HSBC to offer £300 interest-free overdraft buffer in response to coronavirus - MSE News 20 March 2020 at 6:45PM in Budgeting & bank accounts 14 replies 1.2K views

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HSBC is to increase the interest-free overdraft buffer on its main current accounts to £300 next week in a bid to help customers impacted by the coronavirus pandemic...

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'HSBC to offer £300 interest-free overdraft buffer in response to coronavirus'

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Tildaplum

will this be also fd ?

quirkydeptless

It says next Thursday (26 April) which should be March

I don't have an OD on my HSBC Advance account. Not sure if I need to request one to get the £300 interest free.

SnowTiger

quirkydeptless said:

It says next Thursday (26 April) which should be March

I don't have an OD on my HSBC Advance account. Not sure if I need to request one to get the £300 interest free.

Banks now tend to reject transactions that would create an unauthorised overdraft.

According to HSBC's overdraft calculator, a £300 overdraft for 31 days would usually cost £7.95.

I don't think anyone's mentioned how all these freebies this help will appear on credit reports.  I guess it will appear, but in the future lenders will be forgiving about how they interpret the information.

Highland76

So it’s only for 3 months. Why don’t they offer this permanently like their sibling FirstDirect does, though FD’s interest free overdraft is slightly less @ £250. 

callum9999

Highland76 said:

So it’s only for 3 months. Why don’t they offer this permanently like their sibling FirstDirect does, though FD’s interest free overdraft is slightly less @ £250. 

Because they're a business who would like to make money? Why don't YOU give me free stuff?

Highland76

callum9999 said:

Highland76 said:

So it’s only for 3 months. Why don’t they offer this permanently like their sibling FirstDirect does, though FD’s interest free overdraft is slightly less @ £250. 

Because they're a business who would like to make money? Why don't YOU give me free stuff?

No need to get sarky. I was simply pointing out that their own sibling - FirstDirect - has been offering an interest/fee free £250 overdraft as standard for donkeys years. Last time i checked, FD aren't a charity either and if it was costing them a lot then they would have pulled the plug on this a long time ago.

Speedbird676

Highland76 said:

callum9999 said:

Highland76 said:

So it’s only for 3 months. Why don’t they offer this permanently like their sibling FirstDirect does, though FD’s interest free overdraft is slightly less @ £250. 

Because they're a business who would like to make money? Why don't YOU give me free stuff?

No need to get sarky. I was simply pointing out that their own sibling - FirstDirect - has been offering an interest/fee free £250 overdraft as standard for donkeys years. Last time i checked, FD aren't a charity either and if it was costing them a lot then they would have pulled the plug on this a long time ago.

It is quite common for different brands within a group to have different deals appealing to different target markets.

HSBC do offer an interest free overdraft on their Premier account.

callum9999

Highland76 said:

callum9999 said:

Highland76 said:

So it’s only for 3 months. Why don’t they offer this permanently like their sibling FirstDirect does, though FD’s interest free overdraft is slightly less @ £250. 

Because they're a business who would like to make money? Why don't YOU give me free stuff?

No need to get sarky. I was simply pointing out that their own sibling - FirstDirect - has been offering an interest/fee free £250 overdraft as standard for donkeys years. Last time i checked, FD aren't a charity either and if it was costing them a lot then they would have pulled the plug on this a long time ago.

I wasn't being sarcastic... Blunt maybe, but not sarcastic!

If you want HSBC and First Direct to be identical, what exactly is the point in having two different brands?

First Direct is a run in a different way to HSBC. What's most profitable for them isn't necessarily most profitable for HSBC. If there was one way to get most profit then obviously all the banks in the country would be offering identical accounts and policies.

LightKnow

I have a question, since few banks are doing interest free overdraft, say if I had two banks that are doing this, am I allowed to use the internet free overdraft for both banks ? Or is only applicable to one 

afis1904

Biil said:

I have a question, since few banks are doing interest free overdraft, say if I had two banks that are doing this, am I allowed to use the internet free overdraft for both banks ? Or is only applicable to one 

If you're accepted for an arranged overdraft and it's free for a certain period of time, then yes.