Halifax student account review

Get an interest-free overdraft with a personalised limit (set by Halifax) up to a maximum of £1,500 in year one.

Finder rating: ★★★★★

Read this review to find out about the overdraft, perks and eligibility of Halifax’s student current account.

Rates, fees and limits

Halifax has one current account available for students – the Halifax Student Current Account.

Below, you’ll learn the benefits and incentives associated with this account.

Product NameStudent
Card typeCash / Debit
Debit networkVisa
Min. opening balance£1
Account fees£0
Interest (AER)0.1% AER
Funding requirementNo minimum funding requirement
Daily cash machine limit£500
At end of termAccount transferred automatically to Current Account
Maximum overdraft in year 1£1,500
Maximum overdraft in year 2£1,500
Maximum overdraft in year 3£1,500
Maximum overdraft in year 4£1,500
Maximum overdraft in year 5£1,500
Overseas card transactions2.99% plus flat fee of £0.50
Overseas cash withdrawalsEurope: 2.99%
Elsewhere: 2.99% conversion fee plus £1.50 cash fee
Key benefitsCashback Extras - Earn up to 15% cashback from selected retailers when shopping with a Halifax credit or debit card. Customers must be over 18, be registered for internet banking and activate the offer to be eligible.

Eligibility

You’ll be eligible for a Halifax Student Current Account if you’re on a degree course or in equivalent full time education.

How to open an account

You can apply for a student account online or in-branch.

Either way, you’ll need to go to a Halifax branch to provide the following documents:

  • Proof of identity, such as driving licence or passport;
  • Proof of address, such as a utility bill no more than six months old;
  • Your UCAS confirmation letter.

As part of your application, you’ll need to provide address history, income details and information about your course, as well as basic personal information.

The benefits

  • Interest-free overdraft. Your interest-free overdraft will have a maximum limit of £1,500 for the length of your course and one year after you graduate, up to a maximum of six years.
  • Interest on in-credit balances. You’ll earn 0.1% AER on unlimited in-credit balances.
  • Earn cashback with Halifax’s retail partners. Simply activate the deal on Halifax’s ‘Cashback Extras’ tab within its online dating platform.

Pros and cons

Pros

  • You’ll get access to discounts with hundreds of retailers;
  • You can earn interest on in-credit balances.

Cons

  • No freebies offered with this account;
  • You’ll have to visit a branch to apply.

Frequently asked questions

Do I have to get my student loan paid into this Halifax account?

No. This account comes with no regular funding requirements. See how that compares in our comparison of student accounts.

How much does it cost to use the Halifax student debit card overseas?

When you use your card overseas, you'll pay a non-sterling charge of 2.99% plus a flat fee of £0.50. For, example, if you spend the local equivalent of £250, you'll be charged £7.48 plus the flat fee of £0.50.

Because it's a Visa, you'll find it's accepted pretty much anywhere that takes card payments.

Compare options for keeping costs down when spending abroad.

How much does it cost to withdraw cash overseas using the Halifax student debit card?

Within Europe, you'll pay a currency conversion fee of 2.99% (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion). Outside Europe, you'll pay a currency conversion fee of 2.99% plus a cash fee of £1.50 (so take out the equivalent of £150 and you'll be charged £4.49 currency conversion plus the cash fee of £1.50). Don't forget that the local cash machine provider may charge its own fee too.

Does Halifax's interest-free student overdraft limit increase over time?

No. If you're looking for an account which can offer an increasing overdraft limit as your course progresses, see our full comparison of student accounts.

Verdict

This is a basic student current account. It offers a reasonable 0%-interest overdraft and discounts with its retail partners, but there are accounts from other banks that offer better versions of these perks.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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