Halifax Bank has a student bank account that should meet the needs of most students in their first year. It now offers just a £1,500 fee-free overdraft which is down from the previous £3,000 making it less attractive.
This account previously won the best student banking provider award from Your Money but has less to offer these days. Apart from the overdraft, there are no specific additional free perks that some other banks provide in their student accounts.
The Halifax student bank account works and operates like any regular banking account with a £1,500 fee-free overdraft. The full details of their current offer are as follows:
All overdrafts need agreeing in advance otherwise you'll incur additional costs. The student account overdraft is for the length of your course plus one year after you've finished university. They are always repayable on demand.
Unplanned overdrafts incur a 1.82% monthly interest rate, the equivalent of 24.2% per year.
If you want to move to this account, you can take advantage of the Switch Guarantee meaning everything transfers within seven days, including Direct Debits and standing orders.
The Halifax don't appear to offer a distinct graduate account, so you'll need to opt for one of their standard accounts once you have left university or just continue with your student account as mentioned above.
Halifax offers the Ultimate Reward Current Account, the Reward Current Account, and the Basic Account. Most provide overdraft facilities but with fees. For example, the Reward Current Account charges £2 per day for planned overdrafts between £2,000 and £2,999.99 without any additional interest costs.