Halifax student account best one??

Student_Steve

Hiya

I'm a student at Southampton University and following the advice on the site I got a Halifax account.

The initial overdraft is £500, you can go into a branch to set it up for £1000 with no difficulties at all, but I'm told you have to write to the head office to apply for the greater overdraft limit.

The student loan is waaay more than enough to live on in Southampton (as if you're not offered the £4k loan maintenance you can get the grant to top it up past this) and I really do burn the candle at both ends. If you use the student loan website the form (although still really confusing to fill in) offers you more money if you have other relatives as undergradutes by deducting any money you can theoretically give them from household income.

The main problem students have is cooking. Once you've got the basics though, you can feed a flat of 16 for about £13 for a main meal including bread & butter pudding; you just can't be afraid of going for tesco value and asda value packets. Asda sells pasta in bags of 5kg for £1, which is a good fall-back if you're running low; stir-fry is always popular 'cos you can put even almost-out-of-date veg and bogoff meat into it and t will taste good. Iceland works out cheapest for eggs, at £1 for 15 (though they are battery hens... I know it sucks but otherwise it costs about £1.50 for 6 eggs).

If you are a student and you're into sports and adventure you might consider the OTC (the university Officer Training Corps, a TA unit that WON'T GET SENT TO WAR) as they pay you for your time and any additional adventurous training is free or heavily subsidised. You can also do most of the sports uni offers and if you get picked for a squad the army pays you to do it. Better yet, there is NO forced recruitment into the army after uni; they even said on the selection weekend that they don't want us to sign up for the forces unless you're really serious. I would definitely recommend it!

I would also recommend checking the freebies forum on this website; it's the most useful thing I have ever found on the internet, and I'm an archaeology student!!!

No idea if that helps anyone, but please Martin DON'T recommend Halifax! I haven't gone anywhere near my overdraft limit, but it really isn't worth risking it if you live somewhere like London and a pint costs upwards of £3!

P.S. I cannot openly recommend this, but if you're after a cheap night out as a student it's usually better to drink before you get to the club as asda is cheaper for drinks than the local nightclub! I'm sure most students already know this but it's worth saying.

Cor, that's a bit of a saga isn't it???

MercilessKiller

Halifax are apsolutely amazing for me! Had accounts since I can remember so the best credit history possible for a student.

Applied, first time, got the £1000 straight away.

Got it raised to £1250 on request.

Beginning my 2nd year got it raised to £1750. Don't need anymore but they did offer it....

These things are dependant on your raises:
-Credit Histories
-Year of Study?
-whether you NEED it type thing

I reckon in my final year it will go up even more

Thats just my experience

regularsaver1

You can increase it further after the first installment of student loan has gone in

si1503

MercilessKiller wrote:

These things are dependant on your raises:
-Credit Histories
-Year of Study?
-whether you NEED it type thing

It is not based on credit history at all, nor year of study. It is purely down to how long you have held the account with them, and how much money you have coming "in" to the account.

I have a flawless credit history and a 2nd year student, I still only got offered £500 to start with, and got declined a raise from £1000 to £1500 a few weeks after opening. I obviously phoned them after this decision to get an explaination and was told that credit history is not a factor, its based purely on your banking experience with them as a company (apparently!), hence they couldn't raise it further due to me not being with them for very long.

Obviously she might have been talking rubbish, but overall I am pretty unimpressed with the service offered by Halifax, they advertise £2,750, but the reality is very few students get offered this in there first year, and it seems like 'NO' new students get offered this when they initially open up the account. When you compare the £500 they offer to the £1,500 offered elsewhere it is pretty lame for the bank that is supposedly offering the highest interest free overdraft. In reality things are quite the opposite.

regularsaver1

From website:

"You must be at least 18 to open a Halifax Student Current Account and must be a student in full-time education (a degree course or similar course of higher education) or have stopped being a student in full-time education in the last 12 months. If you have an authorised overdraft you must pay your salary, grant cheque, student loan, parental contribution or other regular credit into your account. Overdrafts are repayable on demand. How much we lend depends on our assessment of your circumstances. Full limits may not be granted on application. Maximum term is 6 years. Available to UK residents only."

and for year: "'Year' means the first year you have had a Halifax Student Current Account." so regardless of what year you are in - when you apply with them.


Yes it depends on how long you have been with them - but also credit score, conduct of account and afforability assessment of overdraft - based on contribution to the account.

MercilessKiller

si1503 wrote:

Obviously she might have been talking rubbish

Ye someone is mate Its just what I was told when I had mine increased. Due to a good credit history and long term account they would accept...

fruityloo

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 think it's normally up to 2750. Normally Banks give you 1500 over draft in your first year then each year it goes up a bit. normally a final year student would have an overdraft of 2750.

si1503

fruityloo wrote:

I think it's normally up to 2750. Normally Banks give you 1500 over draft in your first year then each year it goes up a bit. normally a final year student would have an overdraft of 2750.

Yes 1500, not the poxy £500 Halifax give you when you open up their student account.

someone

regularsaver1 wrote:

From website:

"If you have an authorised overdraft you must pay your salary, grant cheque, student loan, parental contribution or other regular credit into your account."

Interesting they say OR as if to indicate that only one of these has to be paid in.

regularsaver1

yes its just a regular credit of some kind, which they will assess affordability for the overdraft