Halifax Student Account 2009/10: We Want Your Feedback

jizzlewood

Hi

I applied last year for the halifax student loan. I had already been with them before as I have had a credit card with them. They first gave me a £500 limit on my OD, I didnt apply for anymore as I didnt need it at first.

When my finances were getting low and I was regualy in the £400's into my overdraft they gave me another £500 without me applying for it. I just checked my account one day and it was there! I looked at my online account and it had been updated then too.

Once I have started my second year at uni and have had my loan paid in I am going to apply for a further £500 to try and bring my limit to £1500.

magriff

hi,

i got £1000 overdraft straight away for my first year and the student credit card (£500 od) too. though i have never been in debt or have ever had a credit card. i have been registered for voting at my address for the past 5 years. so have possibly got a healthy looking credit rating, i guess. ohh and as i am a mature student and have kids i am entitled to a much larger and juicy bursary than normal students, which may have also influenced their rating. the lady who opened the account said to me i could expect (as long as i used my credit card properly and paid up when required), that i could expect my account overdaft to double or more for the next year!

eliott256

I've had some ups and downs with this one. It started off fine and dandy, I was given the £500 straight off and was upgraded to the £1000 without asking. Then I started spending money willynilly in my first year, and ended up being close to my £1000 limit, I rang up and asked them to increase it by £100, they did. That went quickly enough and I asked them to increase it again but they declined. I rang up again once my loan had come in and asked for it to be increased to £1250 (cus i knew my accommodation was due out) and they said that that was no problem.

I'm currently at £1350, but have been declined 3 times so far for an increase. I'm going into my final year now and am going to ring when my next loan payment comes in and see if they'll increase me to £1500 so I have a bit more than my current £33/week budget i'll have from my student loan (i'd get more money on the dole :rolleyes:)

TheRichestManInBabylon_2

I was given a £500 overdraft immediately.

And on my first request for more, this was increased to a whopping £1000.

However, I have been advised by Halifax that my overdraft won't be increased until regular credits are made i.e. Student Loan credits, etc.

lillexy

I've been with them for 7 years and still only got the £500 overdraft... I'm gonna go in and ask to up it tho.

lexian

My son applied to open a Halifax Student Account this morning (03/09/09). He was given an overdraft of £500.
When he asked about a higher amount of overdraft, he was told it was automatic to get £500 for your first year and that it was possible to get an increase of £500 in overdraft for each year of study and so build up.
But he is on a 4 year undergraduate course and so his total overdraft amount would only ever be £2000.
I then took over and asked why they advertise a £3000 overdraft when it seems impossible to get one. He has no debts, this is his first bank account, he has lived in the same address all his life and has his UCAS and student loan letters etc. I was told it was the policy of the Halifax to offer £500 initially, and then given the same explanation my son had been given. Typical of the big print with a failure to mention that it is almost impossible.

rb10

lexian wrote: »

My son applied to open a Halifax Student Account this morning (03/09/09). He was given an overdraft of £500.
When he asked about a higher amount of overdraft, he was told it was automatic to get £500 for your first year and that it was possible to get an increase of £500 in overdraft for each year of study and so build up.
But he is on a 4 year undergraduate course and so his total overdraft amount would only ever be £2000.
I then took over and asked why they advertise a £3000 overdraft when it seems impossible to get one. He has no debts, this is his first bank account, he has lived in the same address all his life and has his UCAS and student loan letters etc. I was told it was the policy of the Halifax to offer £500 initially, and then given the same explanation my son had been given. Typical of the big print with a failure to mention that it is almost impossible.

What you have been told is incorrect. He can get £1000 now - subject to credit check - and then increase it further once his student loan has gone in to the account.

Kua

I went with Halifax. I just gave them a call and they explained that I would need to go in to a branch with ID, proof of my place on the course etc (I'd applied online). They told me the overdraft starts at £500 (from what I'm reading its very easy to up this to £1,000 however) and immediately goes up to £1500 once my student loan goes in. They also told me the £3,000 overdraft is conditional on me paying in £400 a month. Which might be possible because I'll be getting a job and if that isn't enough, I can drip-feed money in from another account.

But honestly I'm not convinced it will pan out as smoothly as that. We'll see.

This overdraft is new territory for me though. Can they reduce it at any time? How much notice should/do they give?

york6605

I applied online for my student bank account (24/08/09). I am 25 and studying for a masters degree in architecture. My application was accepted and a 500 pound overdraft limit was put in place.

As i am paying for my course through personal funding I went with Halifax on the basis of getting the full 3,000.

When I rang up i was told I need to hold the account for at least 6months and then to put forward an application which will be reviewed. Even then it is unlikely I would receive an increase, even of 1000 pounds.

I understood you do have to make regular payments into the account.

I have a good credit rating and never missed a payment. Even throughout university I was always in credit and never into my overdraft. I have only ever had a student loan.

I have now canceled my Halifax account and gone with HSBC who have offered me a full 2000 overdraft straight away.

It seems the 3000 limit is only given out in exceptional cases, and even then it seems out of reach for most. Overall pretty disappointed.

divadav

I am a mature student about to begin my second year. i applied for the Halifax account because of the overdraft and it's true they do not give you the full amount to begin with, however if you have a regular income they soon top it up and i now have £2500 at my disposal. I didn't even arrange for my student loan to be paid into it, i just pay in £100 a month from my other account- which i have now switched to a student account (at LloydsTSB) as well.