Lloyds TSB Student Account Review

Overall Rating

[Already an existing customer] Fairly easy to switch my current account over to a student account. Friendly staff. Very nice debit card design!

Always trying to sell you something, strange credit arrangements, reminded me why I swapped over to Nationwide a couple of years ago!

This review is for the 2007 - 2008 academic year.
I've had my current account since I was 14 but 2 years ago swapped my banking over to Nationwide, but left the account open knowing I was (Eventually) going to Uni. (Nationwide offer no student overdrafts etc...).

Swapping my account should have been easy and it was; sorting everything else was hard! The £1, 500 interest free overdraft is what I was interested in but they couldn't give me that as I had a bad 'Credit Report'. I explained I had moved my banking to another bank, but that didn't help, (I even had £5 left in Lloyds!) 'We see your parents bank with us - oh, they have money, I'll just look at their account details' - didn't need my parents permission or even mine to do that! I've eventually managed to get the colossal and most useful amount of £100. 'Sorry I couldn't get any more - but don't worry, we'll give you 2 student credit cards with a limit of £500'.

Okay, £500 isn't a huge credit limit, but at 12% interest I'll be in debt quicker than a Las Vegas gambler - it's a strange arrangement, but then Lloyds have to make their money back. If I don't go into my overdraft for the year I get £75 cash, I know you shouldn't knock it, but that's only a weeks rent. With £500 on the credit card that £75 is probably the interest for the year.

When the unwanted credit cards came through I had to activate them and for an extra 75p a month per £100 on the card I could get insurance (Payment protection) so if I become redundant or get hospitalised I don't have to pay, so as a student with no income does that count? 'No'. Damn. I won't use them anyway, so I'll leave it, 'Yes but only 75p...'I just called to register them, 'But what if you die?' I won't have to worry about repaying the immense possible sum of £500 then, 'but only 75p', I just called to register the damn card! That's what Lloyds appear to be like, awkward and annoying. They are out to look after themselves and don't care about you, especially as a student, they want your money and by luring you in with superficial promises they take your money slowly, erode away your savings and loans with interest and hidden extras.

I may change banks, HSBC offer a rail card, buy hey, they might be able to travel to the destination but what will they do when they get there? I have the YHA membership card after all!

To be fair, if once my loan comes through I can increase my overdraft to £500 I'll be happy so long as they don't start selling me travel insurance or something when I go in. The branch staff have always been helpful and hopefully my bad experience will end now that everything has been registered and sorted. Time will tell.