Why choose our Student Current Account?

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  • View your PIN and card details in the app – shopping online and left your card in the other room? Reveal your details with just a few taps.
  • Manage your subscriptions – view, cancel and block regular subscriptions whenever you like.
  • Text alerts – stay on top of your finances by receiving a notification every time you spend.
  • Freeze your card – think you’ve lost it? Freeze it in the app to stop it being used.

 

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Who can apply?

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You can apply if

  • You're aged 17 or over
  • You’re studying full-time on a course of at least two years’ duration, or a one-year full-time access course leading to a degree
  • You have been a resident in the UK for at least three years
  • You have a university place confirmed
  • You're already a student, you can still apply for a student account
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Are you an international student?

If you have not been a resident in the UK for at least three years, you will not be able to apply for a Student Current Account.

Instead, you might want to take a look at our other accounts.

View other accounts

More on the arranged overdraft

What is a student arranged overdraft?

Sometimes you need a little financial support to help tide you over for a short period of time. That’s where an arranged overdraft comes in. It allows you to borrow some money, like a safety net. With our Student Current Account, you can apply for an interest-free arranged overdraft of up to £1,500 in years 1 - 3 and up to £2,000 in years 4 – 6. Like all overdrafts, you’ll have to pay it back at some point, but we’ll keep you in the loop by letting you know if you ever go over your limit via overdraft alerts.

Key information

  • You can use an arranged overdraft to borrow money up to an agreed limit through your bank account.
  • There is no fee to set up an arranged overdraft and you’ll only pay daily arranged overdraft interest if you use more than your interest-free amount.
  • When you have applied for this account, at the end of the application you can apply for an arranged overdraft which you can add right away. You can also apply for one later.
  • Use our cost calculator to help you work out the cost of an arranged overdraft.
  • You can reduce or remove your arranged overdraft at any time through the app, Internet Banking, Telephone Banking or by visiting your branch.
  • You must repay anything you owe if you want to remove an arranged overdraft or anything over the new reduced limit you want. You can also apply to increase it.
  • Using an arranged overdraft increases your overall borrowing and may affect your credit score.

 

  • If you don't have enough money in your account or available arranged overdraft to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment. Missing payments and using an unarranged overdraft can damage your credit score, please get in touch with us as we may be able to help you. If you use your arranged overdraft over your interest-free amount but pay it back before the end of the day, then you won’t pay any arranged overdraft interest for that day.
  • All overdrafts are subject to application and repayable on demand. You must be 18 or over to apply.


Our interest-free arranged student overdraft

Take a look at how the interest-free amount changes over the years. You can only apply for an arranged overdraft if you are 18 years or more.

 

Year 1 of study

First 6 months from account opening - Interest-free arranged student overdraft = £500.

First 7-9 months from account opening - Interest-free arranged student overdraft = £1,000.

First 10-12 months from account opening - Interest-free arranged student overdraft = £1,500.

Years 2 - 3 of study

Interest-free arranged student overdraft = £1,500

Years 4 - 6 of study

Interest-free arranged student overdraft = £2,000

 

If you are given an arranged overdraft limit higher than the interest free amount, you will be charged interest on any borrowing over and above the interest free amount.
 

Representative Example

A variable representative rate of 0% APR

A variable interest rate of 0% EAREAR is the Equivalent Annual Rate. This is the annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This interest rate does not include any other fees and charges.

Based on borrowing £1,200

This example assumes you are in the second year of your studies

How much does my overdraft cost in pounds and pence?

As an example, the interest cost of borrowing £500 is:

£0.00 for 7 days

£0.00 for 30 days

£0.00 for 60 days

How does our overdraft compare?

You can use the representative APR to compare with other products or credit providers. This can help you make sure that you find the right type of borrowing for you.

Useful tools

You can use our calculator to work out how much your anticipated arranged overdraft borrowing would cost over different periods of time.

 

Cost Calculator

You can use our eligibility tool to find out if you are eligible for an arranged overdraft.

 

Eligibility Tool

Arranged overdrafts are subject to application and approval and repayable on demand. You must be 18 or over to apply. Arranged overdraft limits and interest rates vary based on your individual circumstances.

You won’t pay anything when you stay within your interest-free arranged overdraft amount.

For more information about overdrafts, see Student Account welcome pack (PDF, 4.5MB).

If you already have a current account with us, you can apply for an arranged overdraft through Internet Banking or Mobile Banking. You can also apply to increase your existing arranged overdraft limit too.

Log on to apply for an arranged overdraft

Open a Student Current Account today
 

Apply for a new account

You can do this on our Mobile Banking app by scanning the QR code, online or in any Lloyds Bank branch with your ID documents. You’ll need:

  • Your 4-digit UCAS code confirming your place for your course. You can find this when you log in to the UCAS portal
  • Proof of identity, such as a driving licence or passport
  • Proof of address, such as a utility bill or bank statement (branch)

Account opening is subject to our assessment of your circumstances.

Continue on the website
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Change an existing account

Log on via Internet Banking by selecting the 'Log in to apply' button.

  • During the application, you’ll be asked for your 4-digit UCAS code
  • Your sort code and account number will stay the same
Log in to apply
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Apply for a new account

You can do this on our Mobile Banking app, online or in any Lloyds Bank branch with your ID documents. You’ll need:

  • Your 4-digit UCAS code confirming your place for your course. You can find this when you log in to the UCAS portal
  • Proof of identity, such as a driving licence or passport
  • Proof of address, such as a utility bill or bank statement (branch)

Account opening is subject to our assessment of your circumstances.

