Lloyds Student Bank Accounts
Lloyds Bank has a student bank account that should meet the needs of most students in their first six years through to post-graduation.
Their fee-free overdraft facility is not the highest, nor can you draw down the whole amount in your first year, but it's manageable for most people.
The Lloyds Student Bank Account
The student current account from Lloyds operates like any other banking account and has a basic £1,500 free overdraft from month 10 in your first year. The full details of their current offer are as follows:
- Interest-free overdraft of £1,500 from month 10.
- You can increase this to £2,000 in your 4th and 5th year if you get that far!
- Fee-free day-to-day banking.
- Free NUS Extra Card with 40% off at Pizza Express, up to 10% off at Apple and 25% off student prices at Odeon.
- Receive Lloyds contactless debit card.
- Easy access through Lloyds's branches and cash machine network.
- Mobile phone banking on the move with Apple Pay and Android Pay.
The Student Overdraft Limits
Here's the maximum fee-free overdraft when you take out the student current account.
| Year/ Month | Overdraft Value | Interest Rate |
|---|---|---|
| Year 1, Months 1 to 6 | £500 | 0% |
| Year 1, Months 7 to 9 | £1,000 | 0% |
| Year 1, Month 10 Year 3 | £1,500 | 0% |
| Year 4 to 6 | £2,000 | 0% |
If you go over these limits, the overdraft interest rate on the next £300 is 8.21% EAR with a monthly usage fee of £6.
It's priced at £32 for three years at the NUS website, but it's yours for free with compliments from Lloyds.
Some of the discounts you receive include:
- 20% off all stationery at WHSmith.
- 10% discount on shopping at The Co-op supermarket.
- A 20% discount at National Express coaches.
- 25% off your food bill at Prezzo.
- 60% off with Stuff4Students.
The NUS Extra Card
If you're quick, you'll receive a free NUS Extra Card entitling you to some exciting discounts.
The Lloyds Graduate Account
Once your course finishes, you're automatically converted over to the Lloyds graduate account. You receive the same benefits as the student account together with a reducing overdraft starting at £2,000.
- An impressive interest-free overdraft of £2,000 on opening.
- A range of credit cards to suit you.
- 0% AER credit interest on money in your account for Lloyds University Accounts.
- Receive Lloyds contactless debit card.
- Easy access through Lloyds's branches and cash machine network.
- Mobile banking on the move with Apple Pay and Android Pay.
The Graduate Overdraft Limits
Here's the maximum fee-free overdraft for the graduate account.
| Year | Overdraft Value | Interest Rate |
|---|---|---|
| Year 1 | £2,000 | 0% |
| Year 2 | £1,500 | 0% |
| Year 3 | £1,000 | 0% |
These are reasonable accounts for students with the one big bonus is the fee-free overdraft of up to £1,500. Other banks may offer higher overdrafts so check our comparison table for the latest offers.