The figures displayed are given as a guide only. 0000008262 00000 n 50 interest free 'Buffer', Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information, the amount borrowed is drawn down in full at noon on the date of calculation, you are overdrawn for a continuous period you dont dip in and out of your overdraft, at the time you go into your overdraft the balance of your current account is 0, no other credits and or debits will be made from the account during the borrowing period, the outstanding balance will be repaid in full on the last day of the borrowing period, the interest rate will remain the same during the whole borrowing period, going overdrawn when you have not arranged an overdraft; or, going over/past your arranged overdraft limit (if you have one), interest and fees 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, your arranged overdraft to help you monitor your usage, your unarranged overdraft - so you know when you've gone over any interest free or arranged overdraft limit and what action you can take. endobj There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: You can get text message alerts sent to your mobile at no extra cost to let you know you when youre nearing your limit you can set these up via online banking or by calling us on 03456 00 61 61 (your carrier may charge for text alerts). An unarranged overdraft may result in declined transactions and may adversely effect your credit file. <>/Subtype/Form>>stream You can opt out of arranged or unarranged overdraft alerts at any time by sending a secure message in online banking, starting a live chat, calling us or visiting a branch. <]/Prev 108239>> An overdraft is an easy way to borrow money through a current account. These rates wont apply if you have an account with a negotiated rate (where weve separately agreed a non-standard rate for your overdraft). However, not all bank accounts are eligible for an arranged overdraft. This is a company, or person, that you're paying. However when payments are returned your credit rating may be affected. This cap covers any: interest and fees for going over/past your arranged overdraft limit; HSBC Group | HSBC Bank plc 2017-2023. This is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. If you'd like to receive text alerts, please make sure we have your up-to-date mobile number. HSBC Group | Copyright HSBC Group 2002-2022. endobj We will report to credit reference agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days. You can opt out of receiving text alerts at any time by calling us or asking in-branch. If you're not sure how much you'll need: please call us on03456 00 61 61 between 8am to 10pm or arrange a visit at your local branch so we can discuss it with you. Youll only pay a small transparent conversion fee, or it's free if you already have the currency in your Wise account. This calculation is based on the following assumptions: a)the amount borrowed is drawn down in full at noon on the date of calculation; b)you are overdrawn for a continuous period you dont dip in and out of your overdraft; c)at the time you go into your overdraft, the balance of your current account is 0; d)no other credits and or debits will be made from the account during the borrowing period; e)the outstanding balance will be repaid in full on the last day of the borrowing period; and f)the interest rate remains the same during the whole borrowing period. Bill Pay allows you to pay a company or a person within the U.S. from your checking account. endobj It means with an overdraft it can help you through expensive months like December, or paying unexpected costs such as an emergency plumber. This is a card you can use to make cash withdrawals from ATMs, and may also be used to pay for goods and services in person, online or over the phone. 0000014407 00000 n If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC. Youll have to pay interest if you have an unarranged overdraft. Find out more about how an overdraft works to help decide if an overdraft is the right option for you. Your available balance is the money you have available to spend, taking into account any pending payments and excluding any checks that haven't yet cleared, as well as any arranged overdraft limit you may have agreed with your banking provider. 0000004785 00000 n These transactions can be difficult to keep track of, because they may vary in both amount and frequency. If you exceed your overdraft limit, you'll have entered into an unauthorised overdraft. HSBC Group | Copyright HSBC Group 2002-2023. 0000012223 00000 n OSB_/..+..Tp*9JNSTp*9JNSY*6a:Lue G8&hlB %Z It's important to weigh up the pros and cons of having an overdraft. 0000035418 00000 n Until 21 September 2021, Barclays is capping overdraft interest charges on personal accounts at 180 per month. You can use Internet banking to view balances, statements and payment details - plus increase (subject to status), decrease or cancel your overdraft limit. 145 0 obj <> However, if you make several applications within a short period of time, this can have a temporary impact on your rating. You might make a transfer between two of your own accounts, for example, from an everyday bank account to a savings account. Always check the interest charged for using your overdraft before you start using it. If you haven't or if you've gone past your arranged limit it's known as an 'unarranged overdraft'. Will you stop me from using my overdraft? To help Bank Account Pay Monthly customers manage their finances, we send text alerts the morning after your balance reaches 60%, 80% or 95% of your overdraft limit. With prices continuing to rise sharply, our focus is on offering support wherever we can. Whether you have an arranged limit or not, we also provide customers with an automatic 50 overdraft 'buffer' as a safety net. HSBC Group | Copyright HSBC Group 2002-2023. H 0000026317 00000 n <> Unplanned overdraft fees vary from bank to bank. This could include reducing, suspending or removing your overdraft facility. Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. An unarranged overdraft is when you make a payment that takes your account overdrawn without an arranged overdraft in place, or over your arranged limit. An unarranged overdraft is where you havent agreed an overdraft with your bank but spend more than the amount in your current account. 157 0 obj 0000035317 00000 n <> An overdraft can be a useful way of borrowing money in the short term to cover unexpected costs. So, make sure you have your debit card PIN memorised. The HSBC Mobile Banking app lets you manage your personal accounts easily and securely from your mobile phone. Arranged overdrafts are where your bank agrees an overdraft limit with you. It could be as a result of a payment you have made, or cash withdrawn at an ATM machine. This is when you send money between two accounts. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount. You will agree to an arranged overdraft limit - which is the maximum amount that can be borrowed. It may be that your friend/family member hasnt used their overdraft facility repeatedly. Year 2:0%EAR (variable) on the first 2,000,39.9%EAR (variable) thereafter, giving a representative rate of 0% APR (variable). It's easy to answer your query online. endobj HSBC Group | Copyright HSBC Group 2002-2023. An overdraft is a pre-arranged loan that you can use as and when you need without having to apply each time. Continually using your overdraft may mean you face significant interest charges, which can make it harder to repay the debt. Monthly cap on unarranged overdraft charges. Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information. 0000003482 00000 n endstream As a responsible lender, we regularly reviewour customers overdrafts. 0000010958 00000 n Request temporary arranged overdraft support, Request temporary arranged overdraft support This link will open in a new window. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. You can ask to increase, decrease or remove your arranged overdraft in our mobile app. 0000004512 00000 n If you get this support and your arranged overdraft is less than 500,we won't charge interest on overdraft balances up to 500 for 12 months. 0000008166 00000 n The monthly cap on unarranged overdraft interest for your account is 20. If youre finding it hard to manage your overdraft or financial situation in general, please get in touch. endobj 2.75%. For more information, please see ourSupported Browsers page. endobj Please note that overdrafts aren't available with our Basic Bank Account. A list of banks in Switzerland, including more information on some of the biggest and most popular retail banks in the country. Overdraft eligibility checker This link will open in a new window, Overdraft eligibility checker This link will open in a new window, Unarranged overdraft monthly maximum charge, Making sense of overdrafts (PDF, 390 KB) Download, FSCS information sheet and exclusions list (PDF, 177 KB), FSCS information sheet and exclusions list (PDF, 177 KB) Download, HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB), HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB) Download, Standards of Lending practice (PDF, 44KB), Standards of Lending practice (PDF, 44KB) Download, Apply for an arranged overdraft This link will open in a new window, Log on and manage your overdraft This link will open in a new window, Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information, Unarranged Overdraft service not available. endobj Well also text you if you dont have enough money to make a payment. However, if you go into an unarranged overdraft this can negatively affect your credit score and your ability to get credit in the future. To get a new debit card from HSBC, youll first need to apply for an HSBC current account. This will have no impact on your credit rating. However, you wont be able to apply for overdrafts, credit cards or loans with this account., The HSBC Bank Account Pay Monthly is designed for people wanting a buffer for unarranged emergency borrowing. You may need to pay interest for using an overdraft. From the 17 November we introduced some new text alerts to let you know when you go into or are due to go into your arranged overdraft. Bank Account Pay Monthly is currently available for a fee of 10 a month. This could include reducing, suspending or removing your overdraft facility. If you decide not to change the way you use your overdraft, there are certain steps we may take as a responsible lender. 0000009059 00000 n 143 0 obj Its contactless and works worldwide, so its ideal for travel and everyday use. If you want to add an overdraft to your account or increase your existing limit, you can apply for this online through ourManage Overdraft Service. We are offering temporary support measures on overdraft borrowing across eligible accounts. If youve borrowed money through your overdraft, the faster you can repay it, the less interest youll be charged. <>stream 0000027136 00000 n An overdraft isn't guaranteed and is repayable on demand. In other words, if your account goes below 0, youre into your overdraft. <> Knowing the ins and outs of an overdraft can help you minimise, and even avoid, paying interest. This website is designed for use in the United Kingdom. Having a greater understanding of common banking terms may help you: APR (Annual Percentage Rate) refers to the combination of interest charged and any additional charges that you will pay on a loan or offer of credit. 