News

**MSE Dan** · 11-08-2009, 6:08 PM

Hi folks,

In our newly published Student Accounts 2009/10 guide, Halifax Student Account is one of our new top picks.

It offers 0% overdrafts of 'up to £3,000' for every year of study, and we're after feedback from people who have applied this year about what overdraft limit you are given to start with, and also whether this was upped if you requested more.

Thanks for all help in advance

Dan

DarThom · 12-08-2009, 9:45 PM

Hi Dan,
I originally applied for this account in August 2008, i was given an overdraft of £500. I went in again recently as i had a letter from them saying my account 'deal' was about to end. Upon questioning this the subject came up about overdrafts and i was given a further limit of £1000. I was told if i wanted more i'd have to phone a special office and be cleared.

Vampiric Addiction · 13-08-2009, 4:40 PM

I went to apply today, and I am more than a little cross and disappointed - they DECLINED me outright...

Now, before it's said (and it'd be my first thought too if I read this post!) I do have a credit rating built up (I'm 21 not 18, and have had a credit card before, have a contract phone etc) and have never been late or missed a payment on anything. I have checked my credit reports with experian and equifax, and neither had anything negative on. :\

The woman who worked there simply said 'oh but you don't have history with us' (my last acc with them was a childhood one..)

Yours,
Grumpy, of Sunderland

CCFreya · 13-08-2009, 5:50 PM

Hi

I got this account because I read a similar article for the academic year 07/08, and have been pleased with it on the whole. I didnt get the full overdraft when I first got the account, I got £500 which was arranged to go up in a few months to £1000. After finishing my first year I went in to the bank and was declined the £3000 overdraft but the next day I rung up Halifax, asked for it and was given it. It is now up for review as they would only give me it for a year, but hoping I can get it again.

WelshSun · 13-08-2009, 8:22 PM

I applied and got one today. £500 overdraft, but the woman said it was possible to get the overdraft up to £1000 by end of year one and £2000 year 2 and so on. Overall an easy account to setup.

Seems like a good account and always top or closely rated in surveys, so Ill use them this year and loom around again Next year.

yeahyeahyeahs · 13-08-2009, 11:11 PM

when i first applied two years ago, i got an overdraft of £150, they then upped it by request to £1000.

By 2nd year, I got £1500.

btw, I was 20 when i started uni and i think my credit score is 877. i have had a regular savings account with them since i was 7 and have been putting money in it regularly ever since.

jennifernil · 14-08-2009, 2:46 AM

Our daughter has the Halifax student account. She was given an overdraft of £1250 in first year (2003), and has consistently been refused any more, despite paying in our contribution and her part time earnings every month.

Now she has PhD funding (and earnings) of over £1500 per month, they still refuse to increase it. Some months she has to travel abroad to conferences and, due to having to wait for the Uni to pay out expenses, we have to bankroll her.

lucie707 · 14-08-2009, 7:29 PM

i opened a student account with halifax in september 07 (id been banking with them for at least 6 years) and they gave me a £500 limit. i went in a week later and they agreed to up it to £1000. in 2008 after asking several times they finally agreed to up it to £1750 im now in my 3rd year and rang yesterday and they declined the £3000!!

MrsManda · 14-08-2009, 9:32 PM

I've had no problems with Halifax.
I got £1000 OD immediately. The person in the branch was a bit useless and was of the opinion that it was only possible to get £1k in the first year. I left it because I didn't need it then in March I wanted an increase. The branch refused me so I called customer services and got the full £3K.

mrjoet · 16-08-2009, 11:12 PM

Halifax rejected me, however I called them and asked why and they said that at this time of year new students do not yet have confirmation that they have a place at University.

They said to call back in a week and I should have better luck.

TDQO · 17-08-2009, 1:11 AM

I opened my account in 2006 and got 1000 immediately and upped that to 1500 in my 2nd year. However twice they have reduced the limit by either 500 or 250 with literally a few days notice. They even froze my account as they reduced it by 500 and as my next paycheck was 6wks away they froze it but then added over 200 quids worth of charges!! It took me 6 months to pay off all the charges and I had to borrow money from friends and family to cover them.

Hopefully when I get back in september they will up it to at least 2000.

JammyP · 17-08-2009, 3:16 PM

Rejected outright, have not recieved the letter yet to tell me why.

When I rang up to ask why the guy said they don't know and can't tell you over the phone.

I am a "mature" student, 23 years old, have had a mobile contract which I pay every month on time for 4 years, also have a credit card with a £2000 limit which I pay off every month in full.

Maybe it is because I have never had an account with them before, who knows...

aizomc27 · 17-08-2009, 3:57 PM

Hi everyone,

I thankfully had no problems applying for and receiving the full amount from Halifax.

