Lloyds bank offering UK students free £100 ahead of new university year
A new academic year is coming up soon, and one bank is offering students a specialised account with a number of particular incentives to get students on board.
It's just two months until the latest cohort of students head of to university, with all the trials and tribulations.
A university education is no cheap undertaking, with the days of no tuition fees long gone, and money something that many students now have to worry about when commencing their studies.
Many banks offer specialist student accounts which are tailored towards the particular needs of students at university.
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This might include things like an interest free overdraft, perks such as rail cards, as well as cash incentives to join, and things like discounts, rewards programs, cash back facilities, or takeaway vouchers.
Now, high street bank Lloyds has confirmed that it will be offering a student account with a special offer on, and available for people to start applying from 30 July, well in time for the new academic year.
This new account comes with several perks for people who are signing up for it, though there are also some criteria that you have to meet in order to be eligible for this particular offer.
Big among them is a cash incentive of £100, which would be granted if someone who meets the eligibility signs up for the account.
Some students could also claim as much as £120 worth of food delivery vouchers.
But there is also a much bigger potential prize that some students could win if they choose this account.
Five prizes have been funded which mean that people can enter into a prize draw to win the equivalent of a year's tuition fees.
This is now a whopping £9,790, with five of these prizes available, and which could mean that someone has enough money to offset the first year of their tuition.
Joanna Clarke is the head of personal current accounts at Lloyds, and told This is Money: 'Students have to stretch their budgets across rent, food, nights out, travel and tuition fees - our new prize draw will help our lucky winners take a huge chunk of financial pressure off their plate.
'These benefits and offers are designed to help our customers’ student budgets go a bit further. Together with the other rewards, discounts and cash back offers that are easily accessible via the Lloyds app and online, we are giving them even more opportunities to make their money work harder for them.'
There certain eligibility criteria in place for the account, such as being aged 18 or over, needing to live in the UK and having a registered address.
You must also keep the account open until at lease 1 December 2026, effectively for around the first term of university.
Applicants will also need to enter the draw by logging into their Lloyds app and going into the section for 'Rewards space/Everyday Offers', and can only enter once.
Meanwhile, NatWest is also handing out £100 incentives on new student accounts as well, with many banks offering additional incentives.
Kit Roberts