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 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:
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:
If you're quick, you'll receive a free NUS Extra Card entitling you to some exciting discounts.
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.
Here's the maximum fee-free overdraft for the graduate account.
|Year||Overdraft Value||Interest Rate|
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.