Going to Uni in Septmber; I have a £1,250 overdraft already with Halifax...

christopherjk

Heya guys,

I'm a 25-year-old Brummie and I'm off to Middlesex Uni in London come mid-September to study Child Nursing. I want to sort out a student bank account. Problem is, I already have a £1,250 arranged overdraft. I wondered if anyone can tell me about their experiences with this.

1) Is it likely I'd be able to get Halifax to match my overdraft for September?

2) If not, is there any other bank that would?

3) If neither of the above is gonna fly, does anyone have any suggestions/ideas?

It's just at the moment I can't pay off this overdraft in time (work has been terrible; and being self-employed doesn't help matters) and I want to get my debt down as much as possible. As most Halifax customers know, you pay £1 a day interest now for overdrafts. Booo.

I've typed enough, so someone please help me. Pretty please?

Thanks in advance

InaPickle

Check out the corresponding article on the main :money:site: http://www.moneysavingexpert.com/banking/Student-bank-account#best. Halifax would not seem to be your only option according to what it says: if you want that amount covering immediately, it may be better to look at NatWest. However, it all seems to be based on credit checks. Do you know what your credit report is like? You seem to need to ask for the ODs: I guess how successful you are would depend on the reasons for your OD being what it is. Have you had a reason that a bank manager is likely to see as reasonable, or is it just money you have been spending on life in general left, right and centre? If so, you need to reign it in and sort out your finances before you go living out.

It's really good that you have started to look into your financial situation now. This gives you the chance to get things in place before you go to uni, draw yourself up a realistic budget (whatever the reason for your current situation), and see what you need to do to be in a position to get yourself through. Check out the student moneysaving section, Old Style section for learning about batch cooking (which will save you a mint), and keep looking round for other things which will make your life easier.

Best of luck! :T

christopherjk

Thanks for the link and advice! Anyone else have any suggestions or the like?

scottishblondie

I've always had a £1250 OD on my student account (as far as I can remember!), so I'd suggest you go in and ask the Halifax about converting your account to a student one. The worst that can happen is they say no! Then you'll know that you have to go elewhere. I'd maybe wait until closer to the end of August tho, as they can be funny about student accounts before then.

nurse_british

Im unsure if halifax will give you the full amount but from my experience i got the full £3,000 without any bother along with a c/c. I did adult nursing and had a bursary paid into the account and wages when i did 'bank' shifts. I assumed i got the over draft because i was a prior current acc customer with a small O/D(£100). But ive been told it all goes on your credit rating, so best to speak to some one in branch.

Bear in mind with Halifax they hve now changed t&c on student account and your charged £2 PER DAY on ARRANGED OVERDRAFT of £2,500+ and £1 PER DAY ON LESS THAN £2,500, this is all after your 1yr interest free. They dont have a graduate acc and if you swap not many graduate accounts have interest free up to £3,000. As a newly qualified nurse living in London i would advise you to stick with a pretty small O/D as your newly qualified salary isnt as wholesome as you may think now.

ThinkingOfLinking

I'm with Natwest and they converted my current account to a student one and let me keep my overdraft limit which is higher than they give to any first-year. My O/D was, and is £1300, and now the first £500 is interest-free, and this amount will increase til £1200 is interest free at the end of this academic year, in line with the limit increases they give to most students.