Check out our comprehensive guide to the best UK bank accounts for kids and teens, including digital alternatives and savings accounts too.
For a student, often for the first time, a bank account is very important. It offers financial independence and a quick way to access funds for daily necessities like food and drink, and study essentials like textbooks, as well as the occasional night out.
Lloyds offers a dedicated student bank account for UK students. It’s designed around student needs, and often offers special rates and perks. However, you need to have lived in the UK for more than 3 years to be eligible for this account.¹
But, if you’re an international student looking to study in the UK or a UK student travelling abroad, consider checking out Wise – a money services provider that could be a cost-effective alternative to a bank account.
To open a student bank account with Lloyds, you have to meet the following requirements:¹
- UK permanent resident for the past 3 years
- Proof of a confirmed place for studying in uni or college (16-digit UCAS code)
- Be a full-time student of at least a two-year course or a one-year full-time access course leading to a degree
If you're not a UK resident who has lived in the country for three years or longer, you’re most likely not able to take out a student account. International students who live in the UK can, for example, can choose to open a Classic Account, instead, or have a look at the other current account options Lloyds offers.¹
Once you graduate, Lloyds will automatically convert your Student Account to a Graduate Account. This account allows you to apply for fee-free arranged overdrafts during the first three years after you graduate, to help you get started in your career.¹
Lloyds offer one type of account specifically designed for students, conveniently called the Student Current Account.
The benefits of a Lloyds Student Current Account include online banking, so you can manage your finances from anywhere and at any time, and link your bank cards with Apple Pay and Google Pay (from age 18+) for contactless spending. There’s also a mobile app to make everyday finances easier, and mobile alerts if your balance is getting low.¹
Lloyds offers a fee-free arranged overdraft facility, starting from a limit of up to £1,500 in year 1. Additional neat features include a cashback of up to 15% with Everyday Offers, and rounding up your payments to the nearest pound when you spend with your debit card.¹
If you aren’t a Lloyds customer already, you can apply for a Lloyds Student Current Account either in person at a branch of Lloyds, or online. Here’s what you need to prepare:¹
- 4-digit UCAS code (or alternative proof of acceptance into uni)
- Proof of identity
- Proof of address
After you’ve started your online application, follow the on-screen instructions and insert all the required details to complete the application.
If you already have a Lloyds bank account, you can apply to change your account using internet banking. The benefit here is that your sort code and account number remain the same.¹
If you’re an international student, you can’t open a student account with Lloyds unless you’ve lived in the UK for more than 3 years. But, you may be able to open a Lloyds Classic Account² or look for an alternative way to manage your money in multiple countries – like with the Wise account.
You can send and manage money in more than 40 currencies (including in British pounds), spend with the Wise debit card in 174 countries around the world, and have all the foreign currency conversions made using the fair mid-market exchange rate, which could save you a bundle down the line. For extra convenience, everything is done online, or in the handy Wise app.
There's no charge to open a Lloyds student account, and there are no monthly fees for maintaining the account, either. However, there are other fees to think about, so here’s a selection of the most important ones:³
|Sending money within the UK
|Sending money outside the UK
|Receiving money from outside the UK
|Cash withdrawals outside the UK (in foreign currency)
|Paying with your debit card in a foreign currency
Yes, you may get an arranged overdraft limit with the Lloyds Student Current Account. Provided you don’t go beyond the limit of your overdraft, you won’t need to pay a fee for going overdrawn.³
The overdraft limit depends on how long you have had the account, your status, and how you’ve used the account. But, here are the maximum overdraft limits:³
- Up to £500 in first 6 months
- Up to £1000 in months 7 – 9
- Up to £1500 in months 10 – 12 and in years 2 and 3
- Up to £2000 in years 4 – 6
You can apply to extend your overdraft by making an online application, and you should receive a decision straight away.¹
Remember that the bank can ask you to repay your overdraft, and any fees, at any time.
Choosing the right bank for your situation might save you a lot of headache later on, the best way to do this is making sure that you’re informed about the different options you have, so you can make the right decision.
A student account with Lloyds could turn out to be the best solution for you, but, if you’re an international student or looking to travel outside the UK, you might want to explore some alternatives – like the Wise account – that are designed to help you manage your money in multiple currencies for low, transparent fees.
Sources last checked on date: 28-Jun-2023
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Check out our comprehensive guide to the best basic bank accounts in the UK, including details of eligibility, fees, features and how to apply.
Check out our comprehensive guide on how to open an Asda Money credit card account, including what details and documents you need and how long it takes to open.
Check out our handy guide on how to transfer your bank account to Halifax, including how to use the Current Account Switch Service.
Check out our complete guide to Zopa Bank savings accounts, including instant access, ISA and fixed term accounts, interest rates and more.
Read our guide on the best money transfer credit cards in the UK right now, including info on fees, interest rates and more.