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

eskbanker

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 

Worth bearing in mind that banks will often get twitchy if you're not funding an overdrawn account with your monthly salary (or other regular income), so juggling multiple overdrafts may be a challenge....

LightKnow

Thanks for responding, so am understanding this right, E.g if I take overdraft with Halifax, so the limit is 300 for 3 month free intreast ? Then would I pay back that amount after 3 months ? Or with in that time frame ?
Same question with Barclays if I choose say my agreed overdraft ? Do I pay or when ?
Cuz of the current situation, am looking at ways to help me out these few months cuz work is on and off. My earning might be around 500 to 800 pound . So as another perspective, will this overdraft help ? 

eskbanker

Biil said:

Thanks for responding, so am understanding this right, E.g if I take overdraft with Halifax, so the limit is 300 for 3 month free intreast ? Then would I pay back that amount after 3 months ? Or with in that time frame ?
Same question with Barclays if I choose say my agreed overdraft ? Do I pay or when ?
Cuz of the current situation, am looking at ways to help me out these few months cuz work is on and off. My earning might be around 500 to 800 pound . So as another perspective, will this overdraft help ? 

The measures being introduced typically entail temporarily waiving interest charges for those who already have arranged overdraft facilities, so if your existing current account provider has such an offer then you should be able to take advantage of it.

If you're hoping to open new accounts and immediately access interest-free overdrafts then this may happen but probably best not to rely on acceptance, so you'd probably be better looking for other credit facilities, such as credit cards or loans, unless you genuinely are likely to be using an overdraft for its intended purpose of addressing short-term cashflow issues....

https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#overdrafts

quirkydeptless

I applied for a small overdraft, and got a secure message Today saying they are happy to accept my application ... I just have to go into a branch with proof of income.

Hmm, not an essential reason for going outside