Lloyds student account review

Lloyds Bank offers a current account designed to help students through their studies.

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Find out more about the perks of the Lloyds Bank Student Account, including its interest-free overdraft and the cashback programme with Lloyds’ retail partners.

Types of current accounts for students

Lloyds Bank has one current account available for students – the Lloyds Bank Student Account.

Below, you’ll discover the key perks and benefits of this account.

Product NameStudent
Card typeCash / Debit
Debit networkVisa
Min. opening balance£1
Account fees£0
Interest (AER)0% AER
Funding requirementNo minimum funding requirement
Daily cash machine limit£500
At end of termAccount transferred automatically to graduate account
Maximum overdraft in year 1£1,500
Maximum overdraft in year 2£1,500
Maximum overdraft in year 3£1,500
Maximum overdraft in year 4£2,000
Maximum overdraft in year 5£2,000
Overseas card transactions2.99% plus flat fee of £0.50
Overseas cash withdrawals2.99% conversion fee plus £1.50 cash fee
Key benefitsEveryday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card. Customers must be over 18, be registered for internet banking and activate the offer to be eligible.


To be eligible for a Lloyds Bank Student Account, you’ll need to:

  • be aged 17 or over (although to apply for an arranged overdraft, you’ll need to be aged 18 or over);
  • have been living in the UK for at least three years;
  • studying full-time*.

* You’ll need to be studying full-time on a course for at least two years, or on a one-year course leading to a degree.

You can apply as soon as you receive an unconditional offer for your course.

How to open an account

You can apply to open an account online or in-branch.

However, if you apply online, you’ll still need to go into a Lloyds branch to provide the following documents:

  • proof of identity, such as a passport or driving licence;
  • proof of address, such as a utility bill or bank statement;
  • your 4-digit UCAS code confirming your place on your course.

The benefits

  • Large interest-free overdraft. Lloyds Bank has a tiered system for the overdraft limit. For the first six months of your account being open, your limit will be £500. This increases to £1,000 in months 7-9. After 10 months, you can increase your overdraft limit to £1,500. If you’re studying for more than three years, you can increase your overdraft to £2,000 in years 4 and 5.
  • Your interest-free overdraft remains for three years after you graduate. It’ll be limited at £2,000 for the first year after graduating, dropping to £1,500 in your second year and £1,000 in your third year.
  • Earn cashback with Lloyds’ retail partners. You’ll automatically earn up to 15% cashback when you use your debit card to shop with one of Lloyds’ retail partners on its “Everyday Offers” programme.
  • Free TOTUM discount card for up to three years. If you apply for an account between 1 August 2021 and 31 October 2021, you’ll receive a free TOTUM Card. This card gives you access to discounts at over 350 UK companies, including retailers, entertainment venues and restaurant chains.
  • Card security. You can temporarily freeze your card in your banking app if you lose it, then unfreeze it if you find it again.

Pros and cons


  • Interest-free overdraft.
  • Cashback with Lloyds’ retail partners.


  • This account isn’t available to international students.

Frequently asked questions

Do I have to get my student loan paid into this Lloyds Bank account?

No. This account comes with no regular funding requirements. See how that compares in our comparison of student accounts.

How much does it cost to use the Lloyds Bank student debit card overseas?

When you use your card overseas, you'll pay a non-sterling charge of 2.99% plus a flat fee of £0.50. For, example, if you spend the local equivalent of £250, you'll be charged £7.48 plus the flat fee of £0.50.

Because it's a Visa, you'll find it's accepted pretty much anywhere that takes card payments.

Compare options for keeping costs down when spending abroad.

How much does it cost to withdraw cash overseas using the Lloyds Bank student debit card?

You'll pay a currency conversion fee of 2.99% plus a cash fee of £1.50. For, example, if you take out the equivalent of £150, you'll be charged £4.49 plus the cash fee of £1.50. Withdraw 250 euros (that's around £211.40) at an ATM in Paris and it'll cost you £6.32 plus the cash fee of £1.50. Don't forget that the local cash machine provider may charge its own fee too.

Does Lloyds Bank's interest-free student overdraft limit increase over time?

Yes. While the opening interest-free overdraft limit is capped at £1,500, this increases to a maximum of £2,000 in year six (£1,500 in year three). Check out our full comparison of student accounts to see the interest-free overdrafts available to UK students with a breakdown of each account's limit in each year of your course.

Our verdict

If you’re a keen shopper, the Lloyds Bank Student Account is likely to catch your eye, as you’ll get access to cashback with Lloyds’ various retail partners, as well as a TOTUM discount card (if you apply within the offer period). The interest-free overdraft might not be quite as large as some other student accounts, but would still be very useful, especially given the staggered timescale in which to repay it after your studies end.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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