Halifax Student Account. Did you get the full £3,000 overdraft

MSE_Martin · 19 May 2009 at 9:21PM

What's this about?

The Halifax student accounts been top pick student account for years. It promises a 0% overdraft of up to £3,000 each year. Yet recently reports are coming through from a number of students that they're not getting this in the first year.

One even got a letter saying it wasn't possible (see Halifax Student Account news story).

What we want.

Quite simply we want to know what you got in year one if you got that account. Please vote in the poll and explain your situation here.

Martin

Heath84 · 19 May 2009 at 9:31PM

No. I was on a PGCE course (only one year) and got there student account as it advertised up to 2700 quid overdraft. It started at only 500quid when I opened it in the August and I was then able to increase this to £1000 once I had my bursary paid in. For teacher training I had a bursary paid in each month of 600quid and then my fees of £300 a month came out. They would never let me have more than £1000 as they kept asking me how I would be paying it back - when I get a teaching job didnt seem to be a good enough answer! Maybe if I had my maintenance grant paid into the account too it would have been different, but when I applied for this I hadnt opened my student account yet. Was rather dissappointed that I couldnt make the most of the overdraft I had opened the account for in the 1st place!

lauramelling50 · 19 May 2009 at 9:33PM

I switched to Halifax for the £3000 overdraft in Year 3 of my 5 year medicine course. In my first term they would only give me £1000 and I managed to increase this to £1500 in my second term. I'm very angry as I checked when I opened the account that I would receive the overdraft. I was told that I was in Year 3 and because I was a medical student I would definitely be elegible and just had to wait for my student loan to clear (which it did) and then the overdraft would be activated. WRONG!!!

Fortunately I was only extending the overdraft for saving purposes rather than actual need, but I'm sure there are others in my position who are not so fortunate.

b33r · 19 May 2009 at 9:47PM

I got the full amount when I opened the student account in 2nd year. This was a few years ago now (was 2750 then). Overdrafts still there despite graduating 2 years ago they've never removed it lol.

rb10 · 19 May 2009 at 11:11PM

I really don't get what the problem is here. It's exactly the same as when MSE had a big thing about overdrafts on non-student accounts being suddenly removed: a bank can give it's customers an overdraft facility if the bank wants to.

It is not a right to be given an overdraft, and it is not a right to keep an overdraft. It is, in every single case, something that the bank is free to decide whether or not to give you.

£3000 is a lot of money. I think that Halifax is right to be strict in who they give the money to. They clearly advertise it as up to £3000.

MSE_Martin wrote: »

Yet recently reports are coming through from a number of students that they're not getting this in the first year.

Well obviously, those who do get it aren't going to be making a fuss complaining, they'll just quietly take it, and do what they like with it. It's clearly going to be those who are turned down who complain.

MSE_Martin wrote: »

One even got a letter saying it wasn't possible (see Halifax Student Account news story).

This seems a little pointless to bring up, as your article clearly states this letter was a mistake:

A Halifax spokesman says the letter to Mark was incorrect

rootage · 19 May 2009 at 11:44PM

I had a £1,000 overdraft and asked for an increase. The guy seemed very surprised (he said the system they've always had is £1,000 in the first year, £2,000 in the second, etc. He had to look up their own website for info when I said it was £3,000. I received a call later from Halifax saying that £1,750 is the maximum overdraft for first year students.

nick88 · 20 May 2009 at 12:24AM

I applied in 2007 when the limit was £2750, I originally got £1000, then went in a few months later, and they increased it to the full amount.

Former_MSE_Dan · 20 May 2009 at 12:26AM

Hi rb10,

The news story, and this vote/feedback thread is intended as a way for us to gather how widespread this issue is, or isn't.

The original advertising stated that £3,000 was available in the first year, yet some emails/letters we've received, and other forum threads, suggested that this hasn't too often been the case.

Hope this helps

Dan

IainCC · 20 May 2009 at 12:59AM

Voted "didn’t ask for more" but actually I remember asking when I was in branch once now that I think about it.

I opened the account before first year started so couldn't get an overdraft until uni started in September 07 and my SAAS started getting paid in. I then never applied for it until about April (getting to the end of the year when money is getting thin!). Got an overdraft for £1000. During summer 08 I asked for it to be raised, with the intention of going overdrawn to put money in a savings account, but was told £1000 was the maximum I could get. When my overdraft review was due in April this year, I went in to get it increased and was told that the maximum for 2nd year students is £2250, which is what I am on now.

Seems like a lot of people are getting told a lot of different things!

Incase it makes a difference, I get the maximum grant/loan from SAAS and it gets paid into the account monthly.

Iain

Kavanne · 20 May 2009 at 7:49AM

We applied for this account for my boyfriend back in September (he's in his 3rd year of 4). He was declined due to credit scoring but what we did do was open a joint account, and off the back off my score (so they say) they offered him their standard credit card with £500 limit.

He ran these for 6 months and then reapplied. Managed to get only a £1000 limit on the overdraft but they said ring to increase once they'd seen 3 months activity. They have also increase his credit card limit to £1000 too.

Trunk_z · 20 May 2009 at 8:01AM

Thought I'd reply with my experiences...
Only able to get £1000 in my first year at Uni. Now just finished my second, they told me I qualified for the full £3000 ammount.

I declined however, as I didn't want the temptation of having that much overdraft.

Halifax Student Account. Did you get the full £3,000 overdraft

Halifax Student Acc Applicants: What was your FIRST YEAR 0% overdraft scenario 121 votes

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free