Switch your current account in a simple, reliable and stress-free way in only 7 working days.
Apply for an HSBC Bank Account Pay Monthly today:
With Bank Account Pay Monthly, just like many of our other bank accounts, you can ask us to approve a formal overdraft facility. To help you manage your formal limit we'll send you text alerts to your mobile phone the morning after your balance reaches 60%, 80% or 95% of your overdraft limit.
Whether you have a formal overdraft limit or not you'll be given a £50 'buffer' to help cover short term emergency borrowing. So you know where you stand, we won't agree to any payment requests that would take you over your formal overdraft limit and the £50 buffer, and with Bank Account Pay Monthly we won't charge you any overdraft fees. Representative Example: 19.9% EAR variable (assumed overdraft £1,200).
Bank Account Pay Monthly customers can enjoy a 3% AER/gross fixed rate for 12 months with our Regular Saver. Interest is calculated on the daily cleared balance and paid on the anniversary of account opening. You can save from as little as £25 up to a maximum of £250 a month and a maximum of £3000 by month 12. If you save less than £250 in any given month, you can carry over any unused subscription to the following months.
For example: if you invest £250 a month, you will save the maximum balance of £3000 during the 12 month term. At 3% interest you will earn approximately £48 interest (gross).
Please note, only one Regular Saver account allowed per customer and payments must be made by standing order. Once the account is open, no withdrawals are allowed within 12 months. At the end of 12 months, the account balance will be transferred into a Flexible Saver, Preferential Flexible Saver or HSBC Savings account. If you close your account before the end of the 12 month term, you will receive interest at our Flexible Saver rate.
AER: Annual Equivalent Rate. This is a notional rate which illustrates what the Gross rate would be if interest were paid and compounded each year.
Gross: is the rate of interest if interest were paid and not compounded each year.
You can book an appointment to apply in branch. You'll need to bring identification and proof of your address with you.
A member of our friendly team can help you decide if opening a Bank Account Pay Monthly is right for you.
Call us on 0800 169 5422
Lines are open 8am to 8pm every day except Christmas Day, Boxing Day and New Years Day.