Lloyds Bank Launches 2023 Student Account with Cash Incentives and Credit Interest

(IN BRIEF) Lloyds Bank has introduced its 2023 Student current account, offering various incentives to new students. Those who open the account and deposit £500 between August 1st and October 31st, 2023, will receive a cash lump sum of £100 by November 30th, 2023. Additionally, the account provides credit interest of 2% on balances up to £5,000 and an interest-free arranged overdraft of up to £1,500 (extendable up to £2,000 in later years). The account includes Everyday Offers for cashback at selected retailers, a contactless debit card, smart alerts, and subscription management features.

(PRESS RELEASE) LONDON, 2-Aug-2023 — /EuropaWire/ —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 benefits
• £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 pals.”

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

Notes to editors
Terms and conditions.
Student Account
• To open a Lloyds Bank Student Account, customers need to be aged 17 or over and studying on a course that is full time and 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. 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. New customers will also need to provide proof of ID and address.

Cash offer:
To qualify for the £100 cash offer, the following conditions apply:
• Open a Lloyds Bank Student account between 1st August and 31st October 2023; and successfully deposit at least £500 into your Student account by 31st October 2023.

Applicants are not eligible for this offer if:
• They already have a Student account with Lloyds Bank;
• They do not deposit at least £500 into the account by 31st October 2023

This offer applies to applications received in branch or online from 1st August to 31st October 2023.

The offer is subject to change and can be withdrawn without notice at any time.

Only one cash offer is available per customer. The £100 cash offer will be paid directly into the Lloyds Bank Student account in one payment by 30th November 2023 and will appear as a cash credit.

Overdraft:
• An interest free tiered arranged overdraft (subject to application and approval, aged 18 or over) of up to £1,500 is available in year one (£500 for the first six months from account opening, £1,000 in months seven to nine and £1,500 from month 10 onwards). The interest free tiered arranged overdraft limit in years two and three is up to £1,500. For students studying for longer than three years, an interest free tiered arranged overdraft up to £2,000 is available in years four, five and six.

Other
• To be eligible for ‘Everyday Offers’ customers must be over the age of 18 and be registered for internet banking. Customers must activate each offer to gain cashback.
• Customers can apply for a Student account online or in any Lloyds Bank branch.

Media Contacts:

Lynsey Cheshire Willis
lynsey.cheshire-willis@lloydsbanking.com
07595 124 294

SOURCE: Lloyds Bank plc