Newest Review: ... of security for Lloyds I think it is fairly secure with a digital number, a password and then three characters from a memorable name. I... more
Not such a bad choice
Member Name: Gtiracer
Advantages: Nice features/bonuses to student account
Disadvantages: Charges and Interest
Lloyds TSB were all very helpful when I wanted to open my Student account, they treated me very nicely, took me into a little office and discussed what my income would be and gave me a student account with an Interest free overdraft and Credit Card.
For the first 6 months the overdraft was £500 and then you can apply to have it upped to £1000, another 6 months later, you can apply to have it upped again to £1500, I applied and got the maximum overdraft your allowed for an undergraduate student which is the £1500, however if you do Postgraduate study, then I'm pretty sure you can up it to £2000 if you need to, and I would advise borrowing while its interest free and paying it back asap when you finish being a student because otherwise you will get charged interest on it from when you graduate.
If you however can afford your lifestyle and live within means then I would very highly suggest, putting the overdraft money into an account with interest and borrowing interest free while gaining interest on the lump sum having it sitting in another high interest back account putting it back just in time for when you've graduated, that way, you've earned yourself a few quid.
The credit card is OK, obviously the interest rates aren't fantastic as credit cards go, but its bearable and my advice always would be pay more than the minimum payment each month if you intend to use it and also really think about every single transaction on this card and would it be worth it, because if you use it half-heartedly or carelessley, then you will be in for a big shock and lots of debt.
Llloyds themselves have been fairly helpful, although very quick to charge at the smallest thing, they have a tiered charging system where they only charge you a certain amount per day if the amount you're overdrawn is under £15, then the next tier is at under £30 and so on, the more you are overdrawn, the more you will get charged per day, I believe the minimum charge is £6 per day up to about £25 or so.
Every time I go in the branch, they're pretty helpful and when I had a problem they were fairly sympathetic, however on one occassion they made a mistake when I withdrew some money, they didn't debit my account until about a week later which made me miscalculate my finances and concequently put me in debt which I had to pay a charge for. I couldn't get them to see it was their fault and they were adament they wouldn't refund me my charge. Slightly miffed about that.
I guess I would recommend this bank, just do a comparison with the others though first.
Summary: Not too bad, but any bank that charges over £3 for going overdrawn is unfair iun my eyes
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