HSBC bank student account 2011/2012: We want your feedback

Former_MSE_Wendy

Hi all,

In our newly published Student Accounts 2011/12 guide the HSBC Student Account is one of our top picks.

It offers 0% overdrafts on £500 initially but amount of up to £3,000 may be possible, although not guaranteed.

We're after feedback from people who have applied this year and want to know your experience and if you had any trouble getting the overdraft.

Thanks for all help in advance

TheTallOne_2

Had a student account with HSBC from my first year (September 2009). Last week I called up HSBC for a different matter and at the end of the call I was told that they were offering up to £3000 interest free overdraft - decided to apply for £1000 and was accepted. So clearly £1000 is possible for students in their 2nd year. Seems to have an option to adjust your overdraft through internet banking, although I haven't tried it yet. When you take out the overdraft, the agreement is for a year, after which they will contact you to review it. Of course they can still cancel it early for some reasons (possibly because you are stoozing or something).

However, even though HSBC is my 'supplementary' student account, I've had to deal with them an insane amount over the past month or so on separate matters - one because I applied for their Student Credit Card (£500 credit limit, though no theoretical maximum cap to this, unlike Natwest's Student CC which has it's credit limit capped at £500). They had offered this to me as I was 'pre approved' yet they still undertook a credit check, sent me a letter notifying that my card was sent to a 'branch' 200 miles from where I live (and nowhere near my university branch either). That address was actually a residential home. After an hour or so of phone calls it finally got sorted.

Another matter was with setting up the direct debit for the credit card - they sent some conflicting messages there. I eventually called them up about that, after which they then offered me the above overdraft.

Another recent annoying thing is the two layer security they have recently applied to their internet banking login - you now need a 'Secure Key' card which generates codes for you every time you need to log in - you lose some flexibility if you want to check your bank account anywhere as you will need the card to log in. If you don't want to use the card, you can't use internet banking. As a student I'm not particularly interested in taking this key card everywhere I go in order to check my balance/do internet banking - I guess it will be particularly annoying if you head home from uni for the weekend, want to make a transfer and forget the card - the security is too much of a hassle to make it my main bank account. After all, I still have the Natwest Railcard when they offered it to everyone

bouncydog1

Our local branch have stated they will give my DD a student account when she gets her results next week as she already banks with them. As she doesn't want/need an overdraft, the rate on savings together with the free travel insurance and the cc makes it attractive.

The new keycard takes a bit of getting used to, but IMO anything that makes accessing your bank account by others more difficult, is worth the inconvenience. Card is small and has a tag that you could use to attach inside a wallet/organiser etc.

Will post back if we have any issues.

callum9999

HSBC increased my overdraft from £500 to £1500 in January of year 1 (I opened it in my gap year so maybe they thought it was my second year?). Only £1250 of that was interest free though - which they neglected to mention at the time! Still a decent increase.

The keycard however is really winding me up! I have no idea where it is at the moment and as such, can't even check my balance. It would be far easier if they used the card readers like everyone else - and I resent having to use it just to check my balance. The only times I don't mind using security like this is setting up a new payee. What other features of internet banking are really that attractive to fraudsters? The worst thing they could do is transfer money to one of my other accounts - annoying but easily fixed.

Jem_S

I am currently looking for another account as I am disgusted with the way I have been treated. I tried to extend my overdraft as over the summer things have been somewhat tricky financially. I was told that due to already being in my overdraft I could not increase it (despite the fact last summer I was in exactly the same situation and was offered an increase, but then I didn't need it) and told to go and find a new job by the 'caring' Customer Service representative. I left the branch crying, so no recommendation from me.

Allank

I Banked with HSBC for 30 years and worked for them for two decades. On leaving to become a student Teacher I opened a student account with a £1000 limit. My Joint Account has a £2000 limit. In year 2 I requested an increase in my student overdraft to £1500 with a reduction in my joint account to £1000. They refused to do this. This was delivered by a call centre in India who work to a script and are totally inflexible and do you treat customers as individual, basically "Computer says no" and tough. Open an account with HSBC but be prepared to switch in future years

grumpy_student

Disappointed with HSBC. I have been a customer with them for over 25 years but they won't let me have a postgrad bank account because I have not completed a 3 year degree in the last 3 years. I don't understand why it matters whether I have studied in the last 3 years or not - and so far they have been unable to give me an explanation....yet another avenue to help me pay my postgrad fees has been closed...

clarkja

I have an HSBC student account and understood I had a 500 UKL free overdraft though i never intended to use this. In november I went 10 pounds overdrawn for 2 days and was charged a staggering 80 quid by hsbc. They told me I no longer had an overdraft but could apply for one again. When i did they told me my credit was not good!!!!!

antoniarose_2

I have had a HSBC student account since September and they have been brilliant - super helpful in every way. I upgraded my current account to a student account and received a £1000 interest free overdraft and a credit card with a £500 limit.

However it can be slightly annoying with the secure key card. If you ever forget it and need to get onto your internet banking there's no chance. Luckily my branch is great so if I ever do leave it at home I can still do most things in branch.

londonTiger

antoniarose wrote: »

I have had a HSBC student account since September and they have been brilliant - super helpful in every way. I upgraded my current account to a student account and received a £1000 interest free overdraft and a credit card with a £500 limit.

However it can be slightly annoying with the secure key card. If you ever forget it and need to get onto your internet banking there's no chance. Luckily my branch is great so if I ever do leave it at home I can still do most things in branch.

same i was a student graduated 4 years ago, i had the same od deal. but its one step forwards 2 steps back, the secrekey is killing me. im in bed in my laptop and i cant casually log in to check my balance and pending direct debits for instance, cos my secrekey is on my desk, its a major inconvenience.

i much prefer halifax's security, you have the bog standard internet banking logins, but if you want to do anything new or unusual like set up a new payee and transfer money, or just change your details, they will use an automated caller to call your associated landline and mobile to confirm this with you.

littlewillow

I have always been with HSBC and I think they're great. Always super helpful.

I am in my second year and have a £1250 overdraft, that is at its very top limit, but they're very understanding and helpful from my experience.