Halifax puts out bait

HALIFAX Building Society is joining the rush for students by offering a pounds 300 interest-free overdraft on the Maxim current account. Between pounds 300 and the maximum overdraft of pounds 500, students pay a preferential rate of 12.6 per cent.

Working people aged 18 to 21 can have pounds 100 free overdraft. In both cases unagreed overdrafts will be charged the standard rate of 34.4 per cent.

The account pays interest on balances over pounds 50 starting at 2 per cent gross. It also offers pounds 15 of vouchers that may be used to buy books, records or stationery.