The Lloyds Scholar checking account can get you £100 in money, an interest-free overdraft and £90 in Deliveroo vouchers
If you happen to’re heading off to college, it’s time to retire the checking account that your dad and mom arrange for you while you have been 5 and select your self a scholar checking account.
The Lloyds Scholar account presents a possible overdraft of £1,500 within the first three years of your diploma and as much as £2,000 in any additional years.
Listed below are among the particulars of the Lloyds Scholar account together with execs, cons and a few options.
Some articles on the positioning include affiliate hyperlinks, which offer a small fee to assist fund our work. Nonetheless, they received’t have an effect on the value you pay or our editorial independence. Read more here.
What’s the Lloyds Scholar account?
The Lloyds Scholar account is a checking account aimed toward college students heading off to college. It’s much like an grownup present account however presents an interest-free overdraft restrict and a few additional perks.
With the Lloyds Scholar Account, you would get an interest-free overdraft of as much as £1,500 in your first 12 months. You get the choice to extend it to £2,000 in your fourth 12 months of examine in case you do an extended diploma. We cowl this in additional element later.
Options of the account
With the Lloyds banking app, you may handle your account, the place you may view your stability and newest transactions, change direct debits and switch cash.
Moreover, you may view your PIN and card particulars from throughout the app, not supplied by a number of scholar accounts we’ve reviewed – what number of instances have you ever tried to make a purchase order sitting on the couch and realised you might want to seize your card? You may also cancel subscriptions from inside your banking app.
If you happen to’re extra of an in-person banker, you too can handle your account in a Lloyds department.
You should utilize the cardboard with contactless, in addition to arrange Apple Pay, Google Pay and Samsung Pay.
Lloyds Scholar account welcome provide
Provide: £100 money and as much as £90 in Deliveroo vouchers
Lloyds is providing £100 in money and £90 in Deliveroo vouchers for college students who join its scholar account this 12 months between 1 August and 31 October 2025.
How you can get the £100
Particulars haven’t been introduced on how you can get it but, these will come when the provide formally launches on 1 August. Prior to now, to get the money and any additional presents, you might want to open a Lloyds Scholar Account and deposit at the least £500 by 31 October.
As well as, previously, you couldn’t get it in case you already had a Lloyds Scholar Account, however you would improve your account when you have a Lloyds Present Account.
When will I get the £100?
Prior to now, so long as you’re eligible, you bought the money by 30 November.
Do you get an overdraft with the Lloyds Scholar account?
Most scholar financial institution accounts will get you a hefty overdraft — we’re speaking as much as £1,000 in your first 12 months with the choice to extend it over the length of your diploma. The quoted overdraft restricted isn’t essentially assured, apart from with the Santander student account, the place you’re assured a £1,500 overdraft for the primary three years of your diploma.
With the Lloyds scholar account, you may get an overdraft of as much as £500 within the first time period and £1,500 for the primary three years. If you happen to keep on for an extended diploma, you would ask for a rise to £2,000 in your fourth 12 months.
An interest-free overdraft enables you to spend right into a unfavourable stability with none charges. It’s a type of borrowing cash, so that you’ll should pay it again.
For instance, a £1,500 interest-free overdraft restrict will permit you to go overdrawn by £1,500, displaying as -£1,500 in your account. That is cumulative, so any will increase to your overdraft restrict will embrace the cash you already owe.
What overdraft might I get with the Lloyds Scholar account?
| Yr | Overdraft restrict |
| Time period 1 | Assured £500 |
| Years 1 – 3 | As much as £1,500 |
| Years 4-6 | As much as £2,000 |
While you graduate, you’ll be mechanically moved to a Lloyds Graduate account. This has an overdraft of as much as £2,000 to begin with. Your restrict will then steadily cut back over the following few years, as detailed beneath.
Lloyds Graduate account overdraft limits
It would really feel a great distance off, nevertheless it’s helpful to know what occurs at commencement. You’ll be mechanically moved to the Lloyds Graduate account, which has an interest-free overdraft that may steadily cut back over time:
| Years after commencement | Overdraft restrict and particulars |
| First 12 months after commencement | As much as £2,000 |
| Second 12 months after commencement | As much as £1,500 |
| Third 12 months after commencement | As much as £1,000 |
Do you want a scholar overdraft?
