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 committed to zero waste to landfill by the end of 2020.
  • 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 can 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.

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.

Student account

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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 £1.4m 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’re committing to becoming zero waste to landfill by the end of 2020. You can help too, by updating your email address either online or by giving us a call, we can keep you informed without the unnecessary paper waste.

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.

pride

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

  • be aged 18 or over
  • be an EU resident (In order to process an application for a Student Account we need to complete credit reference searches. If you are an EU resident outside the UK, we are currently unable to complete these searches for the country in which you are resident, therefore unable to offer this account, however our Cashminder account may be available to you)
  • 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 a 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 a proof of ID, proof of address and proof of your confirmed course with your application. Your application will be delayed if these documents are not correct

Proof of address and identification you can use for your application

Everyone applying for a student account should read how our overdrafts work.

Once you have completed your application form and signed it, send it with the requested proofs to:

The Co-operative Bank plc

PO Box 638

Salford

M5 0JQ

Apply now

Please save the form in a PDF format before completing to ensure you do not lose any changes.

We recommend completing this form using a desktop. However, if you are accessing the form from a mobile device you will need to follow these instructions.

Please read the important documents below, and save copies of them for future reference.

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.

Instructions for completing the student account application using a mobile device

  • For Android users, please download ‘Adobe Acrobat Reader: PDF Viewer, Editor and Creator’ from the Play Store.
  • For Apple users, please click and hold the link to the PDF, then select ‘Download linked file’. Once downloaded, click the download icon at the top of the page (it’s a blue circle with a down arrow). You will now be able to complete the PDF.
  • If you are using Chrome please save the form in a PDF format to ensure that you do not lose any changes.

Once you have completed the application form, please then print, sign and send it to us.



Important documents

Please read the Important Documents below and save copies of them for future reference.


Help for existing customers

Help and information about current accounts, for our existing customers.

Learn more

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).

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