Apply for a FlexStudent current account

Make sure you read the following information.

Arranged overdrafts are a way to borrow money in the short term. When you apply for a FlexStudent, you can ask for an arranged overdraft and set a limit.

You can borrow up to £1,000 in your first year, £2,000 in your second year and £3,000 in your third year. Your limit will stay at £3,000 if your course is longer than 3 years.

To qualify for an increased arranged overdraft limit in your second or third years, you must pay at least £500 into your account each term or have paid in at least £1,500 in 2 or more payments over the past year.

You'll need to stay within your arranged overdraft limit. If you try to go beyond your limit, you won't be able to make payments or withdraw cash until you're within your limit. Unarranged overdrafts are borrowing that's not agreed with us in advance. They can be bad for your credit score.

There's no interest on a FlexStudent arranged overdraft.

You can remove, decrease or apply to increase your FlexStudent arranged overdraft at any time. You can do this in our banking app, our internet bank or over the phone.

We want to give you time to pay in money and avoid any charges. That's why we'll send you text alerts to help you manage your borrowing on the go. You can find out how to customise which alerts you receive on our text alerts page.

We'll automatically send you:

• arranged overdraft alerts – these will let you know when you enter (or are about to enter) your arranged overdraft.
• unarranged overdraft alerts – these will let you know when you spend more than your account balance or arranged overdraft limit.
• payment failure alerts – if a scheduled payment fails, we'll text you to let you know we'll try to send the payment again later that day.

You can opt in to more text alerts, such as for when your balance is below or above a certain amount as well as a mini statement, on our Banking app or Internet Bank.

When you open an account with us, we need to let you know about our most recent summary financial statement and auditors' report. Our summary financial statement is published in our Review of the Year document - PDF 2.9MB (opens in a new window). You can find our latest annual report and accounts, including our auditors' report, on our Results and Accounts page.