You may be nervous concerning the thought of abruptly having the ability to borrow £1,000 — so why may you want an overdraft?
As a scholar, you’ll have a number of completely different streams of revenue. This consists of your scholar mortgage, any cash out of your dad and mom, grants, in case you get any, plus revenue from any part-time work that you just do.
It is a chaotic method of your funds being organised and you could not come up with the money for to cowl your primary residing bills.
Your overdraft provides you some wiggle room – permitting you to get by whilst you wait for an additional scholar mortgage or your paycheck.
It may be tempting, however don’t exit and spend it multi functional go. You shouldn’t spend greater than you may afford to pay again.
Get the perfect of our cash saving content material each Monday & Thursday, straight to your inbox
Plus an unique £20 welcome bonus for brand spanking new Quidco members (Phrases apply)
How you can open a Lloyds Scholar account
Am I eligible for a Lloyds Scholar account?
Earlier than you begin to apply, ensure you’re eligible. To get the Lloyds Scholar Account you might want to:
- Be 17 or over – you may solely have an overdraft in case you’re over 18
- Dwell within the UK and have lived within the UK for the previous 3 years
- Have been accepted onto a full-time course of at the least two years length, or a one-year full-time entry course resulting in a level
- Not have one other scholar account elsewhere
How you can apply for the Lloyds Scholar account
Opening a scholar account with Lloyds is very easy. Earlier than you start, you’ll must have the next prepared:
- Your 4-digit UCAS code confirming your home on your course
- Proof of identification, akin to a driving licence or passport
- Particulars of your revenue and the way you’ll cowl your bills – these don’t must be in depth, you’re not anticipated to be incomes six figures and have an in depth monetary plan
- Particulars of your course and the place you’re finding out
Right here’s what you might want to do to get a Lloyds Scholar Account:
- Go to the Lloyds web site and choose “Apply for a Scholar Present Account”
- Scan the QR code to proceed in your cellphone
- Reply the questions on display and choose “Proceed”
- Reply the questions on your private particulars – you’ll must reply questions on your course, your revenue and tax standing.
- Submit your software.
- Keep in mind to alter your financial institution particulars on the Scholar Loans Firm web site to get your scholar mortgage paid into your new account.
When are you able to open a Lloyds Scholar account?
You may join the Lloyds Scholar account instantly, although you’ll must have a confirmed place, so in case you’re nonetheless ready on your outcomes or making use of by way of clearing, you could want to attend.
This provide could also be withdrawn, so that you’ll wish to get in as quickly as you may in case you’re .
Can my scholar mortgage be paid into my Lloyds Scholar account?
Your scholar mortgage might be paid into any account that you really want – you simply must log into your Scholar Mortgage Firm (SLC) account and alter your financial institution particulars. You’ll want your new Lloyds kind code and account quantity.
How a lot does the Lloyds Scholar account price?
Fully free!
There are not any month-to-month charges or overdraft charges to make use of the Lloyds Scholar account. You’ll have to pay charges in case you use the account abroad, which we element beneath.
You received’t be charged in case you go over your organized overdraft and there’s no payment if Lloyds refuses a fee resulting from lack of funds or if it permits a fee regardless of lack of funds.
This successfully provides you a little bit of peace of thoughts if you end up in a tough state of affairs financially.
Can I take advantage of my Lloyds scholar account abroad?
You should utilize the account abroad, however you’ll pay charges.
| Withdrawal of euros contained in the EEA / Spending in euros contained in the EEA | Free |
| Withdrawal of overseas foreign money exterior the EEA, and overseas foreign money aside from euro contained in the EEA | £1.50 |
| Spending in overseas foreign money exterior the EEA, and spending in overseas foreign money aside from euro contained in the EEA | £1.50 |
| Withdrawal of kilos exterior the UK | £1.50 |
If you happen to’re searching for a scholar account that’s fee-free overseas, Nationwide is an efficient alternative, as you should use the debit card overseas and withdraw money overseas at no cost. One other good possibility is to have another non-student account to use abroad that received’t price you something.
