Funding your studies
- Get a student account with an interest-free arranged overdraft to give you more financial flexibility.
- Credit cards can be a good way to spread the cost of expensive items, as long as you can pay them off every month.
- Taking out a student loan is one of the cheapest ways to borrow money long-term and you don’t have to pay it back until you are earning over £21,000.
- A graduate account can help ease you into your working life by gradually phasing out your interest-free overdraft.
As a student, a great way to control your finances is to get as much advice and support as possible. Of course, that means talking money and bank accounts, but it also means looking at your lifestyle, too.
There are so many different bank accounts and financial products available, it can be difficult to know the best one to pick when you're a student. Here are some things you should look out for:
Student accounts
These bank accounts are specifically designed for students, so often include an interest-free overdraft. They also commonly include gifts or discounts for things that students use a lot or just like. But it's important to also look beyond the freebies.
Credit Cards
These can be a convenient way to manage your money when used appropriately. There's usually an interest free period, so if you can pay them off every month, that's great. They can also help spread the cost of expensive items.
Arranged overdrafts
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 Lloyds Bank Student Account, you can apply for an interest-free tiered arranged 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 mobile alerts to tell you when you’re 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-free tiered arranged overdraft offer for the first three years, helping you move into professional life.
So all your payments are made, it’s important you manage your account within your arranged 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.