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Lloyds TSB Student Bank Account

Last updated: 18th January, 2013

Lloyds TSB student bank accountThe Lloyds TSB student account tends to be a top pick with the medical students and those taking a 5 year course as it offers great terms over 5 years. However, it is worth taking a look if you are doing a 3 year course too.

You can compare the Lloyds account with the others on offer with our very own student bank accounts guide.

Overdraft

The overdraft on the Lloyds TSB account is obviously 0% as with all of the other accounts. However, with the Lloyds TSB student bank account it is only “up-to” and you will have to apply to increase your overdraft.

You will qualify for an increase based on past spending and your current credit rating. We recommend that you check your credit rating with a free trial at Credit Reports Matter to see if you can get the maximum.

Year 1 – £1,500 (Term one £500; Term 2 £1,000)

Year 2 – £1,500

Year 3 – £1,500

Year 4 – £2,000

Year 5 – £2,000

Going over the limit

You should keep a close eye on your student account at all times to see when you might go over your overdraft limit. If you make a payment that goes over the bank won’t stop it but simply charge you for it so be careful. It’s best to “arrange” your overdraft to keep the costs down.

Arranged – 8.21%

Un-arranged – 8.21% + extra monthly & daily charges.

Lloyds TSB student freebies

With the Lloyds account you can get a 3 year NUS Extra card which is great if you plan on using the discounts that they have available.

You can also get £75 off a holiday from STA travel which may come in handy if you fancy sunning yourself or going on a skiing trip during your time at university.

Banking Features

You can access your Lloyds TSB account both online and over the phone.

There are plenty of branches in the UK so you should never be too far away from a meeting with an advisor.

How to open a Lloyds TSB account

To open the account you must:

  • have lived in the UK and been a permanent resident for 3 years
  • be studying in full time education
  • Be over 17 years old
  • Pass a credit rating test.

You can apply for the Lloyds TSB student current account here.

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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