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Coronavirus: overdraft support

雅博体育appTo support customers during the coronavirus pandemic, we’re currently applying temporary overdraft support measures.

 

From 30 August 2020, we’ll apply our standard pricing again. The tables below show the arranged overdraft interest rates we’ll charge on our accounts, alongside the interest-free amounts and the dates they’re effective from. If you’re still financially impacted by coronavirus, you can apply to extend this support.

Charges up to, and including, 29 August 2020
Account
Interest-free arranged overdraft amount
Interest rate
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account  £500
19.9% EAR variable
HSBC Student Account
Any arranged overdraft borrowing
0% EAR variable
HSBC Graduate Account

Year 1: £1,500 

Year 2: £1,000 

19.9% EAR variable
HSBC Premier Account
£500
11.9% EAR variable
HSBC Jade Account
£1,000
9.9% EAR variable
Charges up to, and including, 29 August 2020
Account
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account 
Interest-free arranged overdraft amount
£500
Interest rate
19.9% EAR variable
Account
HSBC Student Account
Interest-free arranged overdraft amount
Any arranged overdraft borrowing
Interest rate
0% EAR variable
Account
HSBC Graduate Account
Interest-free arranged overdraft amount

Year 1: £1,500 

Year 2: £1,000 

Interest rate
19.9% EAR variable
Account
HSBC Premier Account
Interest-free arranged overdraft amount
£500
Interest rate
11.9% EAR variable
Account
HSBC Jade Account
Interest-free arranged overdraft amount
£1,000
Interest rate
9.9% EAR variable

雅博体育appThese are temporary measures and not a change to contractual terms, which remain the same.

Charges from 30 August 2020 (our standard pricing)
Account
Interest-free arranged overdraft amount
Interest rate
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account
£25
39.9% EAR variable
HSBC Student Account
Any arranged overdraft borrowing
0% EAR variable
HSBC Graduate Account

Year 1:  £1,500

Year 2 : £1,000 

39.9% EAR variable
HSBC Premier Account
£500
39.9% EAR variable
HSBC Jade Account
£1,000
39.9% EAR variable
Charges from 30 August 2020 (our standard pricing)
Account
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account
Interest-free arranged overdraft amount
£25
Interest rate
39.9% EAR variable
Account
HSBC Student Account
Interest-free arranged overdraft amount
Any arranged overdraft borrowing
Interest rate
0% EAR variable
Account
HSBC Graduate Account
Interest-free arranged overdraft amount

雅博体育appYear 1:  £1,500

Year 2 : £1,000 

Interest rate
39.9% EAR variable
Account
HSBC Premier Account
Interest-free arranged overdraft amount
£500
Interest rate
39.9% EAR variable
Account
HSBC Jade Account
Interest-free arranged overdraft amount
£1,000
Interest rate
39.9% EAR variable

If you have an account with a negotiated rate (where we have agreed a non-standard rate for your overdraft), these temporary measures do not apply to you.

From 30 August 2020, we’ll also start to charge interest again on any unarranged overdraft borrowing, subject to our standard Maximum Monthly Charge of £20 for unarranged borrowing. Any unarranged overdraft interest that accrues from 30 August 2020 will be notified to you at least 14 days before it’s due to be charged to your account.

Extend your temporary arranged overdraft for a further 3 months

If you'll continue to be financially impacted by coronavirus beyond 29 August 2020, we may be able to help. You can apply, until 31 October 2020, to keep your temporary arranged overdraft pricing for a further 3 months. This is to help customers experiencing financial difficulties. 

How will the temporary support work?

The temporary support we've put in place for our overdraft customers is applied automatically so there's no need to call us.

We encourage you to only use your arranged overdraft if necessary. You can use our coronavirus overdraft calculator to work out overdraft charges until 29 August 2020.

We’re not automatically increasing existing overdraft limits, or adding a limit for customers who don’t already have an arranged overdraft on their account. If your arranged overdraft limit is less than the relevant interest-free amount in the table above, the whole arranged limit will temporarily be interest-free.

Overdraft limit increase

雅博体育appIf you want to increase your existing arranged overdraft limit, you can use the mobile app or log on to online banking.

Apply for an overdraft

If you’re thinking about applying for an arranged overdraft, you can check whether you’re likely to be approved by using our eligibility checker. This won’t affect your credit file. 

How much interest will you be charged?

The rates you’ll be charged for any arranged overdraft borrowing above the interest-free amount applicable at the time are set out in the tables above. For student accounts, no interest is charged.

The normal rate of interest for overdraft borrowing above any interest-free amount is 39.9% EAR (variable) and will be applied from 30 August 2020, along with our standard interest-free amounts.

 

How do our overdrafts compare?

You can compare our overdrafts with other ways of borrowing by looking at the Annual Percentage Rate (APR). APR is the cost of borrowing over a year and lets you compare the costs with other credit products.

雅博体育appBelow are our standard APRs – they're not adjusted to take into account the temporary support measures we’ve put in place.

Standard interest-free overdraft amounts:
Account Standard interest-free overdraft amount Representative examples (based on an assumed arranged overdraft of £1,200)

HSBC Bank Account

雅博体育appHSBC Bank Account Pay Monthly

HSBC Current Account (offsale)

HSBC Advance Bank Account

£25

Representative rate of 38.9% APR variable

 

Based upon: 0% EAR variable on the first £25, 39.9% EAR variable on anything above that.

HSBC Graduate Account (year one)
£1,500

Representative rate of 0% APR variable.

 

Based upon: 0% on the first £1,500, 39.9% EAR variable on anything above that.

HSBC Graduate Account (year two)
£1,000

Representative rate of 5.8% APR variable.

 

Based upon: 0% on the first £1,000, 39.9% EAR variable on anything above that.

HSBC Premier Account £500

雅博体育appRepresentative rate of 21.8% APR variable.

 

Based upon: 0% EAR variable on the first £500, 39.9% EAR variable on anything above that.

HSBC Jade Account £1,000

Representative rate of 5.8% APR variable.

 

Based upon: 0% on the first £1,000, 39.9% EAR variable on anything above that.

Standard interest-free overdraft amounts:
Account

HSBC Bank Account

雅博体育appHSBC Bank Account Pay Monthly

雅博体育appHSBC Current Account (offsale)

HSBC Advance Bank Account

Standard interest-free overdraft amount £25
Representative examples (based on an assumed arranged overdraft of £1,200)

雅博体育appRepresentative rate of 38.9% APR variable

 

Based upon: 0% EAR variable on the first £25, 39.9% EAR variable on anything above that.

Account HSBC Graduate Account (year one)
Standard interest-free overdraft amount £1,500
Representative examples (based on an assumed arranged overdraft of £1,200)

Representative rate of 0% APR variable.

 

Based upon: 0% on the first £1,500, 39.9% EAR variable on anything above that.

Account HSBC Graduate Account (year two)
Standard interest-free overdraft amount £1,000
Representative examples (based on an assumed arranged overdraft of £1,200)

Representative rate of 5.8% APR variable.

 

Based upon: 0% on the first £1,000, 39.9% EAR variable on anything above that.

Account HSBC Premier Account
Standard interest-free overdraft amount £500
Representative examples (based on an assumed arranged overdraft of £1,200)

Representative rate of 21.8% APR variable.

 

Based upon: 0% EAR variable on the first £500, 39.9% EAR variable on anything above that.

Account HSBC Jade Account
Standard interest-free overdraft amount £1,000
Representative examples (based on an assumed arranged overdraft of £1,200)

Representative rate of 5.8% APR variable.

 

Based upon: 0% on the first £1,000, 39.9% EAR variable on anything above that.

Frequently Asked Questions

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