This site uses cookies and by using the site you are consenting to this. Find out why we use cookies and how to manage your settings.

Main content of page below

Features & benefits

Your overdraft explained

Important information

FlexStudent interest is changing

From 1 July 2020, we will be removing credit interest from our FlexStudent Current Accounts.

Your FlexStudent rates and terms explained

Here's some useful information about our interest rates and other fees and charges.

Interest rates when you're in credit

Main rates & fees when you are in credit
	AER	Gross p.a.
On balances up to £1,000	1% variable	1% variable

AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.

Gross p.a. is the interest rate without tax deducted.

Your arranged overdraft

Overdraft fees
Fees for arranged overdrafts	Fees for unarranged overdrafts
0% per year compounded (variable)	0% per year compounded (variable)

FlexStudent Arranged Overdraft Representative Example

0% APR representative (variable). Based on an assumed arranged limit of £1,200 and an interest rate of 0% a year (variable).

How does our overdraft compare?

A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing as an annual rate.

APR stands for Annual Percentage Rate. It includes all the costs of borrowing including certain account fees and promotional rates. It’s for comparing costs between different products and providers.

Other charges and fees

We don't charge you any fees on FlexStudent, but for a full list of all our current interest rates and other fees and charges please download our latest interest rates and charges leaflet (This link will open in a new window) and Fee Information Document.

Funding your account

In each year of study you must pay in at least £500 per term from the date the account is opened.

If you don't, we may:

remove or decline to increase your overdraft; or
close your FlexStudent account by giving you at least two months' notice.

What happens when you graduate?

Unless you make alternative arrangements with us, we’ll move your account to a FlexGraduate account. We’ll also ask you to start paying back your arranged overdraft in clear and steady steps.

What happens when I graduate?

Important information

Take a look at the FlexStudent account Terms and Conditions and our current account Terms and Conditions.

All rates and fees are subject to change. If we make a change to them we'll notify you two months in advance if the change is to your disadvantage. If the change is to your advantage we may make it immediately.

On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We pay interest without tax deducted.

For more information, please visit the current account support pages.

Applying online is quick and easy

Apply for a FlexStudent account now

Ready to get started?

Not sure FlexStudent is for you? See all our current accounts

Your borrowing choices

It’s a good idea to consider different types of borrowing. The best option for you depends on the amount you want to borrow, and how long for. We’ll need to check before we can offer you a loan, overdraft, or credit card. It will depend on our view of your circumstances.