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Leaving your university days and entering the world of work is incredibly exciting, but it can be a bit daunting too.
One challenge is managing your finances as your situation changes. If you are going straight into a job, then you may have more money than you are used to as a student, but what if you have to bridge a gap between graduating and starting work?
Whatever your circumstances, having the right bank account can help.
This Q and A guide will answer your questions and give you the money confidence to make the right decisions for you.
What is a graduate bank account?
A graduate account is designed to help you bridge the gap between student finances and a standard current account.
Your student account has provided you with the perfect financial grounding and support during your time at university, and a graduate account is the next step on the financial ladder as you move out of education and into the working world.
What is the difference between a student account and a graduate account?
Students may have an irregular income, and the money they do have may not stretch quite as far as they need. That’s why most student accounts offer significant interest-free overdraft facilities.
Of course, that student overdraft will need to be repaid, but few people will be able to do so as soon as they leave university, so a graduate account provides support while you establish yourself at work.
How do I change my student account to a graduate?
Your student account will be converted to a graduate account - it is not possible to have a student account and a graduate account at the same time.
How long do you have a graduate account for?
Graduate accounts are designed to help you move from a student account to a standard current account, so you can only have them for a limited time. You’ll need to check the account details.
What happens to the graduate account if I start working?
You can use a graduate account whether or not you are working. After this point, your account will change to another account depending on who you’re banking with.
What is a graduate loan?
Leaving university and starting work will give you a regular income, but there may be other costs, such as work clothing, equipment, or training. You may have to move to a new town, or perhaps you need a bike or car to commute.
TSB's Graduate account:
• Optional TSB Graduate interest-free overdraft to help you manage the transition from studying into work. It’s interest free up to £2,000 for your first three years after graduation. Subject to application, approval and repayable on demand.
• After three years your TSB Graduate account will change to a TSB Spend & Save account.
To have a Graduate account you must have graduated and have confirmation of your graduation within the last 3 years with qualifications from a UK University. You must be 18+ and UK resident only.
Overdraft is subject to application and approval. Rates may vary depending upon individual circumstances.
The interest rate of your loan is personal to you and will depend upon a number of factors including the amount borrowed, the term of the loan and your personal circumstances. To find out how much your loan will cost you can get a personalised quote, which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.
To have a Spend & Save account, you must be 18+ and UK resident only.
To have a Student Account you must be 17 or over (18+ including overdraft), have been a
resident in the UK for at least three years and be studying for a full-time course that lasts for
a minimum of two years or be on a one year access course leading onto a full time degree.
Information correct as of 11/04/2022.
