Halifax student account best one??

techno_geek

I think Halifax assess you for larger overdraft limits in the same way they would on a normal bank account. Other banks generally offer you their maximum limit immediately.

regularsaver1

maybe its experience of large student debts on their accounts

or, being accused of being irresponsible without checking affordability

eenu

The shocking thing about this thread is that there are parents here that want their kids to have large OD limits and even some parents are advocating the illegal route of having two student accounts!

Why the hell would you want your kids to have the potential to get themselves into so much debt?

When i was at uni i started with £250 then £500 and it crept up until the end of my 4th year when it was £1500. Now in my 7th year at uni i am £15k in the black thats a different story though!

Anyway the point is.....giving lower limits encourages the student to live within those limits. Making them have to jump through hoops to get more in my opinion discourages them overspending and whilst i have no doubt halifax will extend when its needed the whole process is inclined to make the student think twice about having to extend again.

regularsaver1

Here here!

Eff

I wasn't really objecting to my daughter not being able to get into more debt via a huge overdraft ( I think the student loan itself is a large enough burden) but really I was objecting to the Halifax falsely promoting an overdraft larger than any other Bank and thus getting a lot of advertising including being included in Martin's best Student Account list when in fact it didn't deserve to.

regularsaver1

potentially larger overdraft - and some have got that after their first student loan installment has gone in

the account is still better than getting a free cd, because of its credit interest

I'm talking from experience - I'm still paying my student loan, I had this account and an overdraft - so so glad I did not get a large overdraft as I know I would have used it

eenu

when i was in Halifax today to move my ISA to them i heard a Halifax advisor talking to a girl whilst opening an account.

She first politely reprimanded the girl when she was saying how all her friends have two student accounts.....she did it in such a professional way....i commend her. She also then pointed out that she will not get the full OD until she has proved to the Halifax she can manage her account effectively and demonstrates she isn't blowing all her cash away.

In my opinion i commend the Halifax for the way it deals with this and made me happier that i was opening a product with them.

regularsaver1

Its just like when people are not happy to be declined a loan, a mortgage, or an overdraft on affordabilty - the practices are there for a reason

DjSatansfury

The Halifax did this with me as well.

I had a student account with them, and after a load of hassle, i wouldnt touch them with a bargepole.

someone

davidmoore83 wrote:

The shocking thing about this thread is that there are parents here that want their kids to have large OD limits and even some parents are advocating the illegal route of having two student accounts

I don't think that having two student accounts is against the law. (some banks my have it in there T & C 's that you can only have one)