Help with Halifax Student Account

iluvdarius2003

I went into HBOS today to get some information about their student account. I already have one with Smile but I noticed that both of these don't need to be your only account so that's why I'm looking. Anyway I went in and asked some questions and I don't think that I was given the right information. I asked if you had to pay anything in regularly or a minimum and I was told no this wasn't necessary. I asked if you had to only have student account and again was told no. I then asked if I would get the full overdraft and I was told yes more than likely. Lastly I asked if I needed to pay in my loan and was told no I didn't. Now there were no advisors available to I just left it today and said I would go back. The reason I was wanting another account is that I am buying a car and this seems to be the cheapest way of getting the money. I'm doing my honours year of an accountancy degree, so I hope to have good employment chances next year, so paying it back shouldn't be a problem.

Anyway can anyone tell me if I was advised rightly or wrongly before I go ahead and apply for this account? I was told the only things I needed were my student or matriculation card and id such as a driving license. Is that correct also?

Sarahx

CrispyUK

Hi Sarah,

Regarding paying stuff in, the small print at the bottom of the Halifax webpage states:

"For an authorised overdraft you must pay regular credits (i.e. salary, grant cheque, student loan) into your account."

It's a bit wooly on the wording but as a guide they've asked during the application by phone and the confirming ID in branch whether I'll be paying my loan in so I guess that's what they'd usually look for. Probably easiest to pay this in to Halifax as well as AFAIK smile don't require the loan to go in. Then any salary or parental contibution to go into the smile account to keep them happy.

I was told on the phone that they would be able to give me the full overdraft, the lady in branch wasn't so sure but she wasn't familiar with the student account (and I don't blame her based in this branch!) so she's e-mailed head office for me. The default overdraft is £500 which is what the account will initially be set up with.

You'll need something to prove your identity, something to prove your address and something to show you're a student, uni acceptance letter, uni card should be fine if they've said that. I used my passport for proof of ID and the driving licence for address - you need a different bit of evidence for each (i.e. you can't use driving licence for both).

CrispyUK

Oh and you'll need £100 to open the account with, ideally cash, once that has sat in the account overnight it activates the overdraft and triggers the cards, chequebooks, etc. You can of course withdraw in the next day if you wished (although you'd have to do it at the counter as you wouldn't have your card).

If you use a cheque it has to sit in the account a further 24 hours after it has cleared.