TSB student account review

Learn more about getting a student bank account with TSB, how to open an account and if you are eligible.

★★★★★

The TSB student account is one of the only student bank accounts that pays interest on in-credit balances. But how does it compare otherwise? Read our review to find out more.

Rates, fees and limits

TSB has one current account available for students – The TSB Student Bank Account.

Product NameStudent
Card typeCash / Debit
Debit networkVisa
Min. opening balance£1
Account fees£0
Interest (AER)5% 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£1,500
Maximum overdraft in year 5£1,500
Overseas card transactionsEurope: 2.99%
Elsewhere: 2.99% plus flat fee of £1
Overseas cash withdrawals2.99% conversion fee plus 1.5% cash fee

Eligibility

To be eligible for this account, you’ll need to be studying full-time on a course for at least two years (or one year if it’s a course leading to a full-time degree).

You’ll also need to:

  • be at least 17 years old (or 18 if you want an overdraft);
  • have been a UK resident for the past three years.

How to open an account

You can apply for an account in a TSB branch or on its website.

As part of the application, you’ll need to provide proof of identity, proof of address and proof of your student status. When applying online, you can quickly and easily verify your identity using the TSB app.

The benefits

  • Interest-free overdraft. You’ll be given an interest-free overdraft of £500 when you open your TSB account. After six months, you can increase it to £1,000. After nine months, you can increase it to £1,500.
  • Earn interest on in-credit balances up to £500. You’ll be paid 5% AER on balances up to £500. Interest payments are made on the 10th working day of the month.
  • Option to apply for a student credit card. As a TSB student account holder, you’ll be able to apply for the bank’s student credit card should you wish to.

Pros and cons

Pros

  • An interest-free overdraft, with a limit increasing up to £1,500.
  • Interest paid on in-credit balances of up to £500.

Cons

  • No freebies offered with this account.
  • Not available to international students.

Frequently asked questions

Do I have to get my student loan paid into this TSB 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 TSB student debit card overseas?

When you use your card overseas within Europe, you'll pay a non-sterling charge of 2.99% (so spend the equivalent of £250 and you'll be charged £7.48). Outside Europe, you'll pay a non-sterling charge of 2.99% plus a flat fee of £1 (so spend the equivalent of £250 and you'll be charged £7.48 plus the flat fee of £1).

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 TSB student debit card?

You'll pay a currency conversion fee of 2.99% plus a cash fee of 1.5%. For, example, if you take out the equivalent of £150, you'll be charged £4.49 plus the cash fee of £2.25. Withdraw 250 euros (that's around £213.60) at an ATM in Paris and it'll cost you £6.39 plus the cash fee of £3.20. Don't forget that the local cash machine provider may charge its own fee too.

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

No. If you're looking for an account which can offer an increasing overdraft limit as your course progresses, see our full comparison of student accounts.

Our verdict

This is one of the only student bank accounts that pays interest on in-credit balances. It has an interest-free overdraft on offer too.

However, there are other student accounts on the market which offer better incentives to join, plus a bigger overdraft.

Compare TSB against its competitors

Table: sorted by interest rate, promoted deals first
Name Product Account fees Interest (AER) Funding requirement 0% overdraft limit Perks Link Representative example
Santander
£0
0% AER
Min. £500 per term
Up to £1,500
What about the perks? Free 16-25 Railcard for new customers. Valid for four years, with students saving up to one third on most rail fares.
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Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
Bank of Scotland
£0
0% AER
No minimum funding requirement
Up to £500
What about the perks? Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card. Customers must be over 18, register for internet banking and activate the offer to be eligible.
View details
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
Student Account
Ulster Bank
£0
0% AER
No minimum funding requirement
Up to £1,000
What about the perks? Eligible for Ulster Bank Rewards in partnership with Visa. Receive cashback rewards when using a registered debit card at selected Northern Ireland retailers.
View details
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
Barclays
£0
0% AER
No minimum funding requirement
Up to £1,000
What about the perks? Yes - Free 12-month subscription to Perlego the online library when opening a Student Additions account. Offer available between 20.9.20 and 31.12.21.
View details
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
Student
Royal Bank of Scotland
£0
0% AER
No minimum funding requirement
Up to £500
What about the perks? £50 cash reward and Tastecard, valid for 4 years giving 50% off food or 2 for 1 meals, plus offers on entertainment and shopping. Must register for internet banking and choose paperless statements within 30 days of opening.
View details
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable. Representative 0% APR variable.
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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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