Lloyds TSB Student Account, any good?

I've been with lloyds for 5 years, no problems.

I got a letter through the other day saying they were going to automatically update my under 19s account to a student account, and I would have to sign to request for them to not do that, what annoyed me a little bit because I feel pushed into going into their student account when I haven't properly looked around.

I have seen what seems best is the biggest 0% over draft limits? I'm really reluctant to get into a massive overdraft whilst at uni and believe I will be financially ok, so just looking for some advice, is Lloyds an OK student account even though it hasn't got the largest 0% over draft limit?

Any advice would be amazing!

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Reply 1

megan.c

I'm with Lloyds and I've had no problems.

As far as overdrafts are concerned, your allowance varies each year. In the first year you are entitled to £500, then in your second £1000 and third/fourth £1500, so you couldn't go to uni for the first year and come out with a £1000 over draft! The trick is just to budget as much as you can - my overdraft is reserved for things such as housing deposits which I couldn't afford otherwise.

I know someone with Natwest who just treats his overdraft as extra money - he's £750 into it and had the shock of his life when I pointed out that if he doesn't pay it back quickly after uni he'll get interest paid onto it!

Just don't treat it as extra spending money - think of it as an emergency fund.

Reply 2

Mother_Russia

I'm with Lloyds, and I chose to stay with them because I'd been with them for so long. Why not build up your credit rating (if it does indeed do that?).

It offers great overdraft allowance, which is what you really want. And as megan.c said, treat it as emergency money. It's been great for me this summer, as I've had to pay a deposit on my new flat, but haven't received my deposit back on my old flat just yet. So I've been able to extend it no problem, but I'll be able to change it back again once I get my money (to stop overspending!)

Also, internet banking is brilliant. No silly devices needed, and seems a lot easier than everyone else. In fact when we were paying the deposit; two of us were with Lloyds and it seemed the easiest, so we paid and the other two paid us back when they could get through to theirs.

Also, don't be annoyed because they want to change your account. Surely that's the obvious route for them to take? Doesn't mean you can't look around for another one.

Reply 3

xander93

Original post by Dscott

HOLD YOUR HORSES!

Wait until all major banks have said what their Student Account entails, some may be better than others for you. Loyalty gets you nowhere. Some may have nice perks, like a Railcard.

http://www.moneysavingexpert.com/students/Student-bank-account

That site should help once they release info, but please WAIT, and make an informed decision!

Reply 4

Welsh_insomniac

Original post by Dscott

I had a Lloyds student account for the three years of my degree and I had no issues. I did not really use the overdraft service (but they gave me a NUS extra card for free) but I have found that Lloyds TSB has one of the easiest online banking websites to navigate. It's simple and easy to use. Banks like Natwest and Santander, however, are a nightmare!

(Although Natwest usually does a young persons railcard for free... so you might want to consider them if you want to use that!)

Reply 5

megan.c

One thing with Natwest and the free railcard is that you have to have joined up by June I think. They were the first place I went to when I was choosing but they said that I wasn't eligible for the railcard - essentially you have to have been a previous customer!

Reply 6

JordanS93

I have a Lloyds student account but beware of using the "0% interest free overdraft". As when you use it there is no interest but there is a £5 monthly charge. :angry:

And thats when you are within your agreed overdraft limit.
This wasn't explained to me when I took it out despite having a 30 min chat with an advisor in branch. I only realised last month when I applied to make my overdraft facility active.... needless to say I have not used it yet.

Reply 7

megan.c

Original post by JordanS93

I have a Lloyds student account but beware of using the "0% interest free overdraft". As when you use it there is no interest but there is a £5 monthly charge. :angry:

You're kidding?
I keep ending up going into mine as my income = my outgoings. Deffo need to get some more money in there somehow.