136 0 obj APR(Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. Visit our Help page to find out how. If you arrange a formal overdraft and keep within your limit it can help you prepare for life's unexpected costs. Banks should have an overdraft cost calculator on their website, which you can use to see how much an overdraft might cost you. endstream Credit Reference Agencies (CRAs) collect and hold secure information about your credit history, including: If you manage your account and overdraft well, this can help build your credit score. If you wish to apply for a new or a higher arranged overdraft limit, please visit ourOverdraftspage on how to apply. If you decide not to change the way you use your overdraft,we may take certain steps as a responsible lender. 0000007686 00000 n We dont charge overdraft interest if covering funds are paid in before 23:45 on the day you go overdrawn. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one banks overdraft with another. Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. The account also offers additional perks, such as discounts and cashback as part of the HSBC home&Away rewards programme., This is HSBCs premium account for over 18s, with no monthly account fee and lots of benefits and extra services. If you know what limit you need: you can apply for an arranged overdraft and get an instant decision now. A list of banks in Portugal, including more information on some of the biggest and most popular retail banks in the country. If you'd like an arranged overdraft on your account, you'll need to request one from your bank. Thats because this shows lenders you may be struggling financially. These are payments you've agreed that a business can take from your debit or credit card when needed. 7Yi(TL(8!530&p +PAi+og+> &30Cjq Be prepared for life's unexpected costs with an arranged overdraft, Get text alerts if you're about to go overdrawn. 0000035991 00000 n This will cost you more in the long run. Enjoy peace of mind with an interest-free buffer. 0000003113 00000 n Even if you haven't exceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. Mr John Doe 40-25-02 123456979 19. Its 100 in the UK, but this may be lower in other countries. As a Jade customer, the first 1,000 of your arranged overdraft is interest-free as standard. You can use our calculator to find out how much an overdraft through your HSBC current account could cost over a period of up to 31 days. If you're still worried about your finances, please visitmoney worries. An overdraft is a way of borrowing money through your current account. Find out how wecouldhelp. To help us improve our service, and in the interests of security, we may monitor and/or record your call. If you do, its important to know that you may be charged interest for using it. We encourage you to ask for this extra support only if you need it. endstream 0000008376 00000 n <> <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 686.072 223.027 674.522]/Subtype/Link/Type/Annot>> Youll need to bring identification, proof of address and a recent bank statement. Youll be required to repay anything you owe if you want to cancel. If you want to add an arranged overdraft to your account, you can apply for this online through ourManage Overdraft Service. Based on an assumed arranged overdraft of1,000for an HSBC Student Bank Account, the rate is0%EAR (variable), giving a representative rate of0%APR (variable). Just like other UK banks, HSBC offers a debit card as standard with most of its current accounts. 0000012127 00000 n Why is this? GBP 1,500 GBP 0 GBP 3,000 Total amount overdrawn Enter a value between 0 and 3,300 Spending more than your arranged overdraft limit will take you into an unarranged overdraft. Please ensure you can answerYESto the following questions: Our Overdraft Service is available on HSBC Premier, Advance, Bank Account,Bank Account Pay Monthly, Graduate, Gap Year and Student Bank Accounts (over 18s only). 0000000016 00000 n 0000021882 00000 n If you're struggling to pay off your overdraft, here are some tips thatcouldhelp you. 134 0 obj The annual interest rate and is generally used for savings and credit accounts. Not all overdrafts are interest-free or come with an interest-free amount. You can also apply for an optional arranged overdraft if you need it., As with the other accounts, the HSBC Bank Account also offers access to discounts and offers with the home&Away rewards programme., If you dont qualify for another current account (for example, if you have a low credit score or poor credit history), then the HSBC Basic Bank Account could be the ideal option., Youll get access to basic banking services, including mobile banking and a contactless HSBC Visa debit card. A debit is money withdrawn from your bank account. Arranged and unarranged overdrafts: An arranged overdraft is when you agree with your account provider in advance that you may borrow money when there is no money left in your account.

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