The Totum Card, previously NUS Extra, gives students access to more than 200 UK discounts on the high street and online including at Odeon, Apple, Co-op, New Look, ASOS and Thorpe Park. It also offers 42,000 discounts worldwide with a free International Student Identity Card (ISIC).

The Lloyds Student Account offers a fee-free tiered arranged overdraft of up to £1,500 in years one to three, which can be extended up to £2,000 in years four to six.

The account also comes with a contactless debit card, which can be added to Apple Pay or Android Pay, and “Everyday Offers” which offers up to 15 per cent cashback at selected retailers including Morrisons, Costa, Nando’s, Just Eat, Subway and New Look.

Gabrielle Collins, head of current accounts for Lloyds Bank, said: “We’re delighted to launch this year’s student account which continues to offer a great range of features designed to make students’ money go further.

“Alongside the rewards students can get their hands on through Everyday Offers, the new Totum card gives access to even more fantastic deals. As always, access to their money will never be more than a tap away with our own five-star mobile app and our range of text alerts which will give them even more control over their finances.”

Students can use the Lloyds banking app to track their spending and account balances, transfer money between their accounts, pay friends and bills, and manage their direct debits and standing orders.

Eligibility for Lloyds Student Account

To be eligible to open a Lloyds Bank Student Account, customers need to be aged 17 or over and studying on a course that is full-time and two years or more in duration, or a one-year Access course leading to a degree.

Applicants need to have been a resident in the UK for the past three years. They will also need to provide a UCAS confirmation letter confirming their place or a letter from their university or college. New customers will also need to provide proof of ID and address.

Lloyds is the second high street bank to launch its student offering for 2019. HSBC is offering £100 cash plus 12-month membership of British Cycling.