Being a student often means living on a tight budget.
With our Student Account, you can apply for an interest and fee free tiered planned overdraft of up to £1,500 in Years 1 to 3 and up to £2,000 in years 4 to 6. You’ll need to be 18 years old to apply for an overdraft.
Stay in credit and you won’t have to pay monthly fees.
Convenient payments with a contactless debit card (if you’re aged 18 or over), Apple Pay and Android Pay.
Open your account between 1st August 2017 and 31st October 2017 and enjoy an NUS extra Card absolutely free for up to three years.
Packed with hundreds of offers including up to 40% off at Pizza Express, up to 10% off at Apple and 25% off student prices at Odeon
All overdrafts are subject to our assessment of your circumstances are are repayable on demand.
When you’re at university or college, sometimes you need the flexibility of extra money to help tide you over. Student overdrafts can be a short term safety net when you need to borrow some money. With our student account, you can apply for an interest and fee free tiered planned overdraft of up to £1,500 in Years 1 – 3 and up to £2,000 in years 4 to 6.
Like all forms of overdrafts you’ll need to pay it back at some point, but don’t worry we’ll help you keep on top of your spending with text alerts to tell you when you’re close to or over your limit. Plus when you graduate, we’ll still be by your side, converting your student account to a graduate account. With our graduate account you can apply for an interest and fee free tiered planned overdraft offer for the first three years, helping you move into professional life.
Many students use overdrafts for:
"The planned overdraft was especially useful for me when changing tenancies between years. Agencies and landlords would ask for a new deposit before my old deposit had been released, leaving me out of pocket for a bit. My planned overdraft gave me some more financial flexibility.“
Daniel, a recent graduate from a Lloyds Bank Student Account.
If you are 18 years old or more, you can apply for a planned student overdraft where:
Year & Month from account opening
Interest and fee-free planned student overdraft
Year 1 Months 1 – 6
Year 1 Months 7 – 9
Year 1 Month 10 – Year 3
Year 4 - 6
You won’t pay anything when you stay within your interest and fee-free planned overdraft amount.
If you use a Planned Overdraft of £1,800 in your second year the overdraft interest rate we will charge on the first £1,500 will be 0% EARCloseEquivalent Annual Rate The Equivalent Annual Rate (EAR) is used for overdrafts. It shows the effect of interest accruing on interest, in a situation where no repayments to the borrowing are made in a year. This allows you to compare rates across different organisations. The calculation does not include fees or other charges which are quoted separately. variable and a monthly overdraft usage fee will not apply. The overdraft interest rate on the next £300 will be 8.21% EAR variable and a monthly overdraft usage fee of £6 will apply.
For more information about Overdrafts, see Student Account welcome pack (PDF, 1.7 MB)
Please note: From 2 November 2017 we’re making changes to how our bank account overdrafts work and how we charge our overdrafts fees. Below is an overview of how your overdraft is changing:
One Daily Overdraft Fee
You’ll pay a daily overdraft fee of 1p for every £7 you borrow, over your fee-free amount (if your account has one). When calculating the daily overdraft fee, we will only use every full £7 you have borrowed, so if you borrow less than £7 you won’t be charged. The Classic Account planned overdraft will no longer have a fee-free amount. All other accounts will keep their existing fee-free amounts.
Instead of paying all fees in one go each month, the new fee will be charged at the end of each day you use your overdraft – so you’ll pay for what you borrow on the day you borrow it. This will help you keep track of how much your overdraft costs you.
If you go over your limit
So all your payments are made, it’s important you manage your account within your planned overdraft limit. If you don’t have enough money in your account or you reach your limit, you may not be able to make any more payments. If a payment takes you over your limit or we stop it, you won’t be charged.
Apply for a student account, and we’ll tell you what planned overdraft we can give you during your application.
All overdrafts are subject to our assessment of your circumstances and are repayable on demand, including any interest or charges.
How do I increase my overdraft?
You can apply to extend it online in a couple of minutes, and we will give you an instant online decision.
Your Student Account will automatically convert to Graduate Account when you complete your university course.
The graduate account has an interest and fee-free overdraft offer which gradually reduces each year, helping you transition into professional life. You can apply for an interest and fee-free overdraft up to:
All you need to do is apply and open your Student Account by 31 October 2017. NUS will then send you a unique promotional code, which you’ll need to order your firstfree card. Your promotional code will be valid until 31 December 2017 and the sooner you order your free NUS extra card the sooner you’ll be able to start saving.
Your unique promotional code will be sent by email and SMS from NUS, so please ensure we have your up to date details. Codes will be sent out within 15 working days of opening your account. If you’re eligible for the offer and don’t receive your code after 28 days, please visit a branch and speak to a member of staff.
Once you’ve applied, NUS will send you your free card within 7–10 working days. You will be able to access your NUS extra card details immediately in the ‘Track My Card’ section under ‘My Account’ on nus.org.uk, so that you can start using the online discounts straight away. Your 2017/2018 NUS extra card will be valid until 30 September 2018, regardless of when you apply for your card. You must order your free NUS extra card by 31 December 2017.
Access to over 200 UK discounts on the high street and online PLUS 42,000 discounts worldwide with a free ISIC.
Partners include big names such as Amazon, where you will receive £5 credit when you sign up to Amazon Student, 25% off student ticket prices at Odeon, 10% off at The Co-op, plus discounts from Apple, 16-25 Railcard, National Express, Superdrug, New Look, Jack Wills, Spotify, PizzaExpress, ASOS, CrossCountry Trains, Missguided, Domino’s and Thorpe Park plus many more. Have a look at the fantastic range of discounts that you could enjoy at www.nus.org.uk. To see where you can save money when you are on the go you can download the NUS extra App.
Important information: To be eligible for the free NUS extra card you must open your Lloyds Bank Student Account by 31 October 2017 and apply for your free NUS extra card by 31 December 2017. NUS extra discount partners are updated regularly.