Open 123 account

You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them.

Real forex bonuses

Santander 123 Current Account, open 123 account.

This account does have a £5/month fee, which is automatically taken from the account each month but for most users that's more than covered by the 3% cashback this account gives on utility bills paid by direct debit from the account. Cashback is paid directly in to your account.

Santander 123 current account

This comparison simply includes all savings accounts.

Why we like it: no minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with retailer offers. Stress-free account switching in 7 days with the current account switch service. £300 ATM withdrawal per day, arranged overdraft facility (subject to status). Online and mobile banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: everyday current accout. No monthly account fee. Access to flexclusives - select credit card and low personal loan rate. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: see what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best british bank and best current account in 2020 at the british bank awards. Awarded 5 stars by defaqto. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to flexclusives - select credit card and low personal loan rate. Must be aged 18 or older. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: UK & europe breakdown cover, worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to flexclusives - select credit card and low personal loan rate. £13 monthly account fee. Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Why we like it: can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the financial services compensation scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Santander 1|2|3 current account

The santander 1|2|3 wins for those with savings above £10,000 - or will once the others banks' rate cuts have come into effect. Currently, you can get 1.5% on balances from £3,000 to £20,000.

You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them.

The cashback you can receive on your household bills includes:

1% cashback on water and council tax bills and on your santander monthly mortgage payments (up to a maximum of £1,000)

2% cashback on gas bills and electricity bills.

3% cashback on mobile, home phone, broadband and paid-for TV packages

As extra incentive, santander offer a four month fee-free arranged overdraft when you switch and if you use their switch service to move your current account then you will receive a defaqto 5 star rated service.

As standard, santander offer:

Easy to manage accounts, whenever, wherever with online and mobile banking.

If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol.

Opening a 1|2|3 current account means you'll be part of 1|2|3 world, with access to a range of benefits, preferential rates and special deals.

A £75,000 UK savings safety guarantee (shared with cahoot).

Santander offer a high rate of customer service and the range of benefits would be highly attractive to anyone considering this account.

Useful information to know

You'll get 1.5% on the entire balance up to £20,000.

Santander only pays interest & cashback in months you've paid in £500+, had two 'active' (so not disused) direct debits, and paid your monthly fee. Watch out, it counts a month from the anniversary of the account opening, not a calendar month.

You can save more than £20,000 in the account, but won't earn interest on anything over £20,000.

Household bills don’t include TV licence, maintenance contracts (e.G. Boiler repair cover), other insurance contracts, commercial use or commercial mortgages.

Overall this account is best for those with a higher amount of savings and those who are considering a cash isa might look to this account instead. However, if you do not have a lot of savings then the cashback scheme makes it a very attractive option for anyone who is able to pay in the £500/month minimum and meet the two direct debit/month minimum.

Trading

Upgrade your profit, trade with the best conditions!

Account comparsion

Floating spread from 1 pip

Fixed spread from 3 pips

Floating spread from 0,5 pip

Fixed spread 0 pip

Floating spread from -1 pip

Up to 1:1000

Up to 1:3000

Up to 1:3000

Up to 1:3000

Up to 1:500

Maximum open positions and pending orders

From 0,01 to 1 000 cent lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,1 to 500 lots
(with 0,1 step)

From 0,3 sec, STP

From 0,3 sec, STP

From 0,3 sec, STP

From 0,3 sec, STP

Account types, except ECN account, support the following trading instruments: 35 currency pairs, 4 metals, 6 CFD.

Frequently asked questions

What trading account should I choose?

FBS offers various account types designed to meet your needs, including cent , micro , standard , zero spread , and ECN accounts with unique trading conditions. For newbies who have no trading experience, we recommend opening a demo account first, and only after that a micro or cent account. For those who are not the first day in trading, we advise opening a standard account – a classic one. And for real professionals, we suggest a zero spread account or ECN account.

What is a trading account?

To start trading on forex, you must open an account. The primary purpose of trading accounts is to make transactions (open and close orders) with various financial instruments. The trading account is similar to the bank one – you use it to store, deposit, and withdraw money. However, deposits and withdrawals are available only after you verify your account.

What is forex trading?

Forex, also known as the foreign exchange market or FX market, is the world's most traded market, with a $5.1 trillion turnover per day. In simple words, forex trading is the process of converting one country's currency into the currency of another country, aiming to make a profit from the changes in its value.

Why is FBS the best broker for online trading?

