HSBC UK launches student account proposition to support students with cost of living concerns

Many students chose to stay closer to home to save costs, with promiximity to home the most important factor for 30% of prospective students – the third most important consideration behind university reputation (36%) and the quality of the course (42%).

The findings of the research come as HSBC UK launches its newest student account, an award-winning proposition² that offers a range of features designed to support students with managing their money, including a guaranteed interest-free overdraft of £1,000 in the first year (and up to £3,000 in third year³) plus a £100 cash offer, when the account is opened.

Tom Wolfenden, HSBC UK’s Head of Retail Banking, said: “We know that it’s a challenging time for students at the moment so we are offering a number of features to our student account, including a £100 cash incentive and a guaranteed overdraft of £1,000 in the first year.”

The HSBC UK Student Account includes:

• Competitive interest-free overdraft – a guaranteed overdraft of £1,000 offered to first year students, a maximum of £2,000 to second year students and £3,000 to third year students.
• £100 cash offer for eligible customers⁴ - to qualify, students must open a HSBC UK Student Bank Account on or after 16th June (and before the offer ends) and make a minimum of five qualifying transactions using the HSBC debit card within 30 days of opening the account
• Discounts and incentives – students can enjoy discounts at Costa Coffee, ASOS, Boohoo and more with the Home&Away offers programme
• HSBC Mobile Banking App – enables students to check their balance and send money in just a few taps, pay their friends using just their mobile number with PayM, get help whenever its needed through in-app chat, online, by-phone or in-branch, control regular payments and subscriptions and manage their overdraft
• Range of smart money tools – features such as Balance After Bills help students budget by showing how much is left after regular payments and bills. There is also a temporary card block feature and instant notifications when money is paid in and out.
• Student Credit Card – customers can apply for a Student Credit Card with a credit limit of up to GBP500 (Representative 18.9 per cent APR variable).
• Student Guides – helpful articles to support students on everything from getting ready for university, to budgeting and shopping tips.

Tom Wolfenden added: “Our research also showed that four in ten prospective students want more education about budgeting. To address this need, we’ve created a range of educational resources to support students, as well as offering built-in app features such as Balance After Bills to help them with managing their spending easily and clearly to help alleviate some of the worry the increased cost of living is causing, and help them enjoy the experience of going to uni.”

Media enquiries to:

Leila Taleb, HSBC UK Press Office: Leila.taleb@hsbc.co.uk

For the latest news and updates, visit the HSBC UK newsroom:
https://www.about.hsbc.co.uk/news-and-media