- An interest-free overdraft starting at £1,400, that you can request to increase each year
- One year to pay off your overdraft after you finish your course, without any interest
- Access to our mobile app and online banking so you can securely manage your account anywhere, any time
- Services with a bank that is proud to support organisations such as Manchester Pride, Refuge, Amnesty International UK, and Centrepoint — the UK’s leading youth homelessness charity
- Peace of mind knowing that we’re committed to not providing banking services to businesses involved in fossil fuel extraction
- A say in our customer-led Ethical Policy, so you can let us know the issues that matter to you, and what you’d like us to take action on.
Not the right account for you? Take a look at our other bank accounts.
With the help of our customers and colleagues, we’ve raised £2 million (correct as of February 2022) to help fund the Centrepoint Helpline, which offers support to young people across the UK who are experiencing or facing homelessness.
This is why we’ve worked with human rights charity Amnesty International UK since 1992, standing alongside them as they fight against injustice and equality. We’ve also sponsored Manchester Pride — one of the UK’s leading charities for the LGBTQ+ community — since 2016.
As well as committing to becoming a lifetime carbon neutral bank, we’re proud to be an ambassador for Zero Hour — the campaign in support of the Climate and Nature Bill (formerly the Climate and Ecology Bill) which would provide stronger legislation to tackle the climate-nature crisis.
Since 1872
we’ve not just been helping customers with their money — we’ve also been helping them fight for the causes they care about. This is one of the reasons why we launched our customer-led Ethical Policy in 1992, which has been shaping our ethical commitments ever since.
How to open a student bank account
Heading to university or college? You can apply for our student account:
- Once you have turned 18,
- and only once you have a confirmed place on a full-time course — see our list of accepted courses and qualifications.
To get your account set up, you need to:
-
Check if you're eligible
As well as having a confirmed place on a full-time course, there are a few other conditions you’ll have to meet before you can apply.
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Apply using our online form
If you’re eligible, fill in our online form below, and send us proof of your confirmed course place. This could be a UCAS AS12 letter, or a confirmation letter from your college or university which states your start and end date.
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Wait to find out if you’ve been accepted, then activate your overdraft
If successful, we'll send out your welcome pack, debit card, and PIN — you’ll also be able to activate your arranged overdraft. To do this, you will need to deposit at least £300 into your account within 28 days after your account’s been opened and keep the funds in the account for 48 hours.
You can only have one student account at a time
If you have a student account with another bank, you’ll need to switch to us after you’ve opened your Co-operative Bank student account. You can do this through online or mobile banking, on our website, by calling us, or visiting us in branch.
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 our standard Current Account and you could lose your student overdraft. Overdrafts, both arranged and unarranged, on our standard Current Account are subject to debit interest charged at 35.9% APR.
Overdraft information
Your student account comes with an interest-free overdraft that you can request to increase each year you're studying. You could get:
- £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 will be charged debit interest at 35.9% APR on any overdrawn balance that is over your agreed interest-free overdraft limit.
Increasing your overdraft limit
You’ll need to contact us 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 at 35.9% APR if you go into an unarranged overdraft.
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.
Activating your overdraft
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 been more than 28 days since the date your account was opened, you'll need to call us.
How our overdrafts work
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 at 35.9% APR 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.
Charges
You will be charged debit interest at 35.9% APR on any overdrawn balance that is over your agreed interest-free overdraft limit.
The monthly cap on unarranged overdraft charges for the student account is £60.
The monthly cap refers to the charges applied in a charging period not a calendar month. Please refer to the Account Charges Leaflet (PDF) for details of the charging periods.
Below is a standard definition to allow you to compare unarranged overdraft charges across different providers. Fees are included in the comparison, but we choose not to charge you fees for payments where you have a lack of funds.
- Each current account will set a monthly maximum charge for:
a) going overdrawn when you have not arranged an overdraft; or
b) going over or past your arranged overdraft limit (if you have one). - This cap covers any:
a) interest and fees for going over or past your arranged overdraft limit;
b) fees for each payment your bank allows despite lack of funds; and
c) fees for each payment your bank refuses due to lack of funds.
Learn more about account charges
How you can manage your overdraft
Removing your arranged overdraft
If you already have an arranged overdraft with us but would like it to be removed, you can request this by contacting us.
