Bank targets students with finance management hub

Lloyds TSB wants to help students manage their finances

Aiming to capitalise on a combination of difficult economic times and students' shaky financial management skills, Lloyds TSB today launched an online hub to tempt new graduates and undergraduates to its banking packages.

According to research by the banking giant, one in 10 university 'freshers' rate their understanding of finances and financial products as being below or well below average.

Lloyds TSB director of current accounts Catherine McGrath said the research showed that “students-to-be are telling us that they are concerned about managing their finances during their degree course and that, in the current environment, money management is more important to them than ever before."

Competition among banks for student accounts is fierce. A survey of student finance published on Push.co.uk last week, showed that students starting university last year can expect to rack up an average debt of £21,200 by the time they leave. The interest payable on that level of debt is a nice little earner for the banks.

Lloyds TSB Savvy Student offers student living tips, a discount detector for locating retailers offering discounted goods and services, and a Smart Saver application that allows other family members to give students donations using PayPal.