FBS is a legitimate forex broker regulated by the international financial services commission, license IFSC/000102/124 , which makes it trustworthy and reliable. We offer our clients the best trading conditions on the market, including different bonuses, convenient trading tools such as CFD trading and stock trading among trading classic currency pairs , regular promotions , the most transparent affiliate commission up to $80 per lot, 24/7 customer support, and more.

How do I start trading?

First, it's really important to remember that becoming a successful trader isn't an overnight process. It takes time to become familiar with the markets, and there's a whole new vocabulary to learn. For this reason, legitimate brokers like FBS offer demo accounts. To open a demo account, you need to register first. After that, download trading software to open and close your first order.

Download trading platform

Metatrader 4

Download for windows

Download for ios in appstore

Download for android in googleplay

Start trading online

Download multiterminal

Download for mac os

Metatrader 5

Download for windows

Download for ios in appstore

Download for android in googleplay

Start trading online

Download for mac os

Deposit with your local payment systems

Contact us

Zopim

Wechat

Fb-msg

Viber

Line

The website is operated by FBS markets inc.; registration no. 119717; FBS markets inc is regulated by IFSC, license IFSC/000102/124; address: 2118, guava street, belize belama phase 1, belize

The service is not provided in the following countries: japan, USA, canada, UK, myanmar, brazil, malaysia, israel and the islamic republic of iran

Payment transactions are managed by НDС technologies ltd.; registration no. HE 370778; address: arch. Makariou III & vyronos, P. Lordos center, block B, office 203

For cooperation, please contact us via support@fbs.Com or +35 7251 23212.

Risk warning: before you start trading, you should completely understand the risks involved with the currency market and trading on margin, and you should be aware of your level of experience.

Any copying, reproduction, republication, as well as on the internet resources of any materials from this website is possible only upon written permission.

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “accept” button, you agree to our privacy policy.

Your request is accepted

Manager will call your number

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
live chat

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner forex book

Beginner forex book will guide you through the world of trading.

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get beginner forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Current accounts

Advance bank account

Access to discounts and offers, as well as preferential rates on selected savings accounts and overdrafts.

_{To be eligible you need to pay in £1,750 per month or £10,500 over six months. Other eligibility criteria and T&cs apply.}

Premier bank account

Includes a relationship management service and complimentary travel insurance.

_{To be eligible you need to earn £75,000 yearly and hold a qualifying financial product or have £50,000 in savings or investments with HSBC. Other eligibility criteria and T&cs apply.}

Bank account

Everyday account that can link to a range of savings accounts and an overdraft.

_{To be eligible, you'll need to be 18 years or over and have a residential address within the EU.}

Student bank account

An account designed to help students with their finances.

_{Eligibility criteria and T&cs apply.}

If you’re not happy with your current account and are looking for a better deal it’s never been easier to switch. See what you need to do to switch current accounts and also what to look out for – such as introductory deals that may be good for a short time, but not that great over the long term.

Explains what the key documents are that you need to open a current account. It’s important you have all the necessary identification so there are no issues or delays in setting up your current account. Whether you’re applying online or going into branch, make sure you're prepared.

A little bit unsure about the difference between a standing order and a direct debit? You’re not the only one. Read through some of the key banking terms and their definitions so you can be confident you know the difference between an ear and an EAR.

A current account can help you simplify your finances. It will give you access to mobile banking, linked savings accounts and overdrafts, as well as a place to make payments from and withdraw cash. Look at some of the key benefits to make sure you’re getting all you need from your current account.

Customer support

Одна учетная запись для всех служб microsoft

Одна учетная запись. Одна панель управления. Добро пожаловать на страницу учетной записи.

Нет учетной записи microsoft?

Узнайте, как начать работу с продуктами microsoft.

Безопасность

Изменяйте пароль, обновляйте секретные вопросы и поддерживайте актуальность важных сведений учетной записи.

Конфиденциальность

Просматривайте историю поиска, посещений веб-страниц, местоположений и многое другое.

Семья

Обезопасьте свою семью в интернете и оставайтесь на связи, даже когда находитесь вдали друг от друга.

Платежи и выставление счетов

Обновляйте платежную информацию, просматривайте историю заказов, используйте подарочные карты и получайте помощь с оплатой.

Подписки

Быстро продлевайте подписки и управляйте службами microsoft из единой панели.

Устройства

Найдите и заблокируйте утерянное или украденное устройство windows 10, сотрите с него данные или запланируйте ремонт и получите помощь.

Справка

Получите помощь и советы экспертов по продуктам и службам microsoft.