Get started on the app

Continue on the website

Change an existing account

Log on via Internet Banking by selecting the 'Log in to apply' button.

  • During the application, you’ll be asked for your 4-digit UCAS code
  • Your sort code and account number will stay the same
Log in to apply

Student Current Account FAQs

    • For nursing and midwifery, a NMAS letter is accepted
    • If you haven’t applied through UCAS, then an original university offer letter on university headed paper may be accepted. It needs to include:
      • Student’s name and address
      • Course name
      • Course type and length
      • Year of graduation
    • If you have a Lloyds Student Account already, and continue straight onto a Masters Degree or PhD, you can extend your existing Student Account and hold it for a maximum of 6 years whilst you study.
    • If you don’t have a Lloyds Student Account, and are starting a Masters Degree, then you can open a new Student Account if you are  17 or over, have been a resident in the UK for at least three years and are studying for a full-time course that lasts for a minimum of two years or be on a one year access course leading onto a full-time degree.
  • When you graduate, we’ll still be by your side.

    Your Student Account will automatically convert to Graduate Account when you complete your university course.

    The Graduate Account has an interest-free arranged overdraft offer that gradually reduces each year, helping you transition into professional life. You can apply for an interest-free arranged overdraft up to:

    • £2,000 in your first year after graduating
    • £1,500 in your second year
    • £1,000 in your third year

    More on our Graduate Current Account

  • Apply for a student account, and we’ll tell you what arranged 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.

  • You can apply to increase it online in a couple of minutes, and we will give you an instant online decision.

Key information on the Student Current Account

  • What is the credit interest rate on this account?
     

    Interest rates

    Your balance

    AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.

    Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

    Your balance

    £1-£5,000

    AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.

    2.00

    Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

    1.98

    Your balance

    £5,000.01 and above

    AER %Annual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily.

    0.00

    Gross %CloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

    0.00

    You could earn 2.00% AER (1.98% gross p.a.) variable credit interest on balances between £1 and £5,000. You won’t earn interest on any part of your balance over £5,000.

    For example, when you have £5,500 in your account, you could earn interest of 2.00% AER (1.98% gross p.a.) variable on £5,000 and 0.00% AER (0% gross p.a.) variable on the rest £500.

    Can I earn credit interest on balances over £5,000?

    No, credit interest is not payable on the amount of any balance over £5,000.

    When is the credit interest paid?

    The credit interest earned will be paid into your Student Current Account on a monthly basis.

    If you do not earn the credit interest, you won't receive payment the following calendar month.

  • Current Account Switch Guarantee

    Switching with us

    We can move your current account to a Lloyds Bank Student Account in just seven working days. Your standing orders and Direct Debits will be automatically transferred to your new account. All you have to do is let us know the date you want to be switched and provide details of the account you want to switch from.

    Current accounts and services are offered subject to your status. They are available only to personal customers who are aged over 18 and are resident in the UK.

    Current Account Switch Guarantee

    Current Account Switch Guarantee

    We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.

    The service is free to use and you can choose and agree your switch date with us.

    We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).

    If you have money in your old account, we will transfer it to your new account on your switch date.

    We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.

    If there are any issues in making the switch, we will contact you before your switch date.

    If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

  • When you are no longer eligible for the Student Account, for example you graduate from your course, we will convert your account to a Graduate Account, unless you make alternative arrangements with us.

    If you are not eligible for a Graduate Account (for example you leave full-time study before graduating) we will convert your account to a Classic Account (or similar account if it is no longer available).

    Arranged overdraft

    You can apply for a tiered interest-free arranged overdraft of up to:

    • £2,000 in your first year after graduating,
    • £1,500 in your second year, and
    • £1,000 in your third year.

    Representative Example

    A variable representative rate of 0% APR

    A variable interest rate of 0% EAREAR is the Equivalent Annual Rate. This is the annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This interest rate does not include any other fees and charges.

    Based on borrowing £1,200

    This example assumes you are in your second year after graduation

    How much does my overdraft cost in pounds and pence?

    As an example, the interest cost of borrowing £500 is:

    £0.00 for 7 days

    £0.00 for 30 days

    £0.00 for 60 days

    How does our overdraft compare?

    You can use the representative APR to compare with other products or credit providers, this can help you make sure that you choose the right type of borrowing for you.

    Arranged overdrafts are subject to application and approval and repayable on demand. You must be 18 or over to apply. Arranged overdraft limits and interest rates vary based on your individual circumstances.
     

 

Invest Wise

Introducing Invest Wise, our free investment account for 18-25 year olds - the ideal companion for students aspiring to smash their financial goals. Enjoy an account with no admin charges and take advantage of free regular investing, so even more of your money can go into your investments!

Open an account

Please remember that the value of investments and the income from them can fall as well as rise, and you may get back less than you invest.

Not quite the right account for you?

You may want to take a closer look at these accounts:

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Lloyds Banking Academy

Our Banking Academy has got you covered when it comes to keeping your money safe, avoiding scams and getting ready for the future.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Lloyds Bank adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.

The Student Current Account is only available to full-time students who are permanently resident in the UK. Applicants must be at least 17 years old and must be studying for a full-time course that lasts for a minimum of two years or be on a one-year access course leading on to a full-time degree.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

We may monitor or record telephone calls to check out your instructions correctly and to help us improve the quality of our service. Calls from abroad are charged according to the telephone service provider’s published tariff. Not all Telephone Banking services are available 24 hours a day, 7 days a week. Please speak to an adviser for more information.

Account opening is subject to our assessment of your circumstances.

Overdrafts are repayable in full on demand.