Reply 8

Mother_Russia

Original post by JordanS93

I have a Lloyds student account but beware of using the "0% interest free overdraft". As when you use it there is no interest but there is a £5 monthly charge. :angry:

You suuuure? Cos I don't have that. I got charged when I went OVER my unplanned overdraft. But I've used my overdraft before over summer. I reckon you need to check with your bank again, make sure you've got a student one. Everyone else I know who uses Lloyds are fine as well :confused:

Reply 9

Tim99

Original post by Welsh_insomniac

I had a Lloyds student account for the three years of my degree and I had no issues.

Hope you don't mind me asking? I'm with them now, my biggest concern is how much increase do you get per year? Did you get the credit card?

Reply 10

megan.c

Original post by Mother_Russia

I just got something in the post saying that they are making changes to the accounts - they are increasing the monthly fee to £6, for anyone who is overdrawn (even if planned). Can only assume they've been charging all along :/

Reply 11

Funky_Climber

Original post by Welsh_insomniac

Railcard at Natwest is for current customers only, useless.

Llyods is good, I'm looking there since their graduate account has 3 years worth of 0% interest overdrafts which is useful if you have used it as a student so you don't have to pay it back all in one.

Reply 12

Funky_Climber

Original post by JordanS93

I have a Lloyds student account but beware of using the "0% interest free overdraft". As when you use it there is no interest but there is a £5 monthly charge. :angry:

From the Llyods website

Up to £1,500 interest and fee-free tiered Planned Overdraft
In your first year of your studies you can apply for an interest and fee-free Planned Overdraft of up to £1,500 (subject to application and approval). Starting with £500 for the first six months. You can then apply to increase it to £1,000 in months seven to nine and from month 10 up to £1,500 – helping you to manage your spending over your first year. We also offer an interest and fee-free untiered Planned Overdraft of up to £1,500 in years two and three and up to £2,000 in years four, five and six (subject to application and approval)

Reply 13

Welsh_insomniac

Original post by Tim99

Hope you don't mind me asking? I'm with them now, my biggest concern is how much increase do you get per year? Did you get the credit card?

You start off with a £500 interest free overdraft in your first year and they increase it by £500 each year of your degree. I never had any issues with them and no I didn't get their credit card... I don't really trust myself (or see the need) to get a credit card. Why? Are you considering getting one?

Reply 14

Tim99

Original post by Welsh_insomniac

Why? Are you considering getting one?

Yup

I just want it so if I do need it then I have the option. The whole thing is confusing :confused:

Never knew it could be so hard to choose an account.

Reply 15

cantevendeal

I think as a lot of people have said, you will need to wait until all of the facts and figures are out. I write a bank review every year on the site Save the student and I am in close contact with the banks at the moment.

A lot of them are holding off on their T&Cs but I can tell you that a few things will be changing. There will be less importance put on freebies and more banks will compete on overdrafts.

Personally, I would say wait and then check guides like those below in about a month:

http://www.savethestudent.org/money/best-student-bank-accounts-201011.html

http://www.studentbankaccounts.co.uk/

Hope that helps.

Reply 16

Jellybeany

Hey everyone . May be a stupid question but when do we apply for student accounts? Thanks :smile:

This was posted from The Student Room's iPhone/iPad App

Reply 17

Funky_Climber

Original post by Jellybeany

Hey everyone . May be a stupid question but when do we apply for student accounts? Thanks :smile:

This was posted from The Student Room's iPhone/iPad App

Whenever you want from now, as long as you have a confirmation letter of an offer. Some banks have an 'early bird' one so that you can open it and then give them the confirmation letter when you get it.

Just wait and look around on the student bank account links that have been posted and pick the best one.

Reply 18

JordanS93

Original post by Funky_Climber

It is interest free. They do not charge you a percentage for using it for example 29.9%. But there is a charge of £5 per month for using it. I have received a letter in the post stating so. Then I brought that into a branch and questioned them about it.

(edited 11 years ago)

Reply 19

JordanS93

Original post by Mother_Russia

There are charges/interest when you go over your 'interest free overdraft'. But there is a charge for using your 'interest free' overdraft. :mad:

Check your bank statement and you will see you have been charged for using it.
It is the student one as it says student account on my bank statement, I also have the free goodies they gave away with the student account. :rolleyes: