Halifax student account launched

Halifax has announced the launch of a new student account.

The bank claims that the product now offers the biggest student account interest free overdraft deals on the market.

Students who take out a current account with Halifax will benefit from 0 per cent overdrafts of up to £500 more than other High Street banks, with a rate on credit balances of 2.50 per cent Gross.

Students over 18 and in full-time education can take advantage of interest free overdrafts starting at £1750 in their first year and rising to £2100 in years three to five.

The Halifax Student Current Account also offers free online banking and the option to receive statements online, three-in-one Chip and Pin Visa Debit Card, ten per cent discount on Halifax World Explorer Travel Insurance, commission free foreign currency on travellers' cheques and interest free overdraft for one year after graduation.

Peter Jackson, head of Banking & Savings at Halifax, commented: "With the end of the student grant, the advent of tuition fees next year and ever increasing living expenses being a student has never been more expensive. These increased interest free overdrafts could mean a significant saving over a 3-year course of study - far better value than a record token or other gimmicks."