Halifax Student Account 2009/10: We Want Your Feedback

MrsManda

Darren08 wrote: »

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

I've had a student account with Halifax for since 2008, prior to that I had one with them between 2003-2006. I've never had a letter to reapply for my OD. I presume I'll get a review when I reach my graduation date but not before.
But all ODs are given on the understanding that should the bank decide to, for instance if you break their T&Cs they can pull your OD immediately.

m_black

Hi,

The Bank of Scotland gave me £1500 o/d limit in first year (2004) and upped by about £500 on request each year up to £2750. They refused to increase any further above that. While I was a student I was reasonably happy with them - Their customer service and communication was terrible but as they seemed happy enough to throw free money at me as a student I persevered with it.

However I would advise STRONGLY against going with a student bank account with this bank under any circumstances as the situation they leave you in after graduation is appalling.

Firstly they are incredibly vague and unhelpful dealing with enquiries regarding what happens at the end of your interest free period. After I contacted them several times I was told I was going to be charged a £1 a day every day I was overdrawn when my account transferred to a 'normal' account. As my overdraft was still sitting at £2,750 I was looking at paying out £30 a month just to access my salary.

I was then advised that I had been pre-approved for a loan with them for an amount that (suspiciously) almost exactly covered my student debts (i.e. credit cards and overdrafts). Before I applied I checked my credit file, not wanting to be declined for credit that I didn't neccesarily need but would make my finances much easier to manage. As I was scored excellent on almost all the criteria I went ahead and applied.

And was declined on the basis that I had only been with my employer for 10 months and that I had recently moved house. Most graduates within a year of graduating will have likely changed employers and moved house!!

So basically, while the high overdraft limit looks wonderful at the time think long and hard about the situation you will be in when you graduate. Having now shopped around I would strongly recommend going with banks like Natwest or HSBC who have dedicated Graduate accounts that are designed for the specific needs of graduates as oppossed to banks like Bank of Scotland who throw money at you while you're at university only to completely rip you off when you have graduated and indeed penalise you and damage your credit score because of your graduate status.


Also, unless you are in the position of knowing you will have a spare 3 grand the year after graduation the advice to go with the highest overdraft limit is incredibly reckless and leaves you open to the risk of getting stuck in a long term debt cycle!

ash4becks

i have been with halifax since i was a kid about 8 had ema payed in , when to uni droped out in the march , went back to collge overdraft was still uped from the 500 to a grand had 2 years off because of haelth issues was still increased now at 2750 and they want it back on the 31st of aug, the intrest is a pound a day for being over drawn now 24 and going bankrupt soon so moving account, just make sure you use your card or they dont give you nothing

pinkglitter22

I have the worst credit on earth if i can do it so can you!
1st halifax have to close your current account then open your new student account. Dont go over the over draft and they will allow you to increase up to £3000 by your 3rd year.
BUT be aware when you finish uni/college and the overdraft ends, if you are living in your overdraft of £3000 they charge £60 per month! They dont put that on the lovely leaflets!

Darren08

pinkglitter22 wrote: »

1st halifax have to close your current account then open your new student account.

I kept my old account, they changed it over with ease within 24hrs.

pinkglitter22 wrote: »

BUT be aware when you finish uni/college and the overdraft ends, if you are living in your overdraft of £3000 they charge £60 per month! They dont put that on the lovely leaflets!

Mine includes 1 year interest free post graduation, everyones should for now. HSBC do 2 years.

alexblythe

Hi

Ive just been into my local branch of halifax today to upgrade my current account to a student account and was wondering if it going to the underwriters is a normal thing as the person in branch took photocopies of my student loans and proof of status and said i would get a reply in 7-10 working days.

thanks

adalef

I have had a halifax since I was very little and I got a student overdraft in my first year of undergraduate in 2006. It extended to £2300 over the three years of undergrad. I went to them last summer and explained that I will be doing a MA for another 12 months and was led to believe that my student overdraft would continue until I finish my degree in September (very much needed as I am paying for my own degree!). This would mean, from what I have seen on the board, that I would not have to pay it off until a year later (ie year after graduation). However, I received a letter last week saying I will need to start paying the OD back from July 4th this year -a year after I graduated from my undergraduate degree. I spoke to someone in my local branch and they simply said they have sent a message to head office and I will find out in a week if my OD has been extended until September.
Does this mean that my account was never extended to included another year of study and now I have to pay my OD off while still studying (I have been working full time three jobs the whole year but this has been to pay for tutition and rent and bills, etc - I cannot get another job otherwise I won't actually be able to do my dissertation!)? Or has policy changed?
Any suggestions on how to approach this? Thanks!

wbarker

I received a £3000 interest free overdraft for my medical studies, however they decided to pull this whilst I still have one year to go, having held a student account for the maximum of 6 years.

They sent me a letter saying I would now be charged £2 per day for the overdraft, along with an ironic flyer for their bank service saying "With you all the way".

I'm off to find another bank, you should think about it too.

Jenfast

I tried applying for a Halifax student account today and was declined outright. No idea why - I believe my credit rating is good...I am 28 and doing and MSc but also work and own my own property. Not a current Halifax customer though and not getting a student loan paid into the account as I'm not eligible for one.

pigeons_2

Hi

I went up to the bank of scotland today with the hope to open a student account but i was refused, i went in with my college acceptance letter, my passport and my student card but they told me they need either a letter from the department of working pensions or a provisional driving licence and i have neither and certanly cant afford the provisional. I am really unsure as what to do so if someone could help me that would be great.

thanks