Halifax student account: a comprehensive guide

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.

The Wise account lets you send and manage your money in over 40 currencies with low, transparent fees and the fair mid-market exchange rate for any currency conversions.

Learn more about the Wise account

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the requirements to open a student bank account with Halifax?

To open a student bank account with Halifax, you have to meet the following requirements:¹

• 18+
• 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

What kind of student bank account does Halifax offer?

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

How to open a student account with Halifax?

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.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the fees for opening or maintaining the account?

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

Service	Fee
Standing order	No fees
Sending money within the UK Faster Payments CHAPS payments Payment in euros Payment in other foreign currencies	No fees £25 No fees £9.50
Sending money outside the UK Payment fee for sending euros Payment fee for any other foreign currency Correspondent bank fee, if you choose to pay the recipient fees	No fees £9.50 £12 or £20 (depending on where you’re sending money to)
Receiving money from outside the UK Receiving a SEPA transfer Receiving up to, and including, £100 Receiving more than £100	No fees £2 £7
Arranged overdraft (new accounts) Between £0 - £1500 (during studies) Between £0 - £1500 (for 3 years after studies) Exceeding the fee-free amount	No fees No fees Between 39.9% EAR - 49.9% EAR (variable)
Cash withdrawals outside the UK (in foreign currency) Euros inside the EEA Any other foreign currency cash fee Foreign currency transaction fee You’ll also pay these fees when you withdraw foreign currency in the UK	No fees £1.50 2.99%
Paying with your debit card in a foreign currency In euros within EEA Any other foreign currency purchase fee Foreign currency transaction fee	No fees £0.50 2.99%

Does Halifax allow you to have an overdraft on your student account?

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.

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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.

Register with Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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Sources used:

1. Halifax - student account
2. Halifax - current account
3. Halifax - Student Current Account fee information document

Sources last checked on date: 28-Jun-2023