Войдите в учетную запись и начните работу

Пользуйтесь всеми любимыми продуктами и службами microsoft с помощью единого входа. От office и windows до xbox и skype – одно имя пользователя и один пароль объединяют вас с самыми важными файлами, фотографиями, людьми и контентом.

Outlook

Почта и календарь в одном. Все, что нужно для эффективной работы и общения дома и в дороге.

Skype

Оставайтесь на связи с близкими на всех устройствах с помощью текстовых сообщений, голосовых и видеозвонков skype.

Microsoft edge

Быстрый браузер для эффективной работы в сети: с ним удобно искать информацию, узнавать новое и систематизировать закладки.

Microsoft bing

Интеллектуальные функции поиска помогают быстро и удобно находить все необходимое — ответы, новости, развлечения и многое другое.

Играйте в любимые игры где угодно. Играйте, общайтесь с друзьями и заходите в сообщества на xbox one, компьютерах с windows 10 и мобильных устройствах.

Microsoft 365

Выполняйте важные задачи с word, excel, powerpoint и не только. Каким будет ваш следующий успех с office 365?

Onedrive

Бесплатно сохраняйте и просматривайте файлы и фотографии на своих устройствах. В учетной записи microsoft доступно 5 ГБ хранилища, и вы сможете добавить больше при необходимости.

Windows

Microsoft store

Воспользуйтесь лучшими предложениями microsoft — от приложений для работы и творчества до игр и развлечений.

Кортана

Экономьте время и будьте организованными — кортана помогает решать повседневные задачи, чтобы вы не отвлекались на мелочи.

Благодаря MSN полезная информация доступна в любое время.

Santander 123 current account

This comparison simply includes all savings accounts.

Santander 1|2|3 current account

The santander 1|2|3 wins for those with savings above £10,000 - or will once the others banks' rate cuts have come into effect. Currently, you can get 1.5% on balances from £3,000 to £20,000.

You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them.

The cashback you can receive on your household bills includes:

1% cashback on water and council tax bills and on your santander monthly mortgage payments (up to a maximum of £1,000)

2% cashback on gas bills and electricity bills.

3% cashback on mobile, home phone, broadband and paid-for TV packages

As standard, santander offer:

Easy to manage accounts, whenever, wherever with online and mobile banking.

If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol.

Opening a 1|2|3 current account means you'll be part of 1|2|3 world, with access to a range of benefits, preferential rates and special deals.

A £75,000 UK savings safety guarantee (shared with cahoot).

Santander offer a high rate of customer service and the range of benefits would be highly attractive to anyone considering this account.

Useful information to know

You'll get 1.5% on the entire balance up to £20,000.

Santander only pays interest & cashback in months you've paid in £500+, had two 'active' (so not disused) direct debits, and paid your monthly fee. Watch out, it counts a month from the anniversary of the account opening, not a calendar month.

You can save more than £20,000 in the account, but won't earn interest on anything over £20,000.

Household bills don’t include TV licence, maintenance contracts (e.G. Boiler repair cover), other insurance contracts, commercial use or commercial mortgages.

Trading

Upgrade your profit, trade with the best conditions!

Account comparsion

Floating spread from 1 pip

Fixed spread from 3 pips

Floating spread from 0,5 pip

Fixed spread 0 pip

Floating spread from -1 pip

Up to 1:1000

Up to 1:3000

Up to 1:3000

Up to 1:3000

Up to 1:500

Maximum open positions and pending orders

From 0,01 to 1 000 cent lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,01 to 500 lots
(with 0,01 step)

From 0,1 to 500 lots
(with 0,1 step)

From 0,3 sec, STP

From 0,3 sec, STP

From 0,3 sec, STP

From 0,3 sec, STP

Account types, except ECN account, support the following trading instruments: 35 currency pairs, 4 metals, 6 CFD.

Frequently asked questions

What trading account should I choose?

What is a trading account?

What is forex trading?

Why is FBS the best broker for online trading?

How do I start trading?

Download trading platform

Metatrader 4

Download for windows

Download for ios in appstore

Download for android in googleplay

Start trading online

Download multiterminal

Download for mac os

Metatrader 5

Download for windows

Download for ios in appstore

Download for android in googleplay

Start trading online

Download for mac os

Deposit with your local payment systems

Contact us

Zopim

Wechat

Fb-msg

Viber

Line

The website is operated by FBS markets inc.; registration no. 119717; FBS markets inc is regulated by IFSC, license IFSC/000102/124; address: 2118, guava street, belize belama phase 1, belize

The service is not provided in the following countries: japan, USA, canada, UK, myanmar, brazil, malaysia, israel and the islamic republic of iran

Payment transactions are managed by НDС technologies ltd.; registration no. HE 370778; address: arch. Makariou III & vyronos, P. Lordos center, block B, office 203

For cooperation, please contact us via support@fbs.Com or +35 7251 23212.

