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Many new students wonder if opening a new bank account specifically for students is worth the hassle, but financially, it could make sense.
There are many benefits to opening a student bank account with Halifax, like no monthly fees, a fee-free arranged overdraft, mobile banking features, and more. But, the Halifax Student Current Account is only available if you’ve lived in the UK for three years.¹
If you’re an international student looking to study in the UK or a UK student travelling abroad, consider checking out Wise – a money services provider that could be a cost-effective alternative to a bank account.
To open a student bank account with Halifax, you have to meet the following requirements:¹
- UK permanent resident for the past 3 years
- Proof of a confirmed place for studying in uni or college (4-digit UCAS code)
- Be a full-time student for a degree course or equivalent
If you’re an international student, you don’t meet the 3-year living in the UK requirement, but you may be able to open a Halifax Current Account.²
Halifax offers a single student bank account for UK students – Student Current Account. It comes with a contactless Visa debit card, mobile banking features, up to 15% cashback with Cashback Extras, and you’ll be able to round up your card payments to the nearest pound for extra savings.¹
Other benefits include:¹
- No monthly fees
- Up to £1500 fee-free overdraft for the length of your course plus three years after you graduate
- A monthly interest payment of 0.10% AER on any credit balance
- 24/7 online banking
- Mobile alerts
To help you adjust financially, Halifax keeps your student account benefits and features up to 3 years after you’ve completed your studies.¹
If you’re new to Halifax, you can start your Student Current Account application online.
Here’s what you need to prepare:¹
- 4-digit UCAS code (or alternative proof of acceptance into uni)
- Proof of identity
- Proof of address (over the last 3 years)
Next, follow the on-screen instructions and fill in all the required information to complete your application. You’ll receive a confirmation from Halifax once your application is approved, or if they need you to provide additional information.¹
If you’re already a Halifax customer, simply log into online banking, and apply to change your account from there. All you need there is your 4-digit UCAS code. The benefit here is that your sort code and account number remain the same.¹
However, international students are unable to open the Halifax Student Current Account unless they’ve lived in the UK for more than 3 years. If this is you, you may be able to open a Halifax Current Account² or look for an alternative way to manage your money in multiple countries – like with the Wise account.
You can send and manage money in more than 40 currencies (including in British pounds), spend with the Wise debit card in 174 countries around the world, and have all the foreign currency conversions made using the fair mid-market exchange rate, which could save you a bundle down the line. For extra convenience, everything is done online, or in the handy Wise app.
The good news is that there are no fees for opening or maintaining the Halifax Student Current Account, but there are some other fees that you should take into account:³
|Standing order||No fees|
|Sending money within the UK |
|Sending money outside the UK |
|Receiving money from outside the UK |
|Arranged overdraft (new accounts) |
|Cash withdrawals outside the UK (in foreign currency) |
|Paying with your debit card in a foreign currency |
Yes, you can apply to get an arranged overdraft limit with the Halifax Student Current Account. Provided you don’t go beyond the limit of your overdraft, you won’t need to pay a fee for going overdrawn during your studies and for three years after you’ve got your degree.³
For new student accounts, the overdraft limit is up to £1,500 for the duration of your studies and 3 years afterwards.³
It's important to stay within the overdraft limit as you might find that payments are refused, and you're unable to use your debit card to make payments.
Halifax Student Bank Account certainly has the ability to make your life as a student financially easier, as it has a generous fee-free overdraft facility and many other appealing features, like mobile banking, and no monthly fees.
But, if you’re an international student or looking to travel outside the UK, you might want to explore some alternatives – like the Wise account – that are designed to help you manage your money in multiple currencies for low, transparent fees.
- Halifax - student account
- Halifax - current account
- Halifax - Student Current Account fee information document
Sources last checked on date: 28-Jun-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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