Natwest vs Halifax Student Account

TheLostProphet

To me, these seem like the 2 principle accounts, one for it's large maximum overdraft, and the other for it's not so large overdraft plus a whole host of freebies.

Apparently you cannot have both (boo!). Therefore the question is, which one should you choose?

Halifax offers a £3000 maximum overdraft, but how many students will realistically get this, and in what time period? Does the long delay and relatively high chance of refusal nullify any benefits associated with this account?

On the other hand, Natwest offers a maximum of about £1200 in the first year, along with the often talked about railcard, webcam if you order online, etc.

From what I've heard, Halifax has dire customer service whereas NatWest are fairly good and have campus branches.

So, can anyone tell me why I should or shouldn't get either one? Or better yet, both

kelloggs36

I had a student account with HSBC in my first year and applied to the Halifax in year 2, telling them I already had one. I got accepted, with the minimum overdraft which you have to apply for more - and most don't get the maximum. A rail card is a good thing to have as it reduces the cost quite a bit so you need to weigh up the pros and cons. Personally I didn't find Halifax at all helpful. They refused me an extended overdraft even when I told them I have a guaranteed job paying 25k per year at the end of my studies (which was only a year away). It seems that nothing is good enough.

clozza_90

I know I'll be going for Natwest as, realistically, I'm hoping not to need a very big overdraft! £1200 should be enough. And as the whole amount isn't even guaranteed for Halifax anyway...
The railcard will be a lot more useful to me for travelling home etc.
Plus Natwest has a branch on the campus at my uni
hth

[Deleted User]

I have a Halifax account and I have to say I've had no problems with their customer service and every time I've been on the phone to them or in a branch they have been very efficient and heplful. I may change my mind soon as I'm about to apply for an overdraft limit increase though. I'll keep you posted.

One other thing to consider is that you don't have to keep the same student account for your whole period of study. Obviously, you will not get your railcard renewed with NatWest if you close the account, but if you can get the full £3000 overdraft, then the interest you can gain by investing it is far more than the cost of a railcard for five years. Perhaps getting the Halifax account for a while, seeing if they give you the full amount and then switching if you don't get it would be the best approach?

I do agree with clozza_90 that you should try and go with a bank that has a branch on/near your campus, as it is far easier to find out information in branch than over the phone.

GlasweJen

I've been up to the max overdraft on the halifax account as have several other people i know. I voluntarily cut it down to £1200 this year as i want to clear it before graduating.

Samba_2

I have spoken to both Natwest and Halifax's Customer Services, and both have said that it isn't against their Ts and Cs to have another account - so you could have both. Both state the account has to have regular funding, but Natwest did specify Student Loan or they would not give you any overdraft facility. They also do a credit check, and said if they could see you had a Student Account elsewhere, then they would again refuse you the overdraft facility. However, depending on the amount you receive from Halifax, you could end up with the best of both worlds - big O/D and free Railcard - that is my aim!

magically

to be honest ... i've been with halifax for 4 years before Uni and then got Student account when I got to Uni but only 500 pounds overdraft. They charged me 35 pounds bank charge for a 12 pound monthly mobile fee ... I've tried the moneysavingexpert method to claim that back but they just sent me a dozen letters about taking this issue to court etc etc ... and after about 7 months saying that the court find this is justly issued. but my friend who used natwest managed to get his money back using that method... mmmm ... what else .... I definitely would want that railcard from natwest.

FarahLizzy

Does anyone know, or have a rough idea, what the conditions are to qualify for the max. overdraft with the halifax?