Is there a credit score examine for the Lloyds Scholar account?
There’s a credit score examine for the Lloyds Scholar account. This may embrace a tough credit score examine while you open the account and anytime you ask for credit score, akin to while you request an overdraft or any subsequent requests to increase your overdraft.
There’s no want to fret about this! If you happen to’ve by no means borrowed cash earlier than, you’ll possible have a really skinny credit score report, which implies that you haven’t borrowed sufficient cash for the credit score bureaus to have the ability to choose you. We spoke to Experian who mentioned that it’s unlikely that you just’d be refused for having no credit score historical past – it’s regular for banks to think about a skinny file when making use of for scholar accounts.
If you happen to’re nervous about it, ensure you’re registered to vote, which has a positive impact on your credit score. There could also be a small dip in your total rating while you open the account for round 3 months and whilst you construct up observe file.
What are the professionals and cons of a Lloyds Scholar Account?
Execs
- Swap to Lloyds anytime throughout your diploma
- Handle and cancel subscriptions within the Lloyds app
- Can see all card particulars within the app
- £100 money and £90 in Deliveroo vouchers
Cons
- Overdraft restrict isn’t assured
- Overdraft isn’t as massive as other student bank accounts
- Not for worldwide college students
- Charges to make use of the account overseas
Is the Lloyds Scholar account any good?
The Lloyds Scholar account isn’t nearly as good as different scholar accounts. There’s a assured overdraft of simply £500, however you may get a assured £1,500 from Santander. And the utmost you may get in a three-year diploma is £1,500, which is lower than half of the potential overdraft you would get from NatWest (£3,250).
The Nationwide scholar account presents as much as £1,000 within the first 12 months and the choice to extend it by as much as £1,000 every year till your third 12 months.
Lloyds Scholar Account
| 0% overdraft | As much as £500 in time period 1 As much as £1,500 in years 1- 3 |
| Perk | £100 in money and £90 Deliveroo vouchers (from 1 August) |
| Eligibility | Have to be 17 or over, and over 18 if you need an overdraft |
| | For college college students solely |
| | Not for worldwide college students |
| Financial savings accounts | Save the Change – rounds up your purchases and outs the distinction right into a financial savings account Entry Lloyds financial savings accounts – although you may most likely get better rates elsewhere |
| Perks | None for 2025 but |
Are there higher scholar accounts?
There are higher scholar account choices than the Lloyds Scholar Account. Whereas it does have a fairly first rate overdraft, it doesn’t improve over the time period of your diploma (except you’re doing a 4-6 12 months diploma, wherein case you’ll get a small improve.
When evaluating accounts, you wish to have a look at the dimensions of the overdraft — each within the first 12 months and in later years — and the way in which you prefer to financial institution, whether or not that’s in-branch, on-line or utilizing the app.
If you happen to favor banking in-branch, check out which banks nonetheless have branches within the city or metropolis you’ll be finding out in, and even on campus, and select between these. In a tie, you may think about a signup bonus or freebie.
You may learn our round-up guide on scholar financial institution accounts, or learn particular person critiques through the hyperlinks beneath.
Lloyds scholar account vs NatWest Scholar account
| Lloyds Scholar account | NatWest Scholar account | |
| Apply | Anytime throughout research | Anytime throughout research |
| 0% overdraft years 1-3 | £500 in time period 1 As much as £1,500 for years 1-3 |
As much as £2,000 in 12 months 1 As much as £3,250 in 12 months 3 |
| Abroad use | As much as £1.50 per transaction overseas | 2.75% payment for withdrawals overseas |
| Perks | £100 money and £90 in Deliveroo vouchers | £85 money and a 4-year Tastecard |
The Lloyds scholar checking account presents an overdraft of as much as £1,500 in your first three years – which is your complete diploma for most individuals. Against this, you would be permitted for as much as £3,250 by your third 12 months with NatWest.
