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Halifax Overdraft

E

Hi all,
Does anyone here have an interest free Halifax Overdraft (ie up to £3000) which they have managed to extend from their undergrad degree for the duration of their postgrad degree?
Thank you.

R

I'm with HSBC not Halifax but I was allowed to keep my interest free overdraft by taking in a letter from the university to a branch confirming my student status and the duration of my studentship. They seemed happy with this so I imagine it will be the same at other banks.

E

Thank you Pixie. I went to the bank and they will not consider postgraduates students eligible for a student account (crazy!). I will see if I can open up a new student account in another bank and transfer.

R

That's rubbish, then again my boyfriend is with Halifax on a normal account and isn't overly impressed with them.

Hopefully other banks are more sensible. I was only ever allowed up to £2000 with HSBC but it ended up being enough.

T

You probably can't continue with it as a student account, but you should be able to convert it to a graduate account, and still have the overdraft, but it probably won't be interest free.

E

The interest is £3 a day (= nearly £100 a month and over £1095 a year) once the student account expires. That is why I was hoping it could continue interest free for a while, while I try to pay it off, especially since technically I will still be a student. But no such luck it seems. :)

P

I was able to get a £2000 interest free overdraft in September. That was with TSB.

T

Pay your stipend into the account when you get it to cover the overdraft and then dip into it continually until you get your next one and pay it in there again etc? This way you will pay less interest and slowly slowly pay it off

E

Thanks both! I now have a plan!

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