I have been banking with the LLoydsTSB student eBank for two years. The account has offered everything I could need as a student. The bank offered the best interest free overdraft out of any of the banks I looked at. For the first year there is a maximum £1,500 rising to £2,000 in the second year.
The debit card which comes as standard with the account is a Visa card which means that it is much more flexible than the Switch based cards that many of the other banks use. I have been able to use the card as if it were a credit card and have had no trouble using it abroad at a cost of £1.50 for each transaction.
The centralised system is not as accessible as it could be, but as a student I am away for a lot of the year. So if my account was held at my home branch it wouldn't be any better and at least like this the account is designed for direct banking. Though I have had no trouble with things like monitoring my statement, and arranging bill payments through LloydsTSB online, I have found this service to be somewhat limited. Services such as raising overdraft limits (an eventual necessity for all students)and renewing cards require you to phone one of the direct banking phone numbers. This wouldn't be too much of a strain but if you lose the number it can be quite difficult to find out what it is.
Anyway once you have phoned them and passed the security questions the operators are generally polite and efficient. They also seem very happy to give you as much money as you ask for, within the maximum limits. I have heard of other banks where overdrafts are agreed through the branch manager where people reach their agreed limit and find they cannot extend it. This to me is one of the major advantages of the account.
The account also offers an optional credit card Asset from the LLoydsTSB range. This offers limits of £3000 and a reasonable interest rate, this is not really necessary though and i wouldnt use it unless I was completely broke.
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Advantages: Track account movements and transfer instantly between accounts. Apply for e-savngs account. Disadvantages: Access code device doesn't work overseas
Advantages: They will extend your overdraft without your prior knowledge or permission Disadvantages: That overdraft will then cost you darely should you ever fall into financial difficulties
Advantages: I can check my balance or whether a payment has gone out without leaving the house. I can also set up a full months bill payments in one go. Disadvantages: I still have to go to town to get money out - unfortunately I can't see a solution to this problem
di-buzz 20.07.2001 ·
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Review of LloydsTSB
Advantages: A hard copy statement can be printed out. Disadvantages: No identification of who has been paid, or paid you, although this information is provided in the normal monthly statement sent by post.
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