MSE News: HSBC to offer £500 interest-free overdraft buffer to help with cost of living

HSBC is giving current account customers a £500 interest-free overdraft buffer for a year, if they request it. The banking giant says it's hoping to support those most in need of help with the rising cost of living.

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'HSBC to offer £500 interest-free overdraft buffer to help with cost of living – here's what you need to know'

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  • dealyboy
    dealyboy Posts: 1,753 Forumite
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    Nationwide BS Flex Direct offers this as standard on whatever arranged overdraft is agreed.
  • surreysaver
    surreysaver Posts: 4,095 Forumite
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    Could earn up to about £15 by sticking it in a savings account
    I consider myself to be a male feminist. Is that allowed?
  • Band7
    Band7 Posts: 2,285 Forumite
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    Could earn up to about £15 by sticking it in a savings account
    £25 if you can stick it into a Barclays Rainy Day Saver.

    Before any tax, which is a factor for some people.
  • surreysaver
    surreysaver Posts: 4,095 Forumite
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    Band7 said:
    Could earn up to about £15 by sticking it in a savings account
    £25 if you can stick it into a Barclays Rainy Day Saver.

    Before any tax, which is a factor for some people.
    Already filled it up. Just stick it in the HSBC Online Bonus Saver. Haven't filled that up yet
    I consider myself to be a male feminist. Is that allowed?
  • Alex9384
    Alex9384 Posts: 934 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Could earn up to about £15 by sticking it in a savings account

    No fees, but it will show on your credit files that you've been overdrawn for a whole year...

    How are most lenders going to interpret that? From my experience, probably in the worst way possible.
     
    EPICA - the best symphonic metal band in the world !
     
  • Alex9384 said:
    Could earn up to about £15 by sticking it in a savings account

    No fees, but it will show on your credit files that you've been overdrawn for a whole year...

    How are most lenders going to interpret that? From my experience, probably in the worst way possible.
    No different than having a 0% credit card with a persistent balance
    I consider myself to be a male feminist. Is that allowed?
  • Band7
    Band7 Posts: 2,285 Forumite
    First Post Name Dropper
    It also may not matter to people who aren't after mortgages or other large credit.
  • fabsaver
    fabsaver Posts: 1,275 Forumite
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    dealyboy said:
    Nationwide BS Flex Direct offers this as standard on whatever arranged overdraft is agreed.
    I thought that was only for the first 12 months after opening the account. I can't see anything on their website about any free overdraft beyond that.
  • phillw
    phillw Posts: 5,593 Forumite
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    I maxed out my free overdrafts when banks offered it during covid, it doesnt seem to have made a huge difference. 

    However there were a lot more people in overdrafts then and it would harm their business if they excluded everyone.

    I'm more intrigued what HSBC will do, if in a year they see its been maxed out and I have a bonus saver. Will they decide I don't need an overdraft...
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