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'HSBC to offer £300 interest-free overdraft buffer in response to coronavirus'
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HSBC to offer £300 interest-free overdraft buffer in response to coronavirus - MSE News
in Budgeting & bank accounts
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MSE_Chris_D MSE StaffMSE Staff
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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This is not investment advice.
Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
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.
HSBC do offer an interest free overdraft on their Premier account.
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.