Lloyds student account review

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

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Lloyds Bank

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

Types of current account for students

Lloyds Bank has 1 current account available for students – the Lloyds Bank Student Current Account.

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

Product NameStudent
Card typeCash / Debit
Debit networkVisa
Minimum opening balance£1
Account fees£0
Interest (AER)2% 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 cash fee of £1.50


To be eligible for a Lloyds Bank Student Current 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 3 years;
  • be studying full-time*.

*You’ll need to be studying full-time on a course for at least 2 years, or on a 1-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. You’ll need 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

  • Interest-free overdraft. If your application is successful, you can apply for an overdraft with the Lloyds Bank Student Account.
  • Your interest-free overdraft remains after you graduate. You can keep your interest-free overdraft for 3 years after you graduate.
  • Earn cashback with Lloyds’ retail partners. You’ll automatically cashback when you use your debit card to shop with one of Lloyds’ retail partners on its “Everyday Offers” programme.

Pros and cons


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


  • This account isn’t available to international students.
  • There are other student accounts with larger overdrafts.

Customer service information for Lloyds

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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.

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.

You may still be charged overseas fees however. For example, some cash machine operators when abroad may apply a direct charge for withdrawals from their cash machines (this should be advised on screen at the time of withdrawal).

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 £210.30) at an ATM in Paris and it'll cost you £6.29 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 four (£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 Current Account is likely to catch your eye, as you’ll get access to cashback with Lloyds’ various retail partners. 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.

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