Major bank launches new student current account deal with bumper £100 bonus

Daily Mail​

10 hours ago

Lloyds Bank has launched a cash bonus for university students who open its current account.
The banking giant is paying £100 upfront in cash to students who open its account between 1 August and 31 October.
On top of the £100 cash, students can also get £90 worth of Deliveroo vouchers spread over six months as £15 a month.
Students can also apply for an interest-free arranged overdraft of up to £1,500 in years one, two and three of study with NatWest's student banking deal.
For students studying for longer than three years, an interest-free arranged overdraft up to £2,000 is available in years four, five and six.
While students who sign up to for a Deliveroo student account at the start of term, will pay no delivery charges with Deliveroo Plus Silver on takeaway orders over £15 or over £25 for grocery shopping.
It comes as competition between banks to attract new university students is hotting up, with Nationwide and NatWest both launching student banking deals within the last month.
This year, banks are offering cash incentives, with Lloyds joining NatWest in offering upfront cash.
Martin Turner, of Lloyds, said: 'From £100 cash in your pocket to six months of Deliveroo vouchers, it's our best student offer yet.'
How to get the Lloyds deal
To open a Lloyds student account, customers must be aged 17 or over and studying on a course that is full time and two years or more in duration, or a one-year Access course leading to a degree.
Students need to have been a resident in the UK for the past three years.
They will also need to provide their four-digit UCAS status code or a confirmation letter confirming their place from their university or college if they have not applied via UCAS.
Students who open or switch to Lloyds and cash the account with £500 by 31 October 2025 will receive the £100 cash bung on 30 November 2025.
It will be paid into the student account as one payment on this date.
Meanwhile to get the Deliveroo vouchers students must make 20 transactions in each month between 1 November and 30 April 2026.
Deliveroo vouchers will be sent by email from December 2025 to May 2026
Students will not be eligible to get the deal if they already have a student current account or graduate current account with Lloyds, Bank of Scotland or Halifax, or have held one since 1st August 2020.
Neither will they be eligible if they open a Lloyds student account before 1 August 2025 or after 31 October 2025.
Cash carrot: Lloyds will pay students £100 in cold hard cash making this one of the biggest upfront cash deals for students
How does it compare?
Banks are keen to bag students as they often stay loyal for many years – and are potential future high earners.
NatWest is offering £85 in cash to lure in students, paid within ten working days.
Alongside the £85 cash, students can apply for an overdraft of up to £2,000 in their first year of university, with an interest-free overdraft of up to £3,250 made available to students from their third year of study.
There is also a Tastecard on offer which gives discounts at hundreds of restaurants including Black Sheep Coffee, Domino's and Krispy Kreme.
They can also get a Coffee Club membership which offers 25 per cent off barista drinks.
Meanwhile Nationwide has launched a cashback deal worth £100, though the account must be funded with £500 before December 12, 2025 for customers to qualify. It is also offering £120 worth of Just Eat vouchers, spread over 12 months at £10 a month.
If students refer friends to open a FlexStudent account, they will earn up to £40 in Just Eat vouchers – £20 per friend referred.
It means students opening this account could get a cash boost worth £260 in their first few weeks of university.
Students can apply for an interest-free overdraft of up to £1,000 in the first year of university, £2,000 in the second year and £3,000 in their third year.
The account also offers fee-free spending and cash withdrawals abroad.