Details of applicable service charges can be found in the Personal Service Charges/Statement of Disclosure.Terms and conditions of the Credit Agreement – Line of Credit or Overdraft and Personal Banking Agreement apply. All customers will be charged a rate of 39.9%, a steep rise from the current rates of 9.9% to 19.9%. Unfortunately, we can no longer accept applications for temporary support on arranged overdrafts. You can talk to an HSBC representative on the prevailing rates at time of application. 1. We won't charge you more in unarranged overdraft interest than the maximum unarranged overdraft agreed in that charging month. Where you have no existing formally agreed overdraft limit, we will charge our Business Standard Debit Interest Rate on all debit balances. We will report accounts that have been in a continuous unarranged overdraft for 30 or more days to Credit Reference Agencies, which could negatively affect your credit file and your ability to get credit in the future. Overdraft support. Please make sure you read the important information in the 'Things you should know' section before applying. HSBC has however said that 70% of customers will either be better off or the same as they due to the introduction of maximum monthly charges and the new overdraft buffer. To apply, increase, decrease or remove an arranged overdraft: You can ask for an arranged overdraft when you open a current account with us. HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020, as much as quadrupling the rate it charges some customers. HSB-RFB2438-MCP54181.indd 2 11/11/2019 09:37 Current rates are between 9.9% and 19.9% EAR, but from next year all account holders will be charged a blanket rate of 39.9% EAR for all arranged overdrafts. An overdraft isn't guaranteed and is repayable ‘on demand’. We will also report, as standard, any arranged overdraft limit and overdraft usage for all current accounts. Get standby overdraft protection with a credit limit up to HKD20,000 for HSBC Premier customers and HKD5,000 for HSBC One and Personal Integrated Account customers. The figures displayed are given as a guide only. This table shows our standard arranged overdraft interest rates we charge on our accounts, alongside our interest free buffers. You can opt out of the arranged or unarranged texts at any time by phone, or by calling into branch. Lines are open: Overdrafts are only really suitable for short-term borrowing, to tide you over for a bit. Encashment of other amounts from Overdraft is done as per Tariff of charges for individuals and sole entrepreneurs.) Arrange a limit with us, so when you’re near or go past the set limit, we’ll send you a text alert. The monthly cap on unarranged overdraft interest for your account is £20. If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC UK. 1You’ll need to have given us an up-to-date mobile number if you’d like to receive text alerts. Call us on, our ATMs will warn you if you try to make a withdrawal that might result in you being charged, online banking, where you can view balances, statements and payment details - plus increase (subject to status), decrease or cancel your overdraft limit. 1 posts. – If you are an existing customer you can view your overdraft limit by logging on to online banking or the mobile app or on a recent statement. Overdraft Fees . You’ll have to pay interest if you have an unarranged overdraft. HSBC will only charge you a maximum of 3 combined NSF or UNA fees per day. The overdraft limit is usually granted for a year and is renewable thereafter free of charge. The maximum monthly charge in interest for going above your overdraft will be £20 per month. Banks earned £2.4bn in overdraft fees in 2017, £720m of which came from unplanned borrowing. An arranged overdraft is where we agree an overdraft with a limit with you, before your account goes overdrawn, or over your current arranged overdraft limit. That includes any overdraft as well as charges for using the account such as payment or overdraft charges. An arranged overdraft is one you’ve agreed with us in advance. Mobile Banking app. Apply for a new or increased overdraft online or in our app. HSBC Jade Account. You can apply for, increase, decrease or remove an arranged overdraft in online or mobile banking. 39.9% EAR variable . Perhaps you could switch to a cheaper energy deal, for instance, or cancel your TV subscription for a while. First Direct customers get an automatic £250 interest free overdraft amount, while HSBC Premier account holders get a £500 interest free overdraft, so these charges only apply when these customers exceed these limits. Request a callback Request a callback to apply for HSBC Overdraft This link will open in a new window. The first £25 of an arranged overdraft is interest-free. You’ll be required to repay anything you owe if you want to cancel. 1. Fees and charges for HSBC Overdrafts. At the moment, your available balance includes your arranged overdraft limit (if you have one). Unarranged overdraft monthly maximum charge, Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information, Unarranged Overdraft service not available. There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: From 24 November we’ll display your available balance differently. 11 December 2014 at 6:31AM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. Year 1: up to £1,000 Year 2: up to £2,000, Based on an assumed arranged overdraft of £1,000 for an HSBC Student Bank Account, the rate is 0% EAR (variable), giving a representative rate of 0% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Premier Bank Account, the rates are 0% EAR (variable) on the first £500, 39.9% EAR (variable) thereafter, giving a representative rate of 21.8% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Jade Bank Account, the rates are 0% EAR (variable) on the first £1,000, 39.9% EAR (variable) thereafter, giving a representative rate of 5.8% APR (variable). However when payments are returned your credit rating may be affected. The interest-free buffer is £25 or higher on most of our accounts. What’s the difference between an arranged overdraft and an unarranged overdraft? MILLIONS of HSBC customers will see overdraft charges hiked by up to 39.9 per cent from March 2020, although the bank is removing pricey daily fees for going into the red. Follow the on-screen instructions to complete your request. 1 In addition to the Overdraft fees which are set out in the Credit Agreement - Line of Credit or Overdraft, HSBC Chequing account service charges apply. M illions of HSBC customers are poised to have their overdraft interest rate fees quadrupled under a new lending scheme.. You can request an arranged overdraft limit, but whether you have an arranged overdraft limit or not, we'll also provide you with an automatic £50 overdraft buffer on top as a safety net. 39.9% EAR variable. Changes to your overdraft limit are subject to status. Towards the end of your 3-month support period, we’ll remind you that your overdraft support is ending and that you’ll go back to paying our standard overdraft interest rates. HSBC Student Account. Apply for or manage your arranged overdraft in the mobile app. It can help you to manage your money better and avoid any overdraft charges. HSBC will only charge you a maximum of 3 combined NSF or UNA fees per day. To be eligible for an arranged overdraft you’ll need to be 18 or over and have one of these current accounts: Overdrafts aren’t available to customers with one of our Basic Bank Accounts. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable). For informal overdrafts where you have an existing formally agreed limit and go over this limit, we charge interest at the rate we have agreed with you on balances up to your facility limit and will charge our Currency Standard Debit Interest Rate 3 on any balance over … Contact and Support . Having an arranged overdraft with your current account could come in handy if you need some short-term funds. The competition watchdog said both banks had agreed to issue refunds to customers after breaches of unarranged overdraft rules. Talk to us directly through our chat channels. 11 December 2014 at 6:31AM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. It doesn’t include any other fees or charges. If you have any further queries, or need help understanding your overdraft, please visit our FAQs below. If you anticipate you may want to make frequent informal overdraft requests, it will be cheaper for you to apply in advance for a formal overdraft. Fees and charges (PDF, 237KB) Fees and charges (PDF, 237KB) Download link. ‘We’re only an accident away from having nothing’: How Monzo and HSBC's new overdraft charges could harm British families. Coronavirus overdraft support: If you already have a temporary arrangement in place, you can use our coronavirus overdraft calculator to work out how much you could be charged for overdraft use while our temporary support is in place. If you want to reduce your limit, you’ll need to reduce the amount you’ve borrowed to less than your new limit. However, there was disagreement about how many HSBC … I have a problem with some charges on my account. Sabrina Barr @fabsab5. 1 EAR (Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. Don’t worry, you can still use your arranged overdraft (if you have one). HSBC is increasing charges on all overdrafts from next March. Overdraft Transaction Fee on linked Select Credit . 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