Scholarly Halifax Launch New Student Account
Writes Dan Drage dan.drage@consumerchoices.co.uk
The boffins at Halifax are shaking up the student account market with an eye-catching new product.
The new Halifax (www.halifax.co.uk) student account, which will be made available from August 4th onwards, offers the following incentives:
- Up to £3,000 interest-free overdraft for up to five years while you are a student and for one year after graduating (up to a maximum of six years)
- 2% gross interest on in-credit balances
- Commission-free foreign currency and American Express Travellers Cheques
- 25% off AA membership for a year
- 20% discount on card care insurance
- Online and telephone banking plus the option to receive your statements online
- Withdraw up to £300 a day
- Visa Debit facility on your card so no matter where you are, you can use your card wherever you see the Visa sign in shops and at cash machines
- Cheque book available on request
Mike Regnier, head of banking at Halifax, has more background:
“Our account offers real long-term value. By choosing a Halifax Student Account, students with an overdraft could make a real saving. Unlike some other banks we also reward students who use their account in credit - paying them 2% gross interest.”
The Halifax student account is open to new and existing customers. Applications will be taken from Monday August 4th.
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"To offer an interest free overdraft of £3000 in the first year of a student account is a brave move from Halifax"
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Chris Eagle, Commercial Manager at Credit Choices, can see the student account market hotting up this summer:
“To offer an interest free overdraft of £3000 in the first year of a student account is a brave move from Halifax. Barclays (www.barclays.co.uk) and HSBC (www.hsbc.co.uk) only offer a £1000 overdraft in the first year”
He continues:
“Should you exceed the interest free part of your overdraft however, Halifax will charge you 7.2% EAR.”
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