Lloyds TSB launches 2009 student account

Lloyds TSB this week launched its 2009 Student Account with a first-year interest free tiered overdraft of up to £1,500.

Benefits include free mobile banking until August 2010, an NUS Extra card offering discounts at over 60 retailers, one year’s membership to the Youth Hostel Association (YHA), and 35 music downloads from eMusic.

The overdraft is limited to £500 in the first six months of study, increasing to £1,000 in months seven to nine, and to £1,500 after 10 months.

Retailers offering NUS Extra discounts include McDonalds, Amazon, JJB Sports, Superdrug, Matalan, Oasis, Play.com, Ticketmaster, and Odeon.

Catherine McGrath, Lloyds TSB director of current accounts, 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 does not charge or receive interest to meet the requirements of Sharia law.

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