Lloyds Bank launches current account offering free £110 and discounts

Lloyds Bank has launched a new Student Current Account, offering £110 in cash, to help “kick start their journey”.

The account also comes with a 20 percent discount on selected Student Union events during the upcoming academic year.

Vivek Khattri, current account director at Lloyds Bank, commented: “Heading off to university or college can be daunting as well as exciting so, this year, we’re setting students up with £110 in cash to kick start their journey.

“We know the socials and new friendships are also a big part of the experience, which is why we’re also offering discounts on Student Union events.”

Students who open a new student account, and pay in at least £500 between August 1 and 11.59pm on October 31, 2024, will receive the £110 cash offer.

Lloyds Bank said the £110 will be paid to eligible customers by November 30, 2024.

Alongside the cash offer, students will also receive a minimum 20 percent discount on selected Student Union events - which include live music, club nights, and in-person and virtual talks - in the 2024/2025 academic year at universities across England and Wales.

Students can also earn two percent credit interest on balances up to £5,000. An interest-free arranged overdraft of up to £1,500 is also available, subject to application and assessment.

Additionally, account holders can benefit from up to 15 percent cashback at certain retailers, such as ASOS, Domino’s and Sainsbury’s, through Lloyds’ Everyday Offers.

To open a Lloyds Bank Student Account, customers need to be aged 17 or over and studying on a full-time course, two years or more in duration, or a one-year Access course leading to a degree.

Applicants need to have been a resident in the UK for the past three years, and they will also need to provide their 4-digit UCAS status code or a confirmation letter confirming their place from their university or college if they have not applied via UCAS.

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

A number of high street banks have launched new student account as the new academic year approaches.

NatWest is offering £100 cash and a range of other perks to new student account holders to help them “make the most” of their experience.

The account comes with an overdraft of up to £3,250 and a four-year tastecard offering discounted meals, cinema tickets and shopping.

Commenting on other student account products, Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: "HSBC and Nationwide also have generous overdrafts, but of up to £3,000.

“Santander has a railcard and prize draw this year. TSB has some discount perks and five percent credit interest. Barclays and HSBC have not revealed any new free cash or new perks.”