Risk warning: before you start trading, you should completely understand the risks involved with the currency market and trading on margin, and you should be aware of your level of experience.

Any copying, reproduction, republication, as well as on the internet resources of any materials from this website is possible only upon written permission.

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “accept” button, you agree to our privacy policy.

Your request is accepted

Manager will call your number

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner forex book

Beginner forex book will guide you through the world of trading.

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get beginner forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Select - open our everyday bank account

Make banking simple with our most popular everyday bank account

Easily use our mobile banking app

Multiple ways to pay: apple pay, google pay™ and contactless visa debit card. Limits apply.

Arranged overdraft available (subject to eligibility)

No monthly fee

To apply, you need to be 18+ and a UK resident.

Budget better, spend less

Available to customers aged 16+ who hold a personal or premier current account.

Check your credit score for free

Available once opted in via the app (to customers aged 18+ with a UK address - provided by transunion)

View your accounts with other banks

You need to be registered for online banking with other banks.

App available to customers aged 11+ with a compatible ios and android devices and a UK or international mobile number in specific countries.

Save up to £50 each month with our digital regular saver

We've just added digital regular saver to our range of savings accounts. You'll get our highest interest rate when you save between £1-£50 by standing order each month, on balances up to £1000. What are you waiting for?

Specific account eligibility criteria and conditions apply.

Switch to natwest

The current account switch service will do all the work when it comes to switching, moving everything across from your old account to your new account all within 7 working days, including direct debits and standing orders. All you need to do is tell us the details of your old bank account and when you want the switch to start.

Overdraft details

How do overdrafts work?

How overdrafts work - details

There are two different types of overdraft:

An arranged overdraft, which allows you to go overdrawn up to an agreed limit. This is the type of overdraft you could apply for here. During your application for an arranged overdraft, we'll run a full credit check to determine how much we can offer you.

An unarranged overdraft. This is when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit.

We charge interest on both types of overdraft. Going in to an unarranged overdraft limit can lead to payments being rejected.

How much will an overdraft cost?

How much does my overdraft cost in pounds and pence?

This account offers an overdraft facility (subject to eligibility). You can check if you're likely to be accepted for an overdraft using our eligibility tool.

As an example, the interest cost of using a £500 arranged overdraft is:

Time period	7 days	30 days	60 days
interest cost	£3.24	£13.87	£28.13

This is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7, 30 and 60 days.

Looking to understand the costs of an overdraft of more or less than £500 over different periods of time? Use our handy cost calculator.

If you don't pay it back, it could have an impact on your credit score.

Representative example: effective annual rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200.

Open a student bank account

Why apply for our student bank account?

Interest-free overdraft up to £2000 (£500 in first term) with an instant online decision

Choose 1 from 3 great offers; amazon prime student membership, national express coachcard or a tastecard

Can't find your card? Temporarily lock it while you look, and if you find it, instantly unlock your card

Withdraw up to £130 without your card every 24 hours at our atms (as long as it’s within your daily withdrawal limit, criteria applies)

Britain's best online student banking provider 'yourmoney.Com awards' 2019

You need to be 17+ and live in the UK. Apply online only.

Study details: you need to be full time undergraduate student (on at least a 2 year course at a UK university/college) or you need to be completing a full time postgraduate or nursing course lasting a year or more. You can apply within 6 months of your course start date.

Overdraft details: you need to be 18+ and have lived in the UK for 3+ years to apply for an overdraft.

Are you an international student?

If you've lived in the UK for less than 3 years you're recognised by us as an international student. If you've lived in the UK for more than 3 years, you can apply for our student account that has no monthly fee.

Pick one of three offers

Amazon prime student

Tastecard

National express coachcard

Offer details

Hassle free banking with our mobile app

App available to customers aged 11+ with compatible ios and android devices and a UK or international mobile number in specific countries.

Understanding overdrafts

How overdrafts work

There are two different types of overdraft:

An arranged overdraft, which allows you to go overdrawn up to an agreed limit. This is the type of overdraft you could apply for here. During your application for an arranged overdraft, we'll run a full credit check to determine how much we can offer you.

An unarranged overdraft. This is when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit.

