3 July 2023

New student offer with cash and mindfulness app subscription

HSBC UK has unveiled its new student account offer for those starting university, offering a mix of benefits to support students with their finances and help student wellbeing with free access to the meditation platform Headspace

The account offer, which is now available, includes:

  • £100 in cash, to be transferred directly into the opened account
  • A one year subscription to Headspace to help provide support with mental wellbeing through its meditation and mindfulness tools
  • A guaranteed £1,000 interest-free overdraft buffer in the first year, which could increase to £2,000 in year 2 and £3,000 in year 3
  • Savings accounts that could encourage a savings habit, like the Regular Saver at a 5% interest rate
  • Access to a full set of online tools to support financial wellbeing, including tips on budgeting, and how students can make their money go further at uni.

HSBC UK’s Student Account seeks to support students with their financial and mental wellbeing as they venture into higher education, where many begin to live away from home for the first time and are required to manage their finances and studies independently.

The addition of the subscription to Headspace aims to help support students with their wellbeing through its science-backed meditation sessions and mindfulness tools. Headspace is easily accessible at home or on-the-go via its web platform and mobile app.

The emphasis on supporting student wellbeing comes as young people face financial pressures exacerbated by the increased cost of living and climate of economic uncertainty.

Findings from recent YouGov research commissioned by HSBC UK highlight concerns for student welfare, revealing that more than half of students (54%) reported they felt their standard of living had suffered as a result of the increase in the cost of living, with over half (55%) looking for ways to reduce their outgoings.

Over two-thousand Brits were surveyed by YouGov on the proactive measures they are taking to curb the rising cost of living and regain control of their finances. Of the students surveyed, the research revealed:

  • Four in ten (39%) said they now stick to a more thorough budget and are more proactively tracking their spending habits
  • One third (35%) of students said they were more likely to search for offers and discounts before making a purchase
  • 1 in 10 students (10%) reported visting their bank’s website for support on money management
  • Over a quarter (26%) said they had reduced social spending on going out for drinks, with 30% of students reducing their spend on takeaway food
  • More than one in ten (11%) students reported they had missed meals to save on food spending
  • Amost one third (32%) reduced their outgoings by cancelling subscriptions including media subscriptions
  • Almost one in five students (18%) said family had reached out to support them financially

Pella Frost, HSBC UK’s Head of Everyday Banking said: “We know it’s been a particularly challenging time for young people, many of whom will be heading off to university and living independently for the first time. Managing personal finances, juggling study, part time work and looking after their wellbeing can be a big ask.”

“Our research revealed that almost a third (32%) of students feel more stressed than they used to be and almost a quarter (24%) think about their finances everyday. That’s why we wanted to deliver an account that could make a real difference, providing a little cash boost, lots of tools to help them manage their money, but particularly helping them maintain positive mental wellbeing.”

Notes to editors

  1. YouGov total sample size was 2106 adults. Fieldwork was undertaken between 5th - 6th April 2023. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
  2. Full eligibility criteria can be found on HSBC UK’s website