HSBC UK is supporting upcoming first-time university students with an overdraft of up to £3,0001 and a regular savings account of 2.75% AER with a ‘digital-only’ application process, the bank confirmed today.
HSBC UK’s Student Account will provide first year students with a £1,000 interest-free arranged overdraft which can help cover any unexpected costs, while giving them the opportunity to stay connected whenever they want and wherever they are through its mobile banking app and online banking service.
Fiona McCaffrey, HSBC UK’s Head of Everyday Banking, said: “Finishing your A-Levels and heading to university is a unique time in a young person’s life. For many it will be a true mix of suspense, elation, stress and excitement about the future. Those emotions will be amplified at this time, with more uncertainty about how the first year at uni will pan out, even down to not knowing what proportion of lesson time will be virtual or in a lecture theatre.
“We understand that student’s finances are unpredictable. It is usually the first experience of financial independence, budgeting and having full financial responsibility. It often doesn’t go according to plan with many unexpected costs. Our £1,000 overdraft for the first year will help students deal with what comes at them from around the corner, while our Regular Saver will help them get into a good savings habit with whatever they can afford to put away each month, plus the guides we have on our website can point them in the right direction in a number of important areas.
“This year has been full of surprises, and like with our other customers who hold accounts during this difficult time, we will be there for our Student Account holders who are the leaders, entrepreneurs, designers or politicians of the future.”
The HSBC UK Student Account includes:
For the latest news and updates, visit the HSBC UK newsroom: https://www.about.hsbc.co.uk/news-and-media
Notes to editors:
All applications for HSBC UK’s Student Account will be submitted digitally through www.hsbc.co.uk
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.