HSBC launches new Student Bank Account
Posted on 10 Aug 2013
HSBC is offering students an interest free overdraft of up to £3000 as well as access to a range of exclusive offers and discounts, so students can concentrate on fulfilling their potential rather than worrying about their finances.
HSBC is also offering ten students the chance to win £10,000 in the HSBC Student Bursary competition.
The new HSBC Student Bank Account is available from Monday 12th August and includes:
- Access to up to £3,000 interest-free overdraft over the course of your studies (subject to status and account conduct)
- Free music downloads – up to 18 albums from Sony music over 3 years for first year students
- Guaranteed £500 interest-free overdraft at account opening
- No fees to arrange overdraft extensions
- 2% interest paid on credit balances up to £1,000 in your first year
- FastBalance app available to view balance and to list recent transactions.
- Contactless Debit cards
- ATM alert when you are reaching your overdraft limit
- Online budgeting tools to enable you to manage your finances
- Mobile phone top-ups at HSBC cash machines
- Optional fee-free student credit card with a limit of £500
- Access to exclusive offers and discounts available on our Student Exclusiveswebsite- featuring offers from 3 Mobile, Blue inc, Officers Club and Bloom FM music streaming amongst others.
The HSBC Student Bursary competition, now in its sixth year offers ten students the chance to each win a bursary of £10,000. The competition will be hosted on Facebook and is open to all UK students starting their first year of university this autumn. Entrants are tasked with creating and uploading six photos or a 90 second video with a short application form that answers the question, “How would £10,000 help you enhance your potential?”
The competition entry deadline is 5pm on the 27th September, and all entrants must hold or open an HSBC Student Bank Account before 11th October to progress. Students should go to the HSBC Student Facebook page to enter and view full terms and conditions.
The top 15 videos, as voted on Facebook, along with a further five selected by HSBC, will then be short-listed and the final ten winners will be decided upon by a panel of five judges.
Previous HSBC student bursary winners have used their bursary for several lifelong ambitions such as making a feature film, training to become a specialist nurse, developing a fashion range and volunteering in Rwanda. Other winners have used the bursary to fund tuition fees, allowing greater peace of mind when studying.
Lucy Warnock, a 2012 winner studies French at Oxford University and used her bursary to create an online club for GCSE language students. Lucy said: "It's really lovely to know that I'm not restrained by anything now. I've got these ideas and I can actually put them into practice." Other winner's stories can be viewed here.
Matt Richards, HSBC Head of Student Banking said: ‘We understand that going to University is an important stage in a young person’s life and they need the financial support to help them unlock their own potential. Our student bursary competition allows ten students to win peace of mind while they study.
We also realise University isn’t just about studying, so we’ve teamed up with Sony music to provide first year students with up to 18 free album downloads over 3 years. We are also launching a “Student Exclusives” site where students can register to take advantage of various exclusive discounts, all designed to save students money.’
To help students make the most of their potential at University without worrying about finances, HSBC has offered students the following tips:
Pick the right student account
There are lots of accounts to choose from so make sure it meets your own needs. If you are looking for an interest-free overdraft, the HSBC Student Bank Account offers up to £3,000, subject to status and account conduct. Applicants must be 18 or over. Guaranteed at least £500 overdraft at account opening. No overdraft arrangement fees.
Make sure you factor in costs like bills, travel fares, leisure activities and any study materials you’ll need, as well as your accommodation and tuition fees. To help make sure you don’t overspend, HSBC offers online budgeting tools to enable you to manage your finances. To ensure you stay on track you can also use HSBC’s Fast Balance App to view your balance, last 6 transactions & top up your mobile. You can also choose to receive text alerts if your balance falls below or above a specified limit.
Make the most of discounts and deals
Make the most of online deal websites and your NUS card to obtain student discounts. The new HSBC “Student Exclusives” site means students can register to take advantage of various exclusive discounts on food, clothes, mobile phones, data packages, laptops etc, all designed to save them money.
Student bedrooms can be full of valuables, including TVs, laptops and music systems. Contents insurance is a wise precaution. The cost will vary depending on the type of property and where you are living. It’s also worthwhile checking if your parent’s home insurance provides cover while you are away from home.
Understand tax rules
If you choose to get a part-time job while studying remember that you can earn an amount of income in each tax year before paying tax. If your total income is below your ‘personal allowance’ (currently £9,440) in the tax year you won't have to pay any tax.
Notes to Editors
*Competition not open to residents of the Channel Islands, Isle of Man or Northern Ireland.