Finder rating: ★★★★★
The Co-operative Bank student account review 2024
Our verdict
Looking for a student account focused on the environment and charity? Discover more.
There's not much to write home about with this account. Yes, there's an interest-free overdraft available - which is the only noteworthy incentive - but some other student accounts offer larger 0% interest overdrafts. However, The Co-operative Bank is known for its ethical policies and was highly commended in the Green High Street Bank category in Finder's Green Banking Awards.
Pros
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An interest-free overdraft
-
Consumer-led Ethical Policy
Cons
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No freebies offered with this account
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There are other student accounts with larger overdrafts
Quick and simple switching
Small branch network
The Co-operative Bank’s student account offers an interest-free overdraft, but how does it compare to other student bank accounts? Read our review to find out more.
Types of current accounts for students
The Co-operative Bank has one current account available for students – The Co-operative Bank Student Bank Account.
Below, we’ll explore the key benefits and features associated with this student bank account.
| Product Name | Student Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Visa |
| Minimum opening balance | £0 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | No minimum funding requirement |
| Daily cash machine limit | £250 |
| At end of term | Account transferred automatically to Current Account |
| Maximum overdraft in year 1 | £1,400 |
| Maximum overdraft in year 2 | £1,700 |
| Maximum overdraft in year 3 | £2,000 |
| Overseas card transactions | 2.75% |
| Overseas cash withdrawals | 2.75% |
Eligibility
To be eligible for this account, you’ll need to:
- be at least 18 years old;
- be a UK resident;
- have been confirmed on a full-time course for at least two years;
- have no other student accounts opened.
If you have a place on an Undergraduate degree, Postgraduate degree, Foundation degree, BTEC Higher National Diploma course or a NVQ Level 4 or 5 course, you’re eligible.
If you’re studying on an Open University course or an apprenticeship, you’re not eligible for this account.
How to open an account
To open a student account, you’ll need to fill out a form on The Co-operative Bank’s website (which recommends doing this on a desktop). You’ll then need to email, post or take the form to a bank branch to complete your application.
You’ll need to include proof of acceptance onto your course with your application. The Co-operative Bank says it may also write to applicants if it requires proof of ID and home address.
You can expect to hear back from the bank within seven days of it receiving your application form. If your student account application is accepted, you’ll be sent your welcome pack and debit card.
The benefits
- Interest-free overdraft. You’ll be given an interest-free overdraft of £1,400 when you open the account. You can apply for this to be increased up to £1,700 in the second year and £2,000 in the third year. For your overdraft to become availible, you’ll need to meet the minimum funding requirement.
Pros and cons
Pros
- Interest-free overdraft.
- The Co-operative Bank is an ethical bank, supporting several UK charities.
Cons
- No incentives other than an interest-free overdraft.
- This account is not available to international students, Open University students or apprentices.
Customer service information for The Co-operative Bank
| 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 Co-operative Bank account?
No. This account comes with no regular funding requirements.
How much does it cost to use the Co-operative Bank student debit card overseas?
When you use your card overseas, you'll pay a non-sterling charge of 2.75%. For, example, if you spend the local equivalent of £250, you'll be charged £6.88.
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 Co-operative Bank student debit card?
You'll pay a currency conversion fee of 2.75%. For, example, if you take out the equivalent of £150, you'll be charged £4.13. Withdraw 250 euros (that's around £214.10) at an ATM in Paris and it'll cost you £5.89. Don't forget that the local cash machine provider may charge its own fee too.
Does The Co-operative Bank's interest-free student overdraft limit increase over time?
Yes. While the opening interest-free overdraft limit is capped at £1,400, this increases to a maximum of £2,000 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.
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