I got my account back in 2006, got the £1000 OD straight away, but was told that they can't increase it beyond that limit in branch!
I had to ring a special underwriting team in Jan 07, they seen that my last two student loan installments had went in and was granted the full limit of £2750 (as it was back then!)
Applied for and got the full £3k last year, although maybe I'm just lucky, but best to phone them up during the day and get the underwriting team to have a look for you!

Bicks · 17-08-2009, 4:05 PM

I am about to enter my 2nd year and opened a Halifax Student Account last August (08/09).

They 'allowed' me £500 O/D facility for the first year and have not increased it, and have told me they won't increase it for 2nd year.

My Student Loan is paid into this account. I don't have any other income. I am a mature student (26) and have had previous accounts with Halifax (although not had a current account with them for some years now).

This account is useless. I am closing it asap and getting a better deal elsewhere. I can't recommend it - the advertised £3000 O/D facility seems to be all but a myth except for the luck (very) few.

Only my opinion though.

Vampiric Addiction · 17-08-2009, 6:19 PM

Quote:

Originally Posted by JammyP

Rejected outright, have not recieved the letter yet to tell me why.

When I rang up to ask why the guy said they don't know and can't tell you over the phone.

I am a "mature" student, 23 years old, have had a mobile contract which I pay every month on time for 4 years, also have a credit card with a £2000 limit which I pay off every month in full.

Maybe it is because I have never had an account with them before, who knows...

Very similar to me... How strange. She tried with the 'ah, it's credit ratings, y'see' line... till i explained im very careful, have checked with the agencies in question and know what mine is... sparkly! *sigh*

Quote:

Originally Posted by mrjoet

Halifax rejected me, however I called them and asked why and they said that at this time of year new students do not yet have confirmation that they have a place at University.

They said to call back in a week and I should have better luck.

What??!! That makes *no* sense... some students don't, no - especially A Levels as AFAIK they're getting theirs (results) this month... but if you have done an access course (like me) and you have results, you have a confirmed place... so that shouldnt be an issue? Surely they're only accepting students with confirmed places in the first place so that shouldn't come into the equation when deciding?

thewookie · 18-08-2009, 3:57 PM

Just had my account opened. 1st year of a 4yr degree, got £500 OD. Expected more considering I have had the account for 3yrs, have had over £2k a month going in unitl I left the country and went travelling. Still have over £700 a month going into the account as well as my student loan. Told only £500 in the 1st year. Will give it a few months before calling custoner services.

HTH

Wraggy · 20-08-2009, 9:47 AM

I opened a Halifax Student account in Sept 08. I was a new halifax customer so they held no information about my banking habits, and I had a basically non existent credit record. On opening I was offered £500 overdraft, but as I opened the account with some birthday money I was instantly granted £1000 OD. I was told that was pretty much all I could expect in Year 1, and sure enough after asking for more in March 09 time, an increase was refused. I will be going in soon to hopefully increase my OD for year 2!

litaross · 20-08-2009, 11:56 PM

I've had bank accounts with the Halifax since I was born and last year I applied for a student account on the basis that I would be able to get a £3000 overdraft.

I managed to get a £1500 overdraft by the end of my first year but I had to ring them up every 3 months and apply for it and they would only extend the overdraft £500 at a time. Also if you don't have much activity on your card when you apply then they will refuse to extend your overdraft! I have my rent for 2nd year going out in one lump sum in a couple of days and Halifax refused to extend my overdraft to cover it but instead tried to get me into more debt with a credit card!!

If you can manage with a small overdraft for a while then Halifax is great but otherwise they are a pain to deal with. Also its an 0845 number whenever you want/need to ring them!

SophieBowden · 21-08-2009, 10:11 PM

I have been a client of Halifax for 18 (of my 21) years and fully reccommend their student account. I am due to start a masters degree in September and Halifax kindly increased my overdraft to the full £3000 without hesitation. I believe that people in my position, need a bank which is as trustworthy as Halifax has proven to be.

Dont be 'bought' by other banks offering free gifts, at the end of the day there is only two things which should matter. Firstly, your overdraft limit and secondly, the interest free period.

Sophie Bowden

kelloggs36 · 22-08-2009, 11:06 AM

I had a student account with Halifax - after the student period has ended, apparently they don't do graduate accounts, and give you 1 year to pay off your overdraft and then convert to a normal account which charge for overdrafts.

Confusing though as I got a letter last week saying that my overdraft period was coming to an end on my student account and I needed to ring to arrange to extend the period. I rang and they said it had already been renewed - but the woman told me that it only lasts for a year after graduating.