From 16 August 2012, all successful applicants will benefit from a guaranteed interest free overdraft of £1000 from when they open their account, up to a maximum of £3000, the largest amount available in the market.
• Guaranteed £1000 interest-free overdraft from day one for all successful applicants
• Maximum interest-free overdraft up to £3000, subject to credit approval
• Interest free overdraft available for up to five years, depending on course length, and
for a year after graduation
• A Visa Debit card – plus the ability to personalise the card for free
• Account can be managed over the phone, online and in branch
• Commission-free travel money
Data from Halifax demonstrates that the average overdraft by the end of October for a student using the facility is around £700, in excess of the current guaranteed £500 level. This means that students are either applying for an extension to their overdraft early on, or are incurring fees. The move to increase the minimum interest-free overdraft to £1000 replaces the need for an extension, and greatly reduces the risk of incurring fees.
Anthony Warrington, director of current account, Halifax, comments: ”We all know that going to university can be an expensive time, but the first term can be the most expensive of all. Within those first few weeks students often have to shell out for accommodation and tuition for the year, new books for their course, laptops, membership fees for clubs and societies on top of everything else. That’s why we’ve doubled the guaranteed interest-free overdraft level for all successful applicants. Now that stands at £1000, they’ve got the help from us when they need it, and don’t have to worry about any fees they might rack up by slipping into an unplanned overdraft.”
“The Halifax student account is a simple, straightforward proposition, offering the best
interest- free overdraft on the market, and doesn’t compromise on real long term value”.
Halifax Customer Relations
Tel: +44 (0)8457 394959
Distributed by NeonDrum news distribution service (http://www.neondrum.com)
About the Author: Melody Wigdahl
Melody Wigdahl is a 25 year veteran of the payments industry, and has been an international ECommerce specialist since 1993. For the last decade, her primary focus as been the area of alternative payments.
Melody has been with UseMyServices since 2003, and enjoys the challenges of being involved with cutting edge technology on a daily basis.
Melody also currently acts as Editor for OnlinePaymentNews.com.