The best postgraduate bank accounts | SavvyWoman

The best postgraduate bank accounts

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If you’re studying for a postgraduate degree, such as a Masters or PhD, which bank account is the best one for you?

The best postgraduate bank accounts

There aren’t any specific postgraduate bank accounts available anymore. However, most banks will let you apply for their student account when you are studying a postgraduate degree (for example PhD, MBA, MSc, PGCE and MPhil).

We’ve listed the banks in alphabetical order:

Bank of Scotland

The Bank of Scotland don’t have a specific postgraduate account. If you already have a student account with the Bank of Scotland and you start a postgraduate course straight after your undergraduate degree, you may be able to keep your student account for up to six years (that includes the time you spent doing your undergraduate degree).

If you don’t start your postgraduate degree straight after your undergraduate degree, your student account will be converted to a graduate account.

SAVVY TIP: You can find details of the Bank of Scotland’s student account (and all the other student bank accounts listed in this article) in my article The best student bank account for 2019-20.

Barclays

Barclays don’t have a specific postgraduate bank account, but you can use their student account if you are studying for a postgraduate degree.

Halifax 

Halifax don’t have a specific postgraduate account. As with the Bank of Scotland, if you already have a student account with Halifax, and you start your postgraduate course straightaway, you may be able to keep your Halifax student account for a few more years (up to six years in all, including the time you spent doing your undergraduate degree).

If you don’t start your postgraduate degree straight after your undergraduate degree, your student account will be converted to a graduate account.

HSBC 

HSBC don’t have a specific postgraduate bank account. However, if you’re a postgraduate student you can use HSBC’s Student Bank Account, but you must have completed an undergraduate degree in the UK in the last three years and will need a graduation certificate, diploma or letter from a university or college as proof. The account is also available to those taking higher apprenticeships (level 2+).

SAVVY TIP: HSBC says that postgraduate degrees (for example PhD, MBA, MSc, PGCE and MPhil) are all qualifying courses for their Student Bank Account. Normally, your student account would be converted to a graduate bank account, unless you get in touch with HSBC and tell them you’re doing a further degree.

Lloyds Bank

Lloyds Bank don’t have a specific postgraduate account. As with the Bank of Scotland and Halifax, if you already have a Lloyds Bank student account and you start a postgraduate course straight after your undergraduate degree, you may be able to keep your student account for up to six years (that includes the time you spent doing your undergraduate degree).

Nationwide Building Society 

Nationwide don’t have a specific postgraduate bank account, but you can use their FlexStudent account if you’re studying for a postgraduate degree. 

When you’re doing your undergraduate degree, you’ll be contacted by Nationwide and moved onto a FlexGraduate account unless you tell them that you’re doing a postgraduate degree.

NatWest Bank

NatWest Bank don’t have a specific postgraduate account, but you can use their student account when you study for a postgraduate degree.

Royal Bank of Scotland

The Royal Bank of Scotland don’t have a specific postgraduate account, however you can use their student account when you study for a postgraduate degree.

Santander

In July 2018, Santander removed their postgraduate account. New postgraduates can apply for 123, 123 Lite and Everyday accounts, but they are not eligible for the 123 Student account.

Santander’s Everyday current account offers the following: 

What the account offers: Arranged overdraft facility (subject to status).

Cost of borrowing more: Santander caps its charges at £50 per month.

Extras: You can earn up to 15% cashback with Retailer Offers when you use your Santander Visa debit card at a range of major retailers.

Opening the account: You can apply online in 10 minutes.

TSB

TSB don’t have a specific postgraduate account but you can use their student account when you study for a postgraduate degree. If you already have a TSB Student account, you can extend the account by up to three years and receive the benefits of the account that are valid in year three.

If you are new to the bank, you can still open a Student Bank account, as long as you provide the usual evidence they are a student.

SAVVY WARNING!: TSB had huge problems after its disastrous IT platform migration in April 2018. Up to 1.9 million TSB customers were locked out of their accounts, others reported fraud on their accounts and some had problems getting replacement cards. TSB’s Trustpilot rating is currently 0.9 out of 10.

Related articles:

The best student bank account for 2019-20

Student accommodation; know your rights when you’re renting a student house or flat

Buying a property for your student son or daughter; what to do and what to avoid

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