Halifax student account 0% £3,000 overdraft for up to five years
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Halifax student account 0% £3,000 overdraft for up to five years

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Found 31st Jul 2017
Students opening a current account with the Halifax can potentially get a 0% overdraft up to £3,000 in each year of study.

This is the best overdraft deal I’ve seen this year. Most of the other banks offered tiered amounts, increasing each year. So they generally don’t offer 0% on £3,000 until your third year.

Whatever you do, make sure you don’t go over your overdraft limit, as you could then face hefty charges for dipping into the red without permission.
Student account perks

Each year banks try to lure students in with student bank accounts offering a range of perks or benefits such as railcards, coach cards or discount cards. They do this in the hope you’ll end up being a customer for life.

But for many students, access to the biggest 0% overdraft will be the most important thing while they’re at uni. If this applies to you, Halifax is the account to go for.

Bear in mind that overdrafts are subject to status so £3,000 each year isn’t guaranteed.

Halifax student account
The Halifax student account offers:
• As above, an interest-free planned overdraft for the length of your course plus an extra year after you graduate, up to a maximum of six years.
• A contactless Visa debit card.
• Free mobile text alerts for balances, limit and recent transaction history.
• Cashback when you spend once registered for Online Banking and you've activated Cashback Extras.
• Credit interest on any credit balance at 0.1% AER – not amazing but just about better than nothing.

If you don’t need an overdraft…
Check out student accounts offering perks. The best I have seen for 2017 so far are:
Santander 123 – free four-year 16-25 Railcard which gives you a third off most train fares.
HSBC – £60 Amazon gift card and a free year of Amazon Prime.
Happy studying kids!
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Top comments
Don't get into debt kids. Just don't. Very few manage to pay it off as planned. Its just one more way you are being scr3wed over by the older generation.
eatmorefish

Don't get into debt kids. Just don't. Very few manage to pay it off as … Don't get into debt kids. Just don't. Very few manage to pay it off as planned. Its just one more way you are being scr3wed over by the older generation.


What! So i'm to blame for the younger generation spending what they don't have? How about taking responsibility for your actions. Or is that an outdated concept, like holding doors open, giving up your seat and rickets?
27 Comments
sounds like a feck,drink,girls scenario to me so heat.
Perhaps old Jeremy will pay this off at the end.
Don't get into debt kids. Just don't. Very few manage to pay it off as planned. Its just one more way you are being scr3wed over by the older generation.
eatmorefish

Don't get into debt kids. Just don't. Very few manage to pay it off as … Don't get into debt kids. Just don't. Very few manage to pay it off as planned. Its just one more way you are being scr3wed over by the older generation.


What! So i'm to blame for the younger generation spending what they don't have? How about taking responsibility for your actions. Or is that an outdated concept, like holding doors open, giving up your seat and rickets?
Master.G

What! So i'm to blame for the younger generation spending what they don't … What! So i'm to blame for the younger generation spending what they don't have? How about taking responsibility for your actions. Or is that an outdated concept, like holding doors open, giving up your seat and rickets?


Going to uni was free, now its not. Everyone paid through their tax, now they don't, meaning in theory your tax bill is reduced. Obviously its not quite that simple as some will never pay off their student loads, there are more students than there ever used to be, but in principle, you are paying less while they will be paying more. So there is an argument to be had that the older generation need to do exactly what you suggest, take responsibility and take that debt off current students and pay more tax!
As it stands, there are many who get free Uni and are now not having to pay for it.... how is that fair?
Edited by: "winchman" 31st Jul 2017
Uni was free when few people went there. When you got in on merit. Now it has been opened up to everyone, the universities have to fund all those extra places somehow. Is it fair that those who go straight from school into work should fund those who get further education and, therefore, have a better chance of getting a higher paid position? As you rightly point out, very few will repay the loan anyway so it still comes out of general taxation. They only pay 9% of earnings over £21k so borrow £50k, earn £31k and pay £900pa. Borrow £1 billion and earn £31k and still pay £900pa. And then it's written off after 30 years. The amount of interest is therefore irrelevant. Nice if you can get it.
Master.G

What! So i'm to blame for the younger generation spending what they don't … What! So i'm to blame for the younger generation spending what they don't have? How about taking responsibility for your actions. Or is that an outdated concept, like holding doors open, giving up your seat and rickets?


