* Receive 5% AER /4.89% gross variable interest on balances up to £500, paid by the 10th working day of each month
Interest and fee-free tiered Planned Overdraft (subject to application and approval) of up to £1,500. Starting with £500 for the first six months. You can then apply to increase it to £1,000 in months seven to nine and from month ten up to £1,500. Repayable on demand**
** Overdrafts are available subject to status and lending criteria and are repayable on demand.
To have a Student Account you must be 17 or over, have been a resident in the UK for at least three years and be studying for a full time course that lasts for a minimum of two years or be on a one year access course leading onto a full time degree.
If you haven't been living in the UK for at least 3 years, for example if you are an International Student, see our other
Rates and charges
It's important that you understand how your account works.
We've added information below about our interest rates and you can find all the documents relevant to this account in the Important Documents section.
Student Overdraft Interest Rates
% Per Month
£0 - £1,500
These interest rates are correct as at 01/11/2017. Interest rates are variable.
If you use a planned overdraft of £1,600 on our Student Account the overdraft interest rate we charge on the first £1,500 will be 0% EAR* variable. The overdraft interest rate on the next £100 will be 8.21 % EAR* variable and a Monthly Overdraft Usage Fee of £6 will apply. Please note, the Monthly Overdraft Usage Fee would not apply if you borrow less than £1,500.
*EAR is the Equivalent Annual Rate. This is the actual annual rate of an overdraft. It doesn't take into account other fees and charges.
Your TSB Visa debit card is an amazing piece of plastic. Accepted in millions of places and cash machines worldwide, it's incredibly convenient. It's just as safe to use abroad as at home, so it's a simple alternative to carrying cash.
In your first year of your studies you can apply for an interest and fee free Planned Overdraft of up to £1,500 (subject to application and approval). Starting with £500 for the first six months. You can then apply to increase it to £1,000 in months seven to nine and from month ten up to £1,500 - helping you to manage your spending over your first year.
We have two helpful buffers on our current accounts, £10 on a Planned Overdraft and £10 on an Unplanned Overdraft. So your payments can still be made even when you're a little short on money. Here's how they work:
If you have a Planned Overdraft and you borrow £10 or less, you won't be charged fees or interest on the Planned Overdraft. But if you borrow more than £10 over any interest and fee-free amount, you will be charged Planned Overdraft fees and interest on the whole amount including the Planned Overdraft buffer.
If you have an Unplanned Overdraft of £10 or less, you won't be charged fees on the amount you've borrowed. But, you will be charged interest on any amount you borrow using an Unplanned Overdraft, including the £10 buffer. If you borrow more than the £10 Unplanned buffer, you will be charged both Unplanned Overdraft fees and interest on the full amount, including the buffer.
Overdrafts are subject to application and approval, and are repayable on demand.
Our Grace Period means that you have until 10pm (UK time) to pay enough money into your account to avoid any Planned and Unplanned Overdraft fees and interest that we may charge that day. The money needs to be immediately available to use, so you could transfer money from another account you have with us by Mobile Banking, Internet Banking, Telephone Banking, paying in cash over the counter in branch or transferring the funds from another provider.
Our Retry Periods mean that if you don’t have enough money in your account to allow us to pay Direct Debits, cheques, standing orders and future dated payments, we’ll give you extra time to put money into your account to allow us to make these payments. The money needs to be immediately available to use, so you could transfer money from another account you have with us by Mobile Banking, Internet Banking, Telephone Banking or by paying in cash over the counter in a branch. If you do deposit enough money into your account to meet the payment that you wish to make, the payment will be made and you won’t incur a Returned Item Fee.
To help you balance your finances you can apply for a TSB Student Credit Card with a minimum limit of £500 Representative 19.9% APR variable (subject to status and being 18 years or over). You'll get up to 56 days interest free on purchases if you pay off the balance in full every month by the payment date shown on your statement.
Account Opening is subject to our assessment of your circumstances. You must be 17 or over and a UK resident to apply. Interest paid monthly.
Overdrafts are subject to application and approval and are repayable on demand.
*AER stands for Annual Equivalent Rate and tells you what the interest rate would be if it was paid as only one payment, once each year. Gross rate is the agreed rate of interest payable to you before the income tax is deducted at the rate specified by the law.
Text alerts are free but your mobile operator may charge for some services. Please check with them.
We don’t charge for your use of Mobile Banking but your mobile operator may charge for some services, please check with them. Mobile Banking is available on most internet enabled mobile devices. Services may be affected by phone signal and functionality. You must be registered for Internet Banking. Terms and conditions apply.
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