently offer a graduate bank account either.

You will also need to consider the repayment of the overdraft. For example, the Halifax account has an interest free overdraft of up to £3,000. If you had reached your overdraft limit then you would not be able to transfer this amount to the Natwest account for example which only offers £2,000 of overdraft.

To find more information on this you will need to take a look at our graduate bank accounts page.

By students

Hello! This website has been written by student money experts Save the Student! to give you an overview of student bank accounts and what they have to offer you.

The studentsWe review the benefits and catches of all student accounts so you can make an informed choice and avoid the traps!

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