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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.

Budget

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.

Insurance

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.

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Natalia wants to use the bursary to address the issues and remove the stigma surrounding mental illness. As a graphic designer and artist, she has created the 'OCD' magazine to help people understand anxiety disorders from all angles. She has taken a modern approach to explaining medical conditions and used many illustrations and interactive layouts.


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Louis has been volunteering in Rwanda at the 'Streets Ahead Children's Centre Association' to support its work with some of the 10,000 street children. He has been teaching English, music and sport in an attempt to give hope to those children who have so little. The bursary will allow him to continue to work with the school during the university holidays.


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Jay wants to use the bursary to work on the 'travelling salesman problem' which has baffled mathematicians and computer scientists for more than 200 years. Should this problem be solved, it would help with (amongst other things) faster more efficient route planning for commercial transport and emergency services.


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Laura is about to start an Animal Science degree at the University of Reading. She has been volunteering for Canine Partners for Independence, who provide specially training assistance dogs for people with disabilities. Laura wants to work as a part-time trainer and support other 'puppy parents', while doing her degree course. In the future...


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