Lloyds student account: a comprehensive guide

Gert Svaiko

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.

The Wise account lets you send and manage your money in over 40 currencies with low, transparent fees and the fair mid-market exchange rate for any currency conversions.

Learn more about the Wise account

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the requirements to open a student bank account with Lloyds?

To open a student bank account with Lloyds, you have to meet the following requirements

  • 17+
  • 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

What kind of student bank account does Lloyds offer?

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

How to open a student account with Lloyds?

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.


Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the fees for opening or maintaining the account?

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

Standing orderNo fees
Sending money within the UK
  • Faster Payments
  • CHAPS payments
  • Payment in euros
  • Payment in any other foreign currency
  • No fees
  • £30
  • No fees
  • £9.50
Sending money outside the UK
  • Payment fee for sending euros
  • Payment fee for any other currency
  • Correspondent bank fee, if you choose to pay the recipient fees
  • No fees
  • £9.50
  • £12 or £20 (depending on where you’re sending money to)
Receiving money from outside the UK
  • Receiving a SEPA transfer
  • Receiving up to, and including, £100
  • Receiving more than £100
  • No fees
  • £2
  • £7
Arranged overdraft
  • Between £0 - £500 (first 6 months)
  • Between £0 - £1000 (month 7-9)
  • Between £0 - £1500 (month 10-12, and years 2 and 3)
  • Between £0 - £2000 (years 4-6)
  • Exceeding the fee-free amount
  • No fees
  • No fees
  • No fees
  • No fees
  • Between 39.9% EAR - 49.9% EAR (variable)
Cash withdrawals outside the UK (in foreign currency)
  • Euros inside the EEA
  • Any other foreign currency cash fee
  • Foreign currency transaction fee

    You’ll also pay these fees when you withdraw foreign currency in the UK

  • No fees
  • £1.50
  • 2.99%
Paying with your debit card in a foreign currency
  • In euros within EEA
  • Any other foreign currency purchase fee
  • Foreign currency transaction fee
  • No fees
  • £0.50
  • 2.99%

Does Lloyds allow you to have an overdraft on your student account?

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

  • 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.

Register with Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

  1. Lloyds - student account
  2. Lloyds - Classic account
  3. Lloyds - student account fee information document

Sources last checked on date: 28-Jun-2023

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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.

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