Students and Finances- Set Up a User Friendly Account Today!*

Its the time of year when the next bunch of eager students leave home for the very first time to explore the world of higher education. (Plus join in with Freshers Week). For many, this will mean taking the reigns financially for the first time too, and many will be choosing an account to suit the next stage of their lives.

Of course, this may seem easy to these young adults, but with lots of possible jargon, and tempting, unregulated credit options, and it can quickly become a financial nightmare.

There are many different accounts around to tempt students in most of the High Street banks, all offering incentives big and small. Its important to choose the right account for your student loans which gives your teen the freedom to access money when they need it, without moving more than they have at any time without realising.

One such user friendly account with many added features is offered by Lloyds.

Whereas some accounts will allow overdrafts which could end up costing the student thousands in fees, Lloyds dedicated Student Account offers an Interest Free, tiered, planned overdraft* up to £1,500 in the first three years of uni. Great for those new to the world of finance. It allows the student money to fall back on without the fear of effecting their longer term credit rating, and also allows them to build an early portfolio for the future credit history wise.

After year 3, they offer the same fee free overdraft* by arrangement, but increase it to £2,000 for the latter years and all that exams and practical study entails.

Better still, Lloyds wont start charging should you accidently go over your allowance, but will give the student a grace period to sort out the dent in their finances until 3.30pm the same day**

They also offer some tie ins with companies such as STA Travel, who will give Lloyds Student Account holders £75 off their holiday, as well as an NUS Card for three years on top, which gives the holder lots of money off savings on the High Street and online.

To keep those busy students up to date with their finances, they are offered online banking 24/7, so no matter how late they're up or how snowed under with lectures, a few clicks on the PC or mobile means their bank comes to them in person.

Lloyds also offers an extra option of the Lloyds Student Credit Card.*** For those who want that little bit more flexibility, the card has a £500 minimum spending limit at an attractive 19.9% apr. If credit cards are a step too far, the account comes with a debit card as standard, which can be used in most High Street and online stores.

For students who want to save while they learn, the Lloyds Student Account is linked with Save the Change,  With Save the Change, each time you spend, the amount will be rounded up to the nearest pound and credited back into your nominated account,

Applying for the Lloyds Student Account couldn't be simpler, you can apply online or in your nearest branch.

There are many different accounts out there, but with Lloyds your student can concentrate on their studies, and the only books they'll need to balance will be on their choosen subject!

*Subject to application

** Amount must be paid in and clear before 3.30pm

*** Subject to status and Application