Halifax announces new student overdraft limits

A new range of interest-free overdraft limits have been announced on the Halifax student current account, with effect immediately.

All limits have now been increased to £2,750, compared to previous levels of £1,750 and £1,900 in the first and second years of student accounts.

The third, fourth and fifth years of Halifax student accounts previously had overdraft limits of £2,100.

Other features of the account include a two per cent gross interest rate on credit balances and a 7.2 per cent authorised overdraft rate, for arranged balances over £2,750.

The bank also offers travel options, such as a ten per cent discount on travel insurance and commission-free travellers cheques and foreign currency.

A 25 per cent discount on first-year AA breakdown cover is also available on the account, as well as online and telephone banking, the facility to withdraw up to £300 a day free of charge and a debit card with a £100 cheque guarantee facility.