Halifax Student Account 2009/10: We Want Your Feedback

rb10

kingofthemill wrote: »

I have until July to repay my £3000 OD to Bank of Scotland. I'm just wondering if anyone knows what the interest rates jump to in the event that I don't manage to pay it all off before July?

Cheers

One year after you graduate, the account will become a Current Account.

If you are paying £1000 per month in, then make sure you phone up (or save a bit of money on the phone bill and get them to phone you) and change it over to a Reward Account (that way they will pay you £5 every single month).

elyoa

I opened one of these accounts, and duly expected that the advertised
"You'll automatically get a £500 interest-free overdraft when you open your account and then you can apply for more if and when you need it." on the Halifax website would have been applied.

Yet it wasn't. I enquired in branch and the said that it had to be activated and was not "automatic". As far as I can see that is very misleading.

MrsManda

elyoa wrote: »

Yet it wasn't. I enquired in branch and the said that it had to be activated and was not "automatic". As far as I can see that is very misleading.

The person you spoke to is mistaken - if they allow you to open a student account then you get the £500 OD, just as you get a debit card and a chequebook (though not sure you get chequebooks anymore). If they don't give you the overdraft then it's not a student account, it's a standard current account as the interest-free overdraft is the only real difference between a Halifax current and a Halifax student account.
Though Halifax does seem to be very bad at educating their staff about student accounts unless you go to a branch at your university.

stevesb52

I'm actually fairly happy with mine - I got it upped to the full £3000 earlier in the year by just going into the branch ans asking. It was increased there and then, but someone over the phone did ask what I wanted it for etc. I am in the third year of a four year course and had the account from the start of uni though, so not sure if it's different for people in their final year or who have transferred accounts to them...

StudentInCrisis_2

Also not a fan of Halifax. Went with them for my first year and had nothing but problems!

Moved to LLoyds TSB who were much better.

davem7

I have a student account, have done for a couple years now. I'm on a fully-funded full-time PhD scheme, so have a maintenance allowance and no tuition to pay. Like everyone else here, they gave me a £500 overdraft at first. After my first grant payment came through, I asked for it to be increased to £2500, which they did with no problem.

Having said this, I've had about £15k worth of savings with them until recently (their interest rates suck !!!), a credit card (£500, used frequently but sparingly) and about a 10-year history overall. So my guess is, if you have a good credit history, and long-term accounts with them, they are far more likely to give you a larger overdraft facility.

jase951

Have managed to get an OD of £2500 in second year. Apparently this is the max Halifax will offer a second year student....according to the lady on the phone.

BLT_2

kingofthemill wrote: »

I have until July to repay my £3000 OD to Bank of Scotland. I'm just wondering if anyone knows what the interest rates jump to in the event that I don't manage to pay it all off before July?

Cheers

You probably already have the answer to this but I would look at around 20%. If you have an OD of 3,000 you are probably looking at around 40 to 50 pounds per month to service it

nurse_british

started a nursing bsc in 2007 and never actually asked halifax for a student account until my second year,2008. when they opened the account my limit was £1500 and soon jumped up to £1750, without me even asking. In my last year i decided to do a placement abroad and so i needed the extra cash all i did was phone up halifax and asked for the maximum £3000 i was told i wouldnt get it but i checked my bank the next day and i had the limit increased alread. Bizzarly i asked halifax for a student credit card, maximum£500 limit, and i was turned down only to be sent a credit card 6weeks later with a limit of £1500. Im very suprised with halifax is throwing money at me although it could be that i have banked with them all my life, worked full time before entering education again and maintained a minimum of 25hrs paid work and my bursary into the account each month. Anyway my hard work has come to a end and i graduate soon but the overdraught has been good in my books, just paying it off now:-)

Darren08

Just an update since I got my overdraft quite a while ago. I've had no issues at all, I've found I'm hardly even using my overdraft (somehow...how on Earth is that possible, I'm at the pub every day?!). The only thing I would say that has tainted the experience, and even then it's not a major problem at the moment is that they advertise you can keep it for the duration of your course and for 1 year after graduating, however it's reviewed yearly. I got a letter saying it would be coming off on 27th May and to call to apply to keep it. Although they let me keep it for another year, the fact that you have to reapply each year makes the whole 'you can keep it interest free until 1yr after graduation' bit seem a little misleading because they 'could' decline you in your 2nd or 3rd year etc. I don't like having the shadow over my shoulder.