We charge interest on both types of overdraft. Going in to an unarranged overdraft limit can lead to payments being rejected.

How much will an overdraft cost?

This account offers an overdraft facility (subject to eligibility). You can check if you're likely to be accepted for an overdraft using our eligibility tool.

Looking to understand the costs of an overdraft of more or less than £500 over different periods of time? Use our handy cost calculator.

Student FAQ's

What ID's needed to open a student account?

UK passport or drivers licence (full or provisional)

Proof of address - drivers licence, utility bill or bank statement

You’ll also need to verify your UK student status. Your 16 digital UCAS code is the fastest way to do this - we’ll ask for it in the application form. If you don’t have this, you can verify your student status in many other ways (see question ‘what do we need to verify your student status’ for more information).

How do I claim my student offer?

After your account is open we’ll ask you to pick your favourite offer. You'll need to register for online banking and choose to receive paperless statements on your account. During your application you'll need to provide us with a valid email address as this is how we'll contact you about your student offer.

You'll have 6 months from opening your student account to choose your offer. Once chosen, you'll receive the offer within 5 working days and you can start using the offer right away. The offer will remain on your student account as per the benefit terms and conditions:

Amazon prime - 1 year

Tastecard - 4 years

Coachcard - 4 years

What do we need to verify your student status?

Your UCAS code is the simplest way to show us you’re a student. It consists of 16 digits and is displayed in 4 x 4 blocks. Your UCAS code is used to electronically verify your student status and your account will be opened faster if you provide it in the application.

If you don’t have your UCAS code you can still apply for a student account - you’ll just need to confirm your student status another way. We’ll accept any of the below documents as proof of your UK student status:

Letter from UCAS

Letter from your university

Letter of acceptance

Enrolment offer

Enrolment certificate

Student loan or finance letter

Students awards agency for scotland (SAAS)

Local education authority award letter

Student ID card (stating current year of study)

If you don’t provide your UCAS number in the application form, you can manually upload one of the above documents after you submit your student account application.

What happens to my student account after I graduate?

After you graduate your student account will switch to a graduate account. We’ll notify you about 60 days in advance so there's no unexpected surprises.

How do I apply for an overdraft on my student account?

You can choose to apply for an overdraft in your online student application. You'll need to be 18+ years old and have lived in the UK for 3+ years.

If you're approved, the overdraft limit is £500 for the first term of your first year of study. You can apply to increase the overdraft up to £2,000 after the first term.

Santander student account: everything you need to know

Transferwise

If you’re about to start university in the UK - or if you’re already taking an undergraduate course or level 4-7 apprenticeship - you might be eligible for a student account from santander. The santander student current account offers some attractive features for students, including discounts on rail fares and an overdraft facility¹. There are, however, some fees you need to know about, especially when it comes to using your account to send and receive international payments, or cover your costs while you travel.

To be eligible for the santander 1|2|3 student current account, you’ll need to use it as your primary account, and pay into it every academic term¹. However, it’s not necessarily the best account for all your financial transactions. If you travel a lot, or are an international student receiving money from home, you might benefit from getting a specialist product, such as the borderless multi-currency account from transferwise, to cut the costs on international payments, and spending while overseas. More on that later.

Planning on studying in the UK? If you need to send money to or from your home country, transferwise could save you money versus your bank

Before you get started, a bit of information about international payments.

Going to university can be expensive. Classes you have to pay for, books you have to buy and, if possible, you want to enjoy student life as well. Maybe you’ve been saving money to go and study abroad, or you have family or friends who are helping you out, either way, sending money abroad can be a costly business.

Banks and money transfer providers often give you a bad exchange rate to make extra profits, and most of them use intermediary banks to send your money across borders. All of this can add up pretty quick. However, there’s an alternative.

Transferwise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using transferwise rather than your bank when you send your money abroad. Oh, and transferwise gives you the most fair exchange rate out there, the mid-market exchange rate.

Here’s all you need to know about the santander student account.

How to open a student account with santander

If you’re a new customer, you’ll be able to open your santander 1|2|3 student current account online if you wish. This should only take 10 minutes - although you also have the option of visiting a branch if you want some face to face help².

If you already bank with santander, you must visit a branch to switch your account to a student product². This is because you can’t run a student account alongside another account with santander, so you’ll need to close your original santander account before you can get started with your student account.

