Lloyds Bank launches £100 cash offer for students

01 August 2023

  • Student account pays credit interest of 2.00% AER on balances up to £5,000
  • Interest free arranged overdraft of up to £1,500 available, subject to eligibility

Lloyds Bank has launched its 2023 Student current account, offering a cash lump sum to new students, as well as credit interest on balances to encourage saving through further education.

Students who open a new Student account and pay in £500 between 1st August and 11.59pm on the 31st October 2023, will receive the £100 cash offer. The £100 will be paid to eligible customers by 30th November 2023.

Students can also earn 2% credit interest on balances up to and including £5,000. An interest free arranged overdraft of up to £1,500 is also available, subject to eligibility and affordability checks.

Account details

  • £100 cash offer for customers who pay in £500 between 1st August and 31st October this year.
  • Credit interest of 2.00% AER on balances up to and including £5,000.
  • An interest free tiered arranged overdraft of up to £1,500 in years one to three of study, which can be extended up to £2,000 in years four to six, where studying is taking place over a longer period.
  • Everyday Offers rewards customers with up to 15% cashback at selected retailers including ASOS, Domino’s and Sainsbury’s.
  • Contactless debit card allows a fast way to make payments of up to £100, without the need to enter a PIN, plus the option to set a personal contactless limit between £35 and £95 within the mobile banking app.
  • Smart alerts can be switched on, to let customers know if their balance is running low, if they have insufficient funds to make a payment and when regular payments are coming up or have been made.
  • Subscription management means customers can view, cancel or block regular subscription payments in the mobile banking app.

Philip Robinson, Current Account Director at Lloyds Bank, said: “There's a lot of things to look forward to when heading off to college or university; getting to know people, learning more about a subject you love and finding your feet away from home. This year, we’re giving students a helping hand, with the potential to add £100 to their first-term funds. Hopefully this bonus will come in handy for all those initial study expenses - plus a drink with the new pal.”

Current Lloyds Bank Student account holders will continue to receive the benefits associated with their account when it was opened.