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Features & benefits

Your overdraft explained

Our FlexStudent account puts you in control with a flexible arranged overdraft

We know money can be tight in university, that's why we've designed the FlexStudent arranged overdraft to grow with you during your studies. It can provide a useful short-term buffer if your spending is more than your income, but like all borrowing, it has to be repaid at some point.

While you're a student

Flexstudent bank account overdraft during course — Example for a 3 year course

In your first year, you can have an arranged overdraft of up to £1,000. Your maximum available limit increases each year (up-to a maximum of £3,000). You are able to request a change to your arranged overdraft limit at any point during your time at university (within your maximum available limit) - we won’t increase it unless you ask us to.

After you graduate

Flexstudent bank account overdraft after graduation — Example for a 3 year course

When your course comes to an end, we’ll move your FlexStudent to our FlexGraduate account. Your arranged overdraft remains interest-free and fee-free and reduces in steps after you graduate (up to 3 years, dependent on course length) to help you stay in control of your finances.

Find out more about paying back your arranged overdraft

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.

What do I need to do to remain eligible for my arranged overdraft?

You'll need to pay in at least £500 per term from the date the account is opened. This can include your student loan, money from family members or any other income.

You’ll also need to maintain a good credit record, whilst also demonstrating good account behaviour by keeping up with any payments you’re required to make and staying within your arranged overdraft limit.

If you're unable to meet any of these criteria, your arranged overdraft may be reduced or removed.

What happens if I go over my arranged overdraft amount?

The account is designed to prevent you from going over your arranged overdraft limit. However, in the unlikely event that you do go over your limit, we still won’t charge you.

You’ll simply need to bring the balance back within your arranged overdraft limit before you can carry on using your account. If you don't bring it back, you'll be unable to take cash out, and will be unable to use your card to purchase items (both in store, online and via the telephone).

To help you keep on top of your finances, why not register for text alerts.

What happens if I leave university early?

If you leave your course before completing it, you'll need to let us know. Call 0800 30 20 11 or visit us in branch and we'll discuss your options. You can choose to open one of our other current accounts that may suit your needs.

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.