Lloyds Bank Launches 2024 Student Account with £110 Cash Bonus and Discounts on Student Union Events

Lloyds Bank Launches 2024 Student Account with £110 Cash Bonus and Discounts on Student Union Events

(IN BRIEF) Lloyds Bank has introduced its 2024 student current account, offering a £110 cash bonus and a 20% discount on Student Union events for the academic year 2024/2025 at universities in England and Wales. To qualify for the cash bonus, students need to open a new account and deposit at least £500 between August 1st and October 31st, 2024. The account also offers 2% credit interest on balances up to £5,000 and an interest-free arranged overdraft of up to £1,500. Additional benefits include access to a mobile banking app, cashback rewards, and various tools to manage finances securely.

(PRESS RELEASE) LONDON, 1-Aug-2024 — /EuropaWire/ — Lloyds Banking Group, a leading UK based financial services group, has introduced its 2024 student current account, providing new students with a £110 cash bonus and a 20% discount on selected Student Union events for the upcoming academic year. To qualify for the cash bonus, students must open a new account and deposit at least £500 between August 1st and October 31st, 2024. The cash reward will be credited by November 30th, 2024.

In addition to the cash incentive, students will enjoy a minimum 20% discount on various Student Union events, including live music, club nights, and both in-person and virtual talks, throughout the 2024/2025 academic year at universities across England and Wales.

The student account also offers 2% credit interest on balances up to £5,000 and an interest-free overdraft of up to £1,500, subject to application and assessment. This overdraft can be extended up to £2,000 for students whose courses last longer than three years.

Key Benefits of the Student Account:

• £110 cash bonus for new customers depositing £500 between August 1st and October 31st, 2024.
• 20% discount on selected Student Union events at up to 50 universities during the 2024/2025 academic year.
• 2.00% AER credit interest on balances up to £5,000.
• Interest-free overdraft of up to £1,500 in the first three years, extendable to £2,000 in years four to six for longer courses.
• Mobile banking app providing 24/7/365 access to finances with advanced security technologies.
• Everyday Offers program giving up to 15% cashback at retailers like ASOS, Domino’s, and Sainsbury’s.
• Contactless debit card with customizable payment limits and compatibility with Google Pay and Apple Pay.
• Smart alerts for low balance notifications, insufficient funds alerts, and reminders for upcoming or completed payments.
• Subscription management features to view, cancel, or block regular payments through the mobile banking app.

Vivek Khattri, Current Account Director at Lloyds Bank, stated, “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.”

Existing 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.

Lloyds Bank 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 £110 cash offer, the following conditions apply:

• Open a new Lloyds Bank Student Current Account, or change your existing account to a Lloyds Bank Student Current Account, between 1st August 2024 and 31st October 2024.
• Successfully pay in at least £500 into the Lloyds Bank Student Current Account by 31st October 2024.

Applicants are not eligible for this offer if:

• They already have a Student Current Account or Graduate Current Account with Lloyds Bank, Bank of Scotland or Halifax, or have held one since 1st August 2020.
• They do not pay in at least £500 into the account by 31st October 2024.

This offer applies to applications received in branch or online from 1st August to 31st October 2024.

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

Only one cash offer is available per customer and the account must remain open to receive the offer. The £110 cash offer will be paid directly into the Lloyds Bank Student account in one payment by 30th November 2024 and will appear as a cash credit

Overdraft:
• An interest free tiered arranged overdraft (subject to application and assessment, 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 (subject to application and assessment).

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.

The cash offer is also available on Halifax and Bank of Scotland current accounts.

Media contacts:

Ellie Morris, ellie.morris@lloydsbanking.com, 07788 352 541
Lynsey Cheshire Willis, lynsey.cheshire-willis@lloydsbanking.com, 07595 124294

SOURCE: Lloyds Bank plc