HSBC Student Bank Account

Last updated: 18th January, 2013

HSBC Student AccountThe HSBC account is actually very similar to the Halifax student account and it offers a great overdraft for students looking to get the maximum.

The major thing to look out for is going over your “arranged” overdraft as the fees can be very high.


The HSBC student bank account only offers an “up-to” 0% overdraft of up to £3,000 from the first year (should you be accepted). If you are not sure about the difference between “up-to” and “guaranteed” overdrafts then check out the student bank accounts.

You are guaranteed £500 overdraft upon opening your account and then you may claim up to £3,000 at any point during university depending on your spending pattern and credit rating (check yours free with Credit Reports Matter).

Year 1 – £3,000

Year 2 – £3,000

Year 3 – £3,000

Going over the limit

The HSBC student account does not actually allow you to plan an overdraft of over £3,000  and if you go over that unplanned then you could be charged an extremely high amount.

Arranged – NA

Un-arranged – £10-25 for each unpaid item that goes over the limit.

HSBC student freebies

HSBC don’t offer freebies for their account at the moment (maybe a lollipop when opening your account).

However, basing your choice of bank on freebies is not a great idea. You do get 25% off Lonely Planet books though.

Banking Features

The HSBC student account is one of the rare ones that offer interest on a positive balance. They offer 1.5% AER on all balances up to £1,00 but only in first year.

You can get both internet and mobile banking as well as being able to access the account in store. There are also other things on offer such as a contactless card and text alerts.

How to open an HSBC account

HSBC ask you to pass a couple of conditions in order to open an account. We recommend you check yours with a free trial here.

You should also:

  • Be at least 17 years old
  • Must have been a UK resident for 3 or more years
  • Have an entry letter to a university

You can apply for an HSBC Student Account here.

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Hello! This website has been written by student money experts Save the Student! to give you an overview of student bank accounts and what they have to offer you.

The studentsWe review the benefits and catches of all student accounts so you can make an informed choice and avoid the traps!

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