Lloyds TSB launches 2009 Student Account

Lloyds TSB launches its 2009 Student Account, offering students planning to go to university this autumn a strong banking package with practical money management features including a tiered interest-free planned overdraft of up to £1500 in their first year and free mobile banking until August 2010.

The package retains the exclusive banking relationship with the NUS, offering students a fee NUS Extra Card with discounts at over 60 retailers.

The tiered interest-free planned overdraft is part of a suite of benefits that will help students keep to a budget in the first year. The overdraft is limited to £500 in the first six months, up to £1,000 in months seven to nine and then up to a maximum of £1,500 by the end of the year.

The free Mobile Banking Package offers students financial control at their fingertips. The package includes a number of money management facilities, such as text alerts, which will inform students when they are approaching their planned or unplanned overdraft limits and ensure that they don't slip into the red unwittingly. In addition, the package helps students stay in control of their day to day finances by letting them check their current balance via their mobile phone and even move money between their eligible Lloyds TSB accounts. Students can also use the Balance on Demand feature to request their account balance by text any time. The Mobile Banking Pack usually costs £2.50 a month for each account registered, but students get it free until August 2010.

The Lloyds TSB Student Account offers additional perks to help students stretch their money further including - a free NUS Extra card, one year's free YHA membership, discounts worth up to £75.99 when learning to drive with the AA, and 35 free music downloads from eMusic.

Lloyds TSB is the exclusive banking partner of the NUS Extra card, which gives students access to a wide range of discounts with over 60 companies on books, clothes, travel, DVDs, CDs, games, magazines, computer and phone technology from High St names such as McDonalds, Amazon, JJB Sports, Superdrug, Matalan, Oasis, Play.com, Ticketmaster, Odeon and offers students the opportunity to enter a range of exclusive competitions.

In addition, students will be able to manage their money 24 hours a day, 7 days a week, thanks to Lloyds TSB's Internet and Telephone Banking services. They will also have the Lloyds TSB Visa debit card, which can be used at millions of outlets worldwide and at approximately 4,000 cash machines in the UK and can apply for the Student Credit Card, with a limit of £500.

Catherine McGrath, Director of Current Accounts, Lloyds TSB said: "Many students starting university in the autumn will be managing their own finances for the first time. We have designed our student account to include money management tools to help students start out on the right footing and avoid financial problems later on."

Lloyds TSB also offers an Islamic Student account which is designed to meet the requirements of Islamic law (Shariah). The account neither charges nor receives interest. The Islamic Student account has the approval of a board of Islamic scholars to ensure that it is Shariah compliant.

Students can open an account at any Lloyds TSB branch online at lloydstsb.com/student