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

dealyboy

Hi fabsaver ... Yes ... but my point is that this is the same as HSBC is offering as a 'cost of living buffer' (kudos ... virtue ... flash flash) but with Nationwide it is not limited to £500 but to whatever they agree to as a standard part of the package.

gary1312

Alex9384 said:

surreysaver 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.

This would be a problem for me. I'm currently trying to build a good credit history going forward, after mistakes earlier in life,  through judicious use of Marbles/Vanquis cards and general good stewardship of my affairs. I wouldn't be tempted by the small amount of profit on offer for exactly the reason you mentioned. However, I guess someone like my Dad for instance, retired and living on his pension, owns his house in full and has a consistently excellent credit history, wouldn't need to be too concerned.

MargeryKempe

I applied for this free overdraft (am existing HSBC customer with existing  £500 overdraft) but they apparently have no record of my application. Should I try doing it again or wait for a bit? A similar thing happened when I applied for the M&S 0% credit card (which is owned by HSBC) I eventually received a letter from them weeks and weeks later.  ??! Thanks hope