Text alerts when you go into your overdraft
To help manage your money and avoid or minimise paying debit interest, we send overdraft text alerts if you go into or you're about to go into an arranged or unarranged overdraft. We’ll 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.
Find out more about 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
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 that’s at least 2 years long (includes existing students and mature students)
- Have proof of your confirmed place, like a UCAS AS12 letter, or a confirmation letter from your college or university which states your start and end date. You can email this to us at aqua@co-operativebank.co.uk once you’ve submitted your application
- Have not been declared bankrupt or entered into an individual voluntary arrangement (IVA) within the last six years
- Have not had any Defaults or County Court Judgements (CCJs) in the past six years.
We accept students with a place on:
- An undergraduate degree
- A postgraduate degree
- A National Vocational Qualification course (NVQ) — levels 4 and 5 only
- A BTEC Higher National Diploma
- A foundation degree.
Please note: if you only have a conditional offer, you need to wait until your place has been confirmed (after you get your exam results) to apply.
At this time, we do not accept applications from students on Open University courses or apprenticeships.
Approval is based on a credit check, an assessment of your personal circumstances and is subject to status.
If your circumstances or course end date change
You’ll need to let us know if your circumstances or end date change. Call us on 03457 212 212 and we will make the relevant changes to your account. You may need to provide evidence confirming your new end date. Call charges
What happens after you finish your course?
Your arranged overdraft will remain interest free for one year after your course ends, during which time there will be no monthly account fee. If you go over your arranged overdraft limit, and into an unarranged overdraft, you will be charged debit interest of 35.9% APR on any balance over your agreed limit.
One year after your course ends, your account will automatically convert to our standard Current Account. We’ll send letters to you throughout the year after you graduate, to remind you of when your account will convert.
Please note that any overdrawn balance will transfer from your student account to your new standard Current Account and will start to incur debit interest at 35.9% APR. This will be for both arranged and unarranged overdrafts. This means you will need to repay your overdraft within the first year after your course ends to avoid incurring debit interest at 35.9% APR.
If you are struggling to repay your overdraft or are in financial difficulty please reach out to us as soon as possible.
Standard Current Account overdraft charges
Once your Co-operative Bank student account converts into our standard Current Account one year after your course ends, you’ll need to call us or visit a branch if you want to apply to keep your arranged overdraft. Approval is based on a credit check and an assessment of your personal circumstances, and is subject to status.
If you get approved and decide to use your overdraft, you’ll be charged debit interest at an annual interest rate of 35.9% on the amount you are overdrawn by.
Switching made easy
If you already have a current account or another student account with a different bank, you can apply to switch to us as soon as you’ve opened your Co-operative Bank student account. Please note you can only have one student account open at any one time.
With our simple switching process, all your Direct Debits, standing orders, bills, and payments will move to your new account with us once you’ve switched.
Once you've applied to switch, you don't need to do anything else as we’ll take care of the rest.
Switching takes just seven working days and is covered by the Current Account Switch Guarantee. This means if anything goes wrong, we guarantee to sort it out for you and cover any losses you might incur.
Apply for a student bank account
As well as filling in our online application form, you’ll need to send us evidence of your confirmed course. Your application will be delayed if you don’t do this.
You should read all the important documents below carefully and save copies of them for future reference. They contain all the information you need in order to consider whether this account meets your needs, and set out the terms on which we will provide the services to you.
If there’s anything you don’t understand, you should ask us for further information before proceeding. The documents also explain how your personal information will be used, and your rights in relation to that use.
We recommend completing this form using a desktop device.
You may need to provide proof of identity and proof of your home address (not your term-time address). If this is required, we’ll write to you to let you know. Please don’t send these to us by email as we’re unable to accept them electronically.
After you've applied
We aim to reply to you within 7 working days of receiving your application. If successful, we'll send out your welcome pack and debit card. We’ll also send your PIN separately.
Remember — to activate your overdraft, you’ll need to pay in at least £300 within 28 days after your account has been opened. The funds must remain in your account for 48 hours, after which your overdraft will be applied automatically.
Manage your account, on the go
You can use our mobile app or online banking to view your account, pay people, transfer money to your other accounts, keep an eye on your spending, and more.
Student 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.
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements
The Co-operative Bank reserves the right to decline any application.
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 Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
Not found what you're looking for?
Contact our support team