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.
|Card type||Cash / Debit|
|Minimum opening balance||£1|
|Interest (AER)||5% AER|
|Funding requirement||No minimum funding requirement|
|Daily cash machine limit||£500|
|At end of term||Account 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 transactions||Europe: 2.99%|
Elsewhere: 2.99% plus flat fee of £1
|Overseas cash withdrawals||2.99% conversion fee plus 1.5% cash fee|
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 online.
As part of the application process, 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.
- 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
- Interest-free overdraft.
- Interest paid on in-credit balances of up to £500.
- Option to apply for a student credit card.
- No freebies offered with this account.
- Not available to international students.
- Other student accounts have larger interest-free overdrafts.
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 £221.26) at an ATM in Paris and it'll cost you £6.62 plus the cash fee of £3.32. 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.
This is one of the only student bank accounts that pays interest on in-credit balances. It has an interest-free overdraft available too. However, there are other student accounts on the market which offer better incentives to join, as well as a bigger overdraft.
Compare TSB against its competitors
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.