Student Bank Account

New town. New digs. New mates. New bank account. Because student life is for living, our Student Bank Account has everything you could need for college or university.

Receive 5% AER/4.89% gross variable interest on balances up to £500. * Read our savvy guide for tips on budgeting and saving money whilst studying.

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Why choose the Student Bank Account?

 
  • * 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 £1,510. Starting with £500 for the first six months. You can then apply to increase it to £1,010 in months seven to nine and from month ten up to £1,510. Repayable on demand**
  • To help spread the cost of large outgoings, such as new books, you can apply for a Student Credit Card
  • Apple Pay and Google Pay are available with this account.
 

Find out more about Apple Pay and Google Pay.

 

** 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 bank accounts.

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

Student Account % Per Month % EAR*
£0 - £1,510 0.00  0.00 
£1,510+ 0.66 8.21 
These interest rates are correct as at 01/11/2017. Interest rates are variable.
 

Representative Example

If you use a planned overdraft of £1,600 on our Student Account the overdraft interest rate we charge on the first £1,510 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 £1,510.

*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.

More about the Visa debit card

In your first year of your studies you can apply for an interest and fee free Planned Overdraft of up to £1,510 (subject to application and approval). Starting with £510 for the first six months. You can then apply to increase it to £1,010 in months seven to nine and from month ten up to £1,510 - helping you to manage your spending over your first year.

If you try to make a payment and you don’t have enough money in your account (including your Planned Overdraft if you have one), we’ll treat this as a request for an Unplanned Overdraft. If it’s authorised and you use £10 or less, you won’t be charged fees or interest on the amount you’ve borrowed. If you use more than £10 you’ll get charged interest and fees on the full amount.

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. 

For Direct Debits and cheques, we’ll try to take the payment:
  • Shortly after midnight on the due date or next working day
  • Again after 2.30pm that same day
For standing orders and future dated payments, we’ll also try a third time shortly after midnight the net working day after we first tried to make the payment. 
 
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.
 
If you don’t have enough money in your account to pay a standing order three times in a row, we’ll cancel it. For example, if you have a monthly standing order and don’t have enough money to pay it three months in a row, we’ll cancel it after this happens.

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.

You’ll need to have had a TSB Student account for at least three months and have a regular income before you can apply for a TSB Student Credit Card

 

For tips on how to manage your money see our Savvy Student guides which include useful advice and guidance about how to manage your money whilst at university and beyond.

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.

How to apply

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If you're not yet registered for Internet Banking, you can register here.

Download our Mobile Banking App for iOS and Android, then follow the instructions to register your device.

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Download our Mobile Banking App for Windows Phone - you can use your existing Internet Banking details to log in.

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