Since the coronavirus pandemic began, our focus has been on supporting our customers through these difficult and uncertain times. If you continue, or reasonably expect to experience financial difficulties, you can apply for temporary arranged overdraft support on your account(s) for 3 months. You have until 31 October 2020 to apply for support.
Should you need further assistance after the 3-month extension, we will detail the options available to you in a communication shortly before your extension ends.
Who can make a request for temporary arranged overdraft support?
The support is designed to help customers experiencing financial difficulties due to coronavirus. We encourage you to only request this extra support if necessary.
Applying for the temporary arranged overdraft support will not impact your credit file.
You can submit a request if:
- you hold an HSBC current account that has an arranged overdraft limit
- you've been experiencing, or reasonably expect to experience, financial difficulties because of the coronavirus pandemic
- your ability to afford your overdraft has been temporarily affected – for example, you’ve lost your job or you’re having to work less hours
If this doesn’t currently apply to you, please don’t make a request. You’ll be able to make a request until 31 October 2020 if your circumstances change.
You should not submit an extension request if:
- you hold an HSBC account that doesn’t allow an overdraft, or you hold an HSBC Student Account or Basic Bank Account
- you haven’t been directly, or indirectly, financially impacted by coronavirus
- you’ve already submitted an extension request
- we have agreed not to charge interest on your account for a set period of time
- you have an account with a negotiated rate (where we have agreed a non-standard rate for your overdraft)
How will this work?
Once you’ve submitted a request for temporary arranged overdraft support, we’ll assess this and confirm in writing if we’ve accepted your request. The support will be applied to your account(s) from the date detailed in the confirmation email, or letter, you’ll receive. These temporary measures are not a change to your contractual terms, which remain the same.
Towards the end of the 3-month extension, we’ll contact you to remind you that your extension is coming to an end. Your overdraft pricing will revert to our standard pricing. However, we'll provide details of any further support should you need it.
How do you request the temporary arranged overdraft support?
To submit a request you can fill out our online form. Once we’ve processed your request, we’ll be in touch as soon as possible. This could take up to 7 working days as we’re anticipating a high number of requests, so please bear with us.
To fill out the form, you’ll need your:
- account sort code
- account number
You can find these details on your debit card, statements and the account summary screen in online banking.
If your application is accepted, we’ll apply the additional support to all the arranged overdrafts you have on current accounts with us.
If your overdraft is on a joint account, only one account holder needs to complete the form. However, you should seek the other account holder’s permission before submitting the form.
Once your request has been processed and a decision has been made, we’ll contact you by email, or letter, with an update. We won’t be able to provide this decision over the phone.
If your communication preference is set to paper correspondence, it could take up to 3 weeks to receive your letter by post. If we have a valid mobile number for you, we'll also send a text message to confirm the decision whilst your letter is in the post. To get faster updates by email, simply log on to online banking to update your communication preferences.
Should you need assistance with this form, please call us on 03457 404 404.
What support is available?
Account Type |
Interest Free Buffer |
Interest Rate |
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account |
£25 |
39.9% EAR variable |
HSBC Student Account |
Any arranged overdraft borrowing |
0% EAR variable |
HSBC Graduate Account |
Year 1: £1,500 |
39.9% EAR variable |
HSBC Premier Account |
£500 |
39.9% EAR variable |
HSBC Jade Account |
£1,000 |
39.9% EAR variable |
Account Type |
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account |
|---|---|
Interest Free Buffer |
£25 |
Interest Rate |
39.9% EAR variable |
Account Type |
HSBC Student Account |
Interest Free Buffer |
Any arranged overdraft borrowing |
Interest Rate |
0% EAR variable |
Account Type |
HSBC Graduate Account |
Interest Free Buffer |
Year 1: £1,500 |
Interest Rate |
39.9% EAR variable |
Account Type |
HSBC Premier Account |
Interest Free Buffer |
£500 |
Interest Rate |
39.9% EAR variable |
Account Type |
HSBC Jade Account |
Interest Free Buffer |
£1,000 |
Interest Rate |
39.9% EAR variable |
Account Type |
Interest Free Buffer |
Interest Rate |
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account |
£500 |
19.9% EAR variable |
HSBC Graduate Account |
Year 1: £1,500 |
19.9% EAR variable |
HSBC Premier Account |
£500 |
11.9% EAR variable |
HSBC Jade Account |
£1,000 |
9.9% EAR variable |
Account Type |
Bank Account, Bank Account Pay Monthly, Current Account (off sale) and Advance Bank Account |
|---|---|
Interest Free Buffer |
£500 |
Interest Rate |
19.9% EAR variable |
Account Type |
HSBC Graduate Account |
Interest Free Buffer |
Year 1: £1,500 |
Interest Rate |
19.9% EAR variable |
Account Type |
HSBC Premier Account |
Interest Free Buffer |
£500 |
Interest Rate |
11.9% EAR variable |
Account Type |
HSBC Jade Account |
Interest Free Buffer |
£1,000 |
Interest Rate |
9.9% EAR variable |
Things to know
These rates won’t apply if you have an account with a negotiated rate (where we’ve separately agreed a non-standard rate for your overdraft).
These are temporary measures and not a change to contractual terms, which remain the same.
We do not charge interest on Student Accounts so there is no need to apply for any further support.
You can use our coronavirus overdraft calculator to work out how much an arranged overdraft could cost you with this support in place.
The monthly cap on unarranged overdraft charges for our accounts is £20.
Will this affect your credit rating?
Your credit file will not be impacted if you ask for temporary arranged overdraft support.
If you go into an unarranged overdraft this may adversely affect your credit file. An unarranged overdraft is when your account goes overdrawn and you don’t have an arranged overdraft, or you go over your arranged overdraft limit.
We have to report accounts that have been in a continuous unarranged overdraft for 30 days, or more, to credit reference agencies. This could negatively impact your credit file and your ability to get credit in the future.
Is there more help and advice you can get?
Keep visiting our coronavirus hub to stay up to date.
If you have an HSBC credit card or loan, you may be eligible for a 3-month payment holiday, or repayment deferral.
Find out more about our financial support.
You can also get free independent advice from:
- StepChange Debt Charity: visit the StepChange website or call 0800 138 1111
- Money Advice Service: visit the Money Advice website, its dedicated COVID-19 support page or call 0300 500 5000
- National Debtline: visit the National Debtline website or call 0808 808 4000
- Citizens Advice: visit the Citizens Advice website or call 03 444 111 444
- Financial Conduct Authority: visit its dealing with financial difficulties during coronavirus information page