Halifax student account best one??

Eff

How can the Halifax advertise their special student overdraft of £2750 as listed by Martin under best student accounts? My daughter tried to open one of these accounts and was told she could have an overdraft of £500 to start with, and asked what income she would have and how would she survive on a student loan - difficult to answer when you have only just moved and started at uni. When I phoned to query this I was told that this was correct and that most banks would offer a similar amount. She has now opened one at the NatWest - £1500 overdraft.

Rintintin_2

I agree wholeheartedly with your comments. My son opened an account and was given £1000. He has been back today to again request that it be raised more in line with their advertising promises only to be told 'no bank in their right mind would give a first year student £2750'. So why advertise it if it is not attainable. I wonder how many students have been given the maximum? He has today closed the account and is reporting the Halifax to the Advertising Standards Authority. For my part, I am closing two accounts, my wife another account and other family members are doing likewise in support.

Dreaming_2

I phoned up today and she said (without asking any questions about my income!) that 'not everybody gets £2,750' and said she could upgrade it to £1000. Hmmph.

Sounds like they've been conning everyone... grrr!

Though when I get to uni (still at home) may talk to them on campus and ask for the extension.

anewman

A friend I know had problems with the Halifax overdraft too in that they withdrew it without any form of prior notice - which of course led to the Halifax happily charging all the penalties for unauthorised overdrafts, without knowing.

I think it got sorted in the end but it's just needless hassle if you can go to another bank and they can get it right first time and keep it right.

Dreaming wrote:

I phoned up today and she said (without asking any questions about my income!) that 'not everybody gets £2,750' and said she could upgrade it to £1000.

I would be asking what conditions that satisfy getting the full £2,750

Eff

Rintintin wrote:

I agree wholeheartedly with your comments. My son opened an account and was given £1000. He has been back today to again request that it be raised more in line with their advertising promises only to be told 'no bank in their right mind would give a first year student £2750'. So why advertise it if it is not attainable. I wonder how many students have been given the maximum? He has today closed the account and is reporting the Halifax to the Advertising Standards Authority. For my part, I am closing two accounts, my wife another account and other family members are doing likewise in support.

I'm glad you're going to report it. I also think Martin should remove it from his best student account article. In the end I suppose you can only vote with your feet.

nige

I know banks do their credit ratings different and so, but I went into halifax yesterday and asked about a student credit card (I figure if I get a credit card then I will get a credit rating and be able to boost the overdraft), they don't offer one, they said I could apply for a normal one but would likely be refused.

Go into Lloyds and they tell me I have a credit rating with them of 2 (from 1-9, 9 is bad and 1 is good) and told me that even without any income apart from student loan I can have a standard credit card with £1000 limit, but advised me not to bother as I have a good credit rating and as that was all I wanted it for then I don't need it. They even informed me that if I got a part time job they would likely be able to boost the credit limit to £2500 since I have a good credit rating.

Basically it looks like the only way to have a credit rating good enough with Halifax to get the full overdraft is to have an account with them for a few years before and probably have a credit card with them too so you build a high rating direct with them.

DrFluffy

AS stated on here before, I know several people who go the full £2,750 OD (and some who didn't)...

The Halifax website and their literature clearly states that the £2,750 isn't a done deal and that credit history etc comes into play.

BTW the ONLY bank who guarentee their overdraft limit to students is HSBC...

PS I have an HSBC student account, and my interest free OD is much greater than that advertised... There's more to overdrafts than simply demanding/expecting one...

PPS I wonder what will happen if the high street banks continue with their paln to abolish free banking...

hilla_2

Eff wrote:

How can the Halifax advertise their special student overdraft of £2750 as listed by Martin under best student accounts? My daughter tried to open one of these accounts and was told she could have an overdraft of £500 to start with, and asked what income she would have and how would she survive on a student loan - difficult to answer when you have only just moved and started at uni. When I phoned to query this I was told that this was correct and that most banks would offer a similar amount. She has now opened one at the NatWest - £1500 overdraft.

I saw the advert from Halifax and suggested to my son that he take this out- he is a third year student and already has one interest free overdraft. He is absolutely hopeless with money and keeps going over his agreed overdraft thus incurring charges. Anyway back to the point- He was offered £500 from Halifax which is better than nothing I suppose but no where near £2750. He rang to complain and they said that if he is a good boy and manages the account well they will consider putting it up in a while. Meanwhile he keeps borrowing from me and I am pretty broke at the moment as I have 3 at uni and one in college. Role on next June when 2 of them leave uni and hopefully stand on their own feet for a change.

techno_geek

I went into halifax yesterday and asked about a student credit card (I figure if I get a credit card then I will get a credit rating and be able to boost the overdraft), they don't offer one, they said I could apply for a normal one but would likely be refused.

Halifax DO offer a student credit card, but you have to have a student account with them to qualify for it - It's a variation on the One Card with different terms & conditions.

other

DrFluffy wrote:

PS I have an HSBC student account, and my interest free OD is much greater than that advertised... There's more to overdrafts than simply demanding/expecting one...

please enlighten us :A

Eff

hilla wrote:

I saw the advert from Halifax and suggested to my son that he take this out- he is a third year student and already has one interest free overdraft. He is absolutely hopeless with money and keeps going over his agreed overdraft thus incurring charges. Anyway back to the point- He was offered £500 from Halifax which is better than nothing I suppose but no where near £2750. He rang to complain and they said that if he is a good boy and manages the account well they will consider putting it up in a while. Meanwhile he keeps borrowing from me and I am pretty broke at the moment as I have 3 at uni and one in college. Role on next June when 2 of them leave uni and hopefully stand on their own feet for a change.

I'm sure he could get more than £500 but I don't think you can swop banks ie have more than one student account.
I have 2 at uni and just wonder why the government don't actually loan them a liveable amount ie more than just the cost of fees and accommodation, rather than expect parents to top up, after all it is only a loan not a gift. Its tough when they take your gross incomes but none of your expenses like mortgage into account.