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HSBC student account review
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A student account with an increasing interest-free overdraft and a regular saver.
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There's an interest-free overdraft with the HSBC Student Bank Account, which grows to a substantial £3,000 in your third year. There are also some incentives for opening and using this account, which currently include a cash reward.
There are other student accounts out there which offer a large overdraft along with a range of freebies or cashback offers and retail discounts, so it's worth comparing all the student accounts on the UK market.
Pros
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An interest-free overdraft, with a limit increasing up to £3,000 in your final year;
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Incentives for opening and using the account.
Cons
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This account is not available to international students;
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This account is not available to apprentices.
Check out the account benefits and overdraft limits available with HSBC in our guide to opening its student account.
Types of current account for students
HSBC has one current account available for students – the HSBC Student Bank Account.
Below, you’ll learn about the benefits and incentives associated with this account.
| Product Name | HSBC Student Bank Account |
|---|---|
| Card type | Cash / Debit |
| Debit network | Visa |
| Minimum opening balance | £0 |
| Account fees | £0 |
| Interest (AER) | 0% AER |
| Funding requirement | No minimum funding requirement |
| Daily cash machine limit | £300 |
| At end of term | Account transferred automatically to graduate account |
| Maximum overdraft in year 1 | £1,000 |
| Maximum overdraft in year 2 | £2,000 |
| Maximum overdraft in year 3 | £3,000 |
| Overseas card transactions | 2.75% |
| Overseas cash withdrawals | 2.75% conversion fee plus cash fee of 2% |
Eligibility
To be eligible for this account, you need to be at least 18 years old, with a confirmed place on a qualifying educational course in the United Kingdom. Undergraduate and postgraduate degrees all count as qualifying courses, as do several other qualifications.
On top of that, you’ll need to have lived in the UK for at least three years, and this must be your only student bank account.
How to open an account
You can apply for an HSBC Student Bank Account online or in-branch.
As part of your application, you’ll need to provide some basic personal details, financial details and information about your course.
Your 16-digit UCAS code will serve as proof that you’ve been accepted onto your course and you won’t be able to complete your application until you have this code.
The benefits
- Interest-free overdraft. If your application is successful, you can apply for an overdraft with the HSBC Student Bank Account.
- Option to apply for a credit card. HSBC also offers a student credit card. As a student current account holder with the bank, you’ll be eligible to apply.
- Incentives for opening and using the student account. HSBC often runs an incentive program for those that open an account. It is worth looking out for the latest offers.
- Access to Regular Saver. As an HSBC student current account holder, you also get access to its Regular Saver account.
Pros and cons
Pros
- An interest-free overdraft.
- Option to apply for a credit card.
- Incentives for opening an account.
Cons
- This account is not available to international students.
- This account is not available to apprentices.
Customer service information for HSBC
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Frequently asked questions
Do I have to get my student loan paid into this HSBC account?
No. This account comes with no regular funding requirements.
How much does it cost to use the HSBC student debit card overseas?
When you use your card overseas, you'll pay a non-sterling charge of 2.75%. For, example, if you spend the local equivalent of £250, you'll be charged £6.88.
Because it's a Visa, you'll find it's accepted pretty much anywhere that takes card payments.
You may still be charged overseas fees however. For example, some cash machine operators when abroad may apply a direct charge for withdrawals from their cash machines (this should be advised on screen at the time of withdrawal).
Compare options for keeping costs down when spending abroad.
How much does it cost to withdraw cash overseas using the HSBC student debit card?
You'll pay a currency conversion fee of 2.75% plus a cash fee of 2%. For, example, if you take out the equivalent of £150, you'll be charged £4.13 plus the cash fee of £3.00. Withdraw 250 euros (that's around £206.03) at an ATM in Paris and it'll cost you £5.67 plus the cash fee of £4.12. Don't forget that the local cash machine provider may charge its own fee too.
Does HSBC's interest-free student overdraft limit increase over time?
Yes. While the opening interest-free overdraft limit is capped at £1,000, this increases to a maximum of £3,000 in year three. Check out our full comparison of student accounts to see the interest-free overdrafts available to UK students with a breakdown of each account's limit in each year of your course.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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