Finder rating: ★★★★★
The Co-operative Bank student account review 2024
Our verdict
Looking for a student account focused on the environment and charity? Discover more.
There's not much to write home about with this account. Yes, there's an interest-free overdraft available - which is the only noteworthy incentive - but some other student accounts offer larger 0% interest overdrafts. However, The Co-operative Bank is known for its ethical policies and was highly commended in the Green High Street Bank category in Finder's Green Banking Awards.
Check out our guide to best student bank accounts.
Pros
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An interest-free overdraft
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Consumer-led Ethical Policy
Cons
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No freebies offered with this account
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There are other student accounts with larger overdrafts
Quick and simple switching
Small branch network
The Co-operative Bank’s student account offers an interest-free overdraft, but how does it compare to other student bank accounts? Read our review to find out more.
Types of current accounts for students
The Co-operative Bank has one current account available for students – The Co-operative Bank Student Bank Account.
Below, we’ll explore the key benefits and features associated with this student bank account.
| Product Name | The Co-operative Bank Student Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Visa |
| Minimum opening balance | £0 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | No minimum funding requirement |
| Daily cash machine limit | £250 |
| At end of term | Account transferred automatically to Current Account |
| Maximum overdraft in year 1 | £1,400 |
| Maximum overdraft in year 2 | £1,700 |
| Maximum overdraft in year 3 | £2,000 |
| Overseas card transactions | 2.75% |
| Overseas cash withdrawals | 2.75% |
Eligibility
To be eligible for this account, you’ll need to:
- be at least 18 years old;
- be a UK resident;
- have been confirmed on a full-time course for at least two years;
- have no other student accounts opened.
If you have a place on an Undergraduate degree, Postgraduate degree, Foundation degree, BTEC Higher National Diploma course or a NVQ Level 4 or 5 course, you’re eligible.
If you’re studying on an Open University course or an apprenticeship, you’re not eligible for this account.
How to open an account
To open a student account, you’ll need to fill out a form on The Co-operative Bank’s website (which recommends doing this on a desktop). You’ll then need to email, post or take the form to a bank branch to complete your application.
You’ll need to include proof of acceptance onto your course with your application. The Co-operative Bank says it may also write to applicants if it requires proof of ID and home address.
You can expect to hear back from the bank within seven days of it receiving your application form. If your student account application is accepted, you’ll be sent your welcome pack and debit card.
The benefits
- Interest-free overdraft. You’ll be given an interest-free overdraft of £1,400 when you open the account. You can apply for this to be increased up to £1,700 in the second year and £2,000 in the third year. For your overdraft to become availible, you’ll need to meet the minimum funding requirement.
Pros and cons
Pros
- Interest-free overdraft.
- The Co-operative Bank is an ethical bank, supporting several UK charities.
Cons
- No incentives other than an interest-free overdraft.
- This account is not available to international students, Open University students or apprentices.
Customer service information for The Co-operative Bank
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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