Student bank account

We've had a customer-led Ethical policy for over 25 years and we put our customers at the heart of everything we do. That's why we designed our Student Account to help you get the most out of student life and you can apply as soon as you have your confirmed place on a full time course.

What you'll get

  • An account with the original ethical bank, supporting Manchester pride for the last 5 years and fighting the help to end youth homelessness, by raising money for Centrepoint.
  • An interest-free overdraft that you can request to increase each year, starting from £1,400. Please read our overdraft information before you apply.
  • 1 year after you graduate to pay off your overdraft, without any interest.
  • Online banking and mobile app to manage your money and get paperless statements.

How our student account works

When you apply

You can apply as soon as you are 18 and you have a confirmed place on a full time course. We accept students with a place on any of the following:

  • Undergraduate degree.
  • Postgraduate degree.
  • National Vocational Qualifications (NVQs) (level 4 &5 only).
  • BTEC course - Higher National Diploma.
  • Foundation degree.

We do not accept Open University courses or apprenticeships

You can only have one student account at one time. If you have a student account with another bank, you will need to switch to us. You can do this by calling us on 03457 212 212 or visiting us in a branch, once your account is open.

More about switching your account

Funding your account

You must pay your student loan or other funding into your student account. If you don't we might convert your account to a standard current account and you could lose your student overdraft.

Student account overdraft

Your student account has an interest-free overdraft that can be increased each year you're studying:

  • £1,400 in your 1st year.
  • Up to £1,700 in your 2nd year.
  • Up to £2,000 in your 3rd year and any further years of study.

There is no monthly fee. You'll only be charged debit interest if you go over your agreed interest-free overdraft limit.

Increase your overdraft limit

You will need to contact us to request an increase to your overdraft limit. Your overdraft limit will not automatically increase in your 2nd, 3rd, or further years of study. Approval will depend on an assessment of account conduct and a review of regular funding. You'll be charged debit interest if you go into an unarranged overdraft.

Activate the overdraft

You will need to pay in at least £300 within 28 days after your account has been opened to activate it. The funds must remain in your account for 48 hours, after which your overdraft will be applied automatically. For further details please read below for the eligibility criteria you must meet in order for your student overdraft to be made available to you.

How our overdraft works

Overdrafts are intended for short term borrowing and not suitable for long term borrowing.

An arranged overdraft is a set amount you've agreed with us in advance. You'll only be charged debit interest if you go over your arranged interest-free overdraft limit.

If you haven't arranged an overdraft

You'll go into an unarranged overdraft if you go over your arranged limit or your account balance falls below £0 without an arranged overdraft in place. You will be charged debit interest for going into an unarranged overdraft.

Your payments might be refused if you try to go overdrawn without having arranged an overdraft.

How overdrafts affect your credit reference file

Any type of borrowing shows on your credit file. However, an unarranged overdraft shows as arrears which can negatively impact your credit file and may make it harder for you to obtain credit in the future.

Am I eligible for an overdraft?

If you are accepted for the Student Account, you’ll be eligible for its overdraft.

Charges

You'll only be charged debit interest if you go over your agreed interest-free overdraft limit.

To find out more about the cost of using an unarranged overdraft, we have an overdraft calculator that will tell how much this will cost in pounds and pence.

More information on account charges

How you can manage your overdraft

Change your overdraft limit

Your student account has an interest-free overdraft that can be increased each year you’re studying:

  • £1,400 in your 1st year.
  • Up to £1,700 in your 2nd year.
  • Up to £2,000 in your 3rd year and any further years of study.

You will need to contact us to request an increase to your overdraft limit. Your overdraft limit will not automatically increase in your 2nd, 3rd, or further years of study. Approval will depend on an assessment of account conduct and a review of regular funding.

You cannot request an increase to your arranged overdraft above the interest-free overdraft limit applicable to your year of study. You must make regular payments into your account to reduce the amount you owe.

If you already have an arranged overdraft limit with us, which you'd like to remove, you can do this by contacting us.

Text alerts when you go into your overdraft

To help manage your money and avoid/minimise debit interest you might pay, we send overdraft text alerts if you go into or you're about to go into an arranged or unarranged overdraft. We will also send alerts if you have payments due that may not be paid.

As long as we have your mobile number, you'll be automatically opted in for overdraft text alerts. You can opt out of arranged and/or unarranged overdraft alerts at any time by contacting us.

More information on overdraft text alerts

Representative example


£1400 credit limit


0% annual interest rate


0% representative APR variable


How does our overdraft compare?


The representative APR provided can enable you to compare the costs across different products and providers.

Based on the representative example above, if you didn't pay it back for

1 month


you would owe a total of

£1400


What happens after you graduate

Your overdraft will remain interest free for one year after you graduate. There will be no monthly account fee. We will treat the end of your final year as the end date that you submitted as part of your application.

One year after you graduate, your account will convert automatically to our standard Current Account. We'll send you a letter to remind you about this 1 month before it happens.

