Coronavirus guidance . If you're financially impacted by coronavirus, tell us as soon as possible. 2 APR (Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. The deadline for new applications was 31 October 2020. Changes to your overdraft limit are subject to status. Having an arranged overdraft with your current account could come in handy if you need some short-term funds. Whether you have an arranged overdraft facility or not, most of our accounts include an interest-free buffer. Your available balance will also continue to take into account any pending payments. Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account Pay Monthly, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable). The monthly cap on unarranged overdraft interest for your account is £20. Here are some examples of how much it would cost if you borrowed £500 of your agreed overdraft: It’s easy to get in touch online. HSBC raised its overdraft charges to 39.9 per cent on March 14, up from 9.9 per cent for premium arranged overdrafts and 19.9 per cent for standard ones. HSBC adds that customers don't need to do anything as it will contact both current and former users. 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. At the beginning of December HSBC announced it would be following Nationwide and would also penalise customers with a 39.9 per cent interest rate on their overdraft from March 2020 – … The new rate will apply whether they go into their overdraft with or without permission. Customers will get back all charges they racked up on overdrafts if they were not warned when going into the red The overdraft limit is usually granted for a year and is renewable thereafter free of charge. If you’re unable to pay back anything you’ve borrowed, speak to us as we may be able to help. HSBC is increasing charges on all overdrafts from next March. or transferring money to preferred account. Overdraft support. We'll charge overdraft interest on any arranged overdraft balance, but we won’t charge for use of the £50 buffer. 3 replies 143 views Rawred Forumite. Using this tool won't affect your current arranged overdraft if you already have one with us. This could be when you use your debit card to buy something and the amount isn’t yet showing on your statement. APR (Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. The table below shows the amount of interest that applies to each current account. Items. Premier, Advance and PIA Secured Credit: Default ceiling limit is HKD 5,000,000. You can opt out of the arranged or unarranged texts at any time by phone, or by calling into branch. An arranged overdraft is where we agree an overdraft limit with you. Request a callback Request a callback to apply for HSBC Overdraft This link will open in a new window Alternatively, call 500 55 4722 (within UAE) or +971 4 366 9090 … 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 … If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC UK. Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account Pay Monthly, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) … An unarranged request is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance an overdraft to cover it. An unarranged overdraft may result in declined transactions and may adversely effect your credit file. All customers will be charged a rate of 39.9%, a steep rise from the current rates of 9.9% to 19.9%. The maximum monthly charge in interest for going above your overdraft will be £20 per month. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC Graduate Bank Account, the rates are: Year 1:  0% EAR (variable) on the first £3,000, 39.9% EAR (variable) thereafter, giving a representative rate of 0% APR (variable). interest for going over/past your arranged overdraft limit; fees for each payment your bank allows despite lack of funds; and, fees for each payment your bank refuses due to lack of funds, register for text banking. Find the latest fees and charges for bank accounts, deposit and payment services, overdrafts, mortgage and general banking services – such as copies of documents and safety deposit boxes. Personal loan . HSBC and Santander to refund hundreds of thousands of customers for unarranged overdraft charges Helen Knapman , Digital Deputy Consumer Editor 29 Nov 2019, 7:11 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account. An interest-free buffer for extra peace of mind. £1,000. EAR (Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. You will be able to find out what your overdraft rate is by looking at your most recent current account statement. 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). An instant decision if you’ve already got an account. Every month, we'll review your account to make sure your overdraft borrowing is suitable, based on credits to your account. All customers are automatically enrolled to receive the new arranged alerts; however, you can choose to opt out of receiving arranged or unarranged alerts at any time by sending a secure message via online banking, via live chat or by calling us or via a branch. Overdraft Transaction Fee on linked Select Credit . 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. HSBC's new £5-a-day overdraft explained. HSBC customers are set to see a significant hike on their overdraft charges from next year, with interest rates to shoot up by nearly 40 per cent. Contact and Support . 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. Car loan . 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. HSBC Overdraft Protection provides you with coverage for occasional shortfalls in your HSBC Chequing account 1, giving you peace of mind that results from knowing that your cheques, pre-authorized payments or other transactions such as cash withdrawals or Interac® e-transfers and Point of Sale transactions will be honored up to your approved overdraft limit. Personal Overdraft. A higher amount is included with our Student, Graduate, Premier and Jade accounts. 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