To open your santander student account you’ll need to have the following³:

An active email address and phone number

Your address history for the previous 3 years - you may need a proof of address, depending on the circumstances

Proof of your status as a student - this could be a student ID card or a letter from your university confirming you've been accepted, for example

Details of your incoming and outgoing payments

What kind of student bank account does santander offer?

Santander’s account for students is called the 1|2|3 student current account. This account offers some student-friendly perks like a free 4 year railcard, which gives a reduced price for rail fares, and discounts of up to 15% at some partner retailers. Interest is paid on balances of £300-£2,000, and the account is paper free, with online banking facilities¹.

You’ll get a debit card and overdraft facilities, which can increase over time, depending on how you manage your account¹. You’ll be able to send and receive international payments, and use your debit card overseas⁴ - but there are fees for these services you’ll want to know about. More on that in a moment.

When you’re choosing the right student account for you, it pays to shop around a little. A good alternative to look at - especially if you send and receive international payments frequently, or love to travel - is the transferwise borderless account.

This smart new account lets you hold more than 40 currencies, and get local, virtual account details for the UK, US, euro area, australia and new zealand. That means you can receive money via local payment methods in these major world currencies, just like a local. You can also get a linked debit card to make ATM withdrawals and pay for things anywhere you see the mastercard logo.

One of the key features of the borderless account is that you can hold multiple currencies, and switch between them using the mid-market rate, whenever you need to. This means you’re getting the very best available exchange rate, and you’ll only ever pay a low, transparent fee, which you’ll always see upfront. It’s a great solution if you’re an international student in the UK and receiving money from back home, or a british citizen taking time to study overseas - or even if you just love to make the most of the university holidays to travel. A borderless account can mean you save money on international bank fees - and have more to spend on yourself.

What are the requirements to open a student bank account with santander?

To open a santander 1|2|3 student current account you must be aged 18 or over, and a UK resident¹. You’ll need to show that you have already started university, or have received an unconditional or confirmed conditional offer for a place on a recognised course of study. This means you can’t apply until you've received your exam results if your university place was offered on a conditional basis.

To be eligible for this student account you must be starting a university undergraduate course which is at least 2 years long, or a level 4-7 apprenticeship¹.

If you already bank with santander, you'll need to close or transfer your existing account, so that your student current account is your main bank account. You’ll also have to pay in at least £500 per academic term to retain the benefits the account offers. Once you graduate, santander will either close your account or transfer you to a 1|2|3 graduate account⁴.

Are there any fees to open or maintain the account?

Here are the main fees you need to know about - you can get the full terms and conditions online from santander, before you open your account⁵.

Does santander allow you to have an overdraft on your student account

As long as you meet the eligibility requirements for the 1|2|3 student current account, you’ll get an arranged overdraft facility. This is fee free for the duration of your student account if you stay within the arranged overdraft limit - but you may find you need to pay fees on this facility after your finish studying, depending on the account type you transfer to. If you exceed your arranged overdraft, you’ll also have to pay fees⁴.

Assuming your account is well managed, and depending on the length of your university course or apprenticeship, your arranged overdraft limit will be as follows⁴:

Year 1 - £1,500

Year 2 - £1,500

Year 3 - £1,500

Year 4 - £1,800

Year 5 - £2,000

When your period of study ends, your account will either be closed or transferred to a different santander account - in either case, you’ll be given notice in advance of the change⁴.

The santander 1|2|3 student current account has many great features for students, but there are also fees and charges to be aware of. Doing a bit of research, and thinking carefully about the way you’ll use your account is the best way to get the right solution for your needs.

You might choose to get an alternative account to use for sending and receiving international payments, and spending while you travel, for example. Try the transferwise borderless account, for a flexible way to manage your money across over 40 different currencies, and see if you can save.

Sources used for this article:
1.Https://www.Santander.Co.Uk/personal/current-accounts/123-student-current-account
2.Https://www.Santander.Co.Uk/personal/current-accounts/123-student-current-account/apply-for-a-123-student-current-account
3.Https://apply.Santander.Co.Uk/pubretojbankweb/ola.Htm?_flowid=student&fatca=true&psb=3007190000001&pss1=3007190000002&pss2=3007190000004&pss3=3007190000006&pss4=3007190000008&pss5=3007190000010&psd=5057000000001&ex=310520&refid=student&PPC=3007220000001
4.Https://www.Santander.Co.Uk/assets/s3fs-public/documents/123-student-current-account-kfd_0.Pdf
5.Https://www.Santander.Co.Uk/assets/s3fs-public/documents/fid-student-current-account.Pdf
*all sources checked on march 7, 2019

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from transferwise limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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