Your overdraft limit will not automatically transfer to your new account. This means you will need to repay your overdraft within the first year after graduating to avoid incurring debit interest.

If you want to keep your arranged overdraft, you can call us or visit a branch to apply. Approval is based on a credit check, an assessment of your personal circumstances and is subject to status. You'll be charged debit interest on your overdrawn balance.

If your circumstances or course end date changes

You’ll need to let us know if your end date changes. Call us on 03457 212 212 and we will make the changes to your account. You may need to provide evidence confirming your end date.

Why choose The Co-operative Bank?

Here at The Co-operative Bank, we like to do things differently. We are the only UK bank with a customer-led Ethical Policy that guides the way we do business.

How we do things differently

Together with our customers and colleagues we’ve raised £1.5m for Centrepoint to help them continue to provide vulnerable 16 – 25 year olds with safe accommodation, access to learning and physical and mental health support.

We believe in doing what we can to protect the environment, that's why we've always been committed to never financing the production of fossil fuels. That's just one of many environmental commitments in our customer-led Ethical policy.

We know we all have an important part to play when it comes to diversity and inclusion. Our values drive us towards making society better for everyone, regardless of sexuality, race or gender, which is why we have proudly been a part of Manchester Pride for the last 5 years.

To apply for our student bank account, you need to:

  • Be aged 18 or over.
  • Be a UK resident.
  • Be on a full-time course with at least 2 years as undergraduate or post-graduate, including mature and existing students.
  • Have proof of your confirmed place, like UCAS AS12 letters or a headed confirmation letter from your college or university which states your start and end date.

If you only have a conditional offer, wait until your place has been confirmed (after your exam results) to apply.

Approval is based on a credit check, an assessment of your personal circumstances and is subject to status.

Eligibility for your student overdraft - what you'll need to do so your overdraft is available to you

If you've been accepted for a student account, that also means we've approved you for the overdraft limit that's applicable to your year of study. We approve student overdrafts with the expectation that your student loan or other funding will be paid into your student account, so your overdraft won’t be available to you right away. If you want your overdraft to be made available to you, at least £300 needs to be paid into your student account within 28 days of the date that your account was opened. This amount needs to remain in your account for 48 hours, after which your overdraft will be made available to you automatically. If you want your overdraft to be made available to you and it's more than 28 days after the date your account was opened, you'll need to call us.

Apply

You need to provide evidence of your confirmed course with your application. Your application will be delayed if these documents are not correct.

You should read all the below important documents carefully and save copies of them for future reference. They explain all the information you need in order to consider whether this account meets your needs, and set out the terms on which we will rely in providing the services to you. If you do not understand any point you should ask us for further information before proceeding. They also explain how your personal information will be used and your rights in relation to that use.

To continue, confirm that you:

Please tick that you confirm you wish to apply for this product.
want to apply for this product.
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We recommend completing this form using a desktop.

We may also need you to provide proof of identity and proof of your home address (not your term time address). If we do, we will write to you. Please do not send these to us by email as we are unable to accept these electronically.

Proof of address and identification you can use for your application.

Apply now

When you'll hear back

We aim to reply to you within 7 working days of receiving your application form. If successful, we'll send out your welcome pack and debit card. We will send your PIN number separately.

If you're applying as part of the Refer a Friend Offer, we're sorry but the Student Account is not currently included as part of this offer. For the full Terms & Conditions, click here.

Manage your account

Use online banking or our mobile app to view your accounts, pay people and transfer money to your other accounts.

Register for online banking

Download our mobile app

Contacting us

You can get in touch over the phone by calling us on 03457 212 212. (call charges)

Lines open 8am - 6pm, Monday to Friday and 9am to 5pm on Saturdays and Sundays. Call us from the UK and abroad.

You can also visit us in one of our branches, located across the UK. We're open Monday to Friday, with some branches also open on Saturday mornings.

Find your nearest branch

Switching from another current account

When you switch your account from your current bank or building society, we do all the hard work for you.

We make sure that:

  • Your Direct Debits, standing orders and bill payments are automatically transferred.
  • Payments made to your old account are redirected to your new account.

If anything does go wrong, we guarantee to sort it out for you and cover any losses you might incur. This is covered in the Current Account Switch Guarantee.

Read more about switching

Account fees and charges

  • There is no monthly account fee.
  • You'll be charged debit interest at an annual interest rate of 35.9% if you go over your agreed interest free overdraft limit.

There are other charges, including:

  • Foreign transaction services, such as using your debit card abroad.
  • Electronic payments, such as CHAPS.
  • Other services, such as copies of your statement.

Go to all charges

The Co-operative Bank reserves the right to decline any application.

Whether we can offer you credit depends on your circumstances and our lending policy. We may decline your application based on your circumstances or our lending policy. We may be able to offer a product that's different to the one advertised.

Smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).

FSCS logo

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk

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