The young people should maybe blame the government and stop using old people as scapegoats.
If they have a higher paid position they will pay much more in tax, benefiting the lower paid. There is no perfect system but I do think there are a lot of older people sitting pretty, nice house good pension, something that almost certainly can't continue.
There are certainly signs of unrest:
theguardian.com/com…rld
Edited by: "winchman" 1st Aug 2017
Master.G9 h, 41 m ago

What! So i'm to blame for the younger generation spending what they don't …What! So i'm to blame for the younger generation spending what they don't have? How about taking responsibility for your actions. Or is that an outdated concept, like holding doors open, giving up your seat and rickets?


If lenders don't take responsibility,what happens? We have been living with the effects of reckless lending since 2008.
Somehow you expect 18 year olds to have inate fiscal responsibility, while bankers in their 40's, 50's and 60's lend with wanton abandon in the knowledge that the tax payer will pick up the tab should things head south.

Your viewpoint is touchingly naive, out of date, contrary to all evidence, and depressingly widely held amoung the generation which caused these problems.
winchman

If they have a higher paid position they will pay much more in tax, … If they have a higher paid position they will pay much more in tax, benefiting the lower paid. There is no perfect system but I do think there are a lot of older people sitting pretty, nice house good pension, something that almost certainly can't continue.There are certainly signs of unrest:https://www.theguardian.com/commentisfree/2017/jul/31/democracy-dying-people-worried-putin-erdogan-trump-world


Two houses and three company pensions thank you. Yes i borrowed, and i worked hard to repay every single penny at much higher interest rates than today. The BOE base rate was 15% in the 80's. I don't recall blaming that on my parent's generation.
Master.G3 h, 30 m ago

Two houses and three company pensions thank you. Yes i borrowed, and i …Two houses and three company pensions thank you. Yes i borrowed, and i worked hard to repay every single penny at much higher interest rates than today. The BOE base rate was 15% in the 80's. I don't recall blaming that on my parent's generation.


Tbf though houses were much much cheaper Vs average income at that time in comparison to now.
Talk about serious posting here,grab the money guys and live a little, life is short.
It all equates to higher taxation for the next generation ie tax,NI and student loans repayments. Good deal though. But play the game perfectly and read the small print. Let us not forget student loans used to be interest free or at a very low rate until the government sold the book to a US company. oO
Gabi

It all equates to higher taxation for the next generation ie tax,NI and … It all equates to higher taxation for the next generation ie tax,NI and student loans repayments. Good deal though. But play the game perfectly and read the small print. Let us not forget student loans used to be interest free or at a very low rate until the government sold the book to a US company. oO


Let us not forget that most of those debts will be written off after 30 years, before the capital element has been repaid. The interest rate, therefore, is irrelevant.
Every time I apply for their account they always can't offer me anything other than 'basic' account
I was with Halifax for my student account, but switched to Barclays in my final year. Halifax told me that it's only in very rare cases that students get the full 3k, and despite 980 credit score I couldn't get one. Switched to Barclays and got the 3k no problem.

They're also a much better graduate account; you have three years to pay it off in staggered amounts i.e I graduated this year so by July 2018 it goes down to 2k, 2019 1k and then gone by 2020. With Halifax, it had to all be gone in a year.
Master.G9 h, 34 m ago

Two houses and three company pensions thank you. Yes i borrowed, and i …Two houses and three company pensions thank you. Yes i borrowed, and i worked hard to repay every single penny at much higher interest rates than today. The BOE base rate was 15% in the 80's. I don't recall blaming that on my parent's generation.



And how many of today's hard working people can hope for the same? You may well have been paying higher interest rates, but inflation was also higher, reducing that debt significantly in real terms. Many of those family size houses that people bought in the 60s/70s/80s are now completely un-affordable to families. Pensions were in many cases final salary non-contributory, try getting that now.

As for the 5 minutes the rates were at 15%, its trotted out 'when I were a lad' and sounds terrible, but really, it was a split second in the overall picture.
Edited by: "winchman" 1st Aug 2017
I remember Barclays having a stall set up at my college 20 years ago signing people up to creditcards.

When you're 18 and have no concept of interest rates and the prospect of getting all the things you want to show off at that age, the debt spiral is sealed and you're unwittingly a slave to the system.

Living constantly in a debt will only leave you subscribed to this mentality, the banks love to give this cheap to students to make them think this is the normal way to live.. everything wrong with the world we live in.
clsss21 m ago

I remember Barclays having a stall set up at my college 20 years ago …I remember Barclays having a stall set up at my college 20 years ago signing people up to creditcards. When you're 18 and have no concept of interest rates and the prospect of getting all the things you want to show off at that age, the debt spiral is sealed and you're unwittingly a slave to the system. Living constantly in a debt will only leave you subscribed to this mentality, the banks love to give this cheap to students to make them think this is the normal way to live.. everything wrong with the world we live in.



They still teach the % symbol in maths don't they? And as for "getting all the things you want", nobody forces credit on anyone. There is always the sensible option of saving up until you can afford it. My age group does bear some responsibility, we've raised a generation who think they are entitled to have whatever they want.
Most people will only get £1000, maybe upto £1500. You won't get £3000 unless your on at least a 4 year course and only towards end of the course. May get closer if you have a good credit score and are going to work throughout the year. Santander is the best I feel because majority of students will get the full 1500 even without a good credit score
Be careful if taking this out - I got hammered with charges after graduating. Would not recommend! Great for studying (partying) at the time - hugely regretted it afterwards

NatWest had a better method for paying back afterwards reducing the free limit grad
Edited by: "nickpc" 1st Aug 2017
Master.G20 h, 31 m ago

Two houses and three company pensions thank you. Yes i borrowed, and i …Two houses and three company pensions thank you. Yes i borrowed, and i worked hard to repay every single penny at much higher interest rates than today. The BOE base rate was 15% in the 80's. I don't recall blaming that on my parent's generation.




BTL is part of the problem - non-social landlords should be penalised by the tax system.
The whole English tuition fee system is a ponzy scheme as most will never be paid off.
Edited by: "wildecat" 2nd Aug 2017
wildecat1 h, 59 m ago

BTL is part of the problem - non-social landlords should be penalised by …BTL is part of the problem - non-social landlords should be penalised by the tax system.The whole English tuition fee system is a ponzy scheme as most will never be paid off.



Non-social landlords house people. People who would otherwise be on the social housing waiting list. Empty properties are the problem. Also, you should Google 'Ponzi scheme'. The only investor that will lose out in this case is the public purse when the majority of the debts are written off. The reality is that most students are getting a loan where they won't pay off the whole of the capital and not one penny of any interest. And some still want to blame the older generation for giving them such a terrible deal.
Master.G7 h, 33 m ago

Non-social landlords house people. People who would otherwise be on the …Non-social landlords house people. People who would otherwise be on the social housing waiting list. Empty properties are the problem. Also, you should Google 'Ponzi scheme'. The only investor that will lose out in this case is the public purse when the majority of the debts are written off. The reality is that most students are getting a loan where they won't pay off the whole of the capital and not one penny of any interest. And some still want to blame the older generation for giving them such a terrible deal.


They also take property off the market from actual home buyers, cause price inflation on a non-productive asset and generally houses becoming simple profit making machines causing issues for the whole economy - no thanks. .

English students will be in debt for their whole lives virtually due to their tuition fee policy - instead of just raising the funds from general taxation and being more honest. Just as the 'older generation' got.
"English students will be in debt for their whole lives virtually" ?? Any outstanding debt is written off after 30 years! Thankfully, not all of the younger generation have a misguided sense of entitlement. They don't all want everything handed to them on a plate, instantly and for free.

Alice, English student at Kings College (Unsure whether to vote Lib Dem or Labour): “I’m not in favour of scrapping tuition fees, ....... Why should I get a degree for free that gives me personally so much and enables me to have higher earning power for years of my life. I’m very happy to pay a bit for that, I think that’s fair.”

Felix, Law student at the London School of Economics (Labour): “If you make it too cheap then its just going to encourage a load of people to go to uni literally just to have a good time, because it is a good time.”

eatmorefish31st Jul

Don't get into debt kids. Just don't. Very few manage to pay it off as …Don't get into debt kids. Just don't. Very few manage to pay it off as planned. Its just one more way you are being scr3wed over by the older generation.


I don't agree with that. If you can afford to pay it off/ your parents agree to pay it off after the 0% period and then you pay them back it's definitely worth it. Since this money is actually cheaper than your student loans.
prit64839 h, 10 m ago

I don't agree with that. If you can afford to pay it off/ your parents …I don't agree with that. If you can afford to pay it off/ your parents agree to pay it off after the 0% period and then you pay them back it's definitely worth it. Since this money is actually cheaper than your student loans.


Lets see if your understanding changes when you reach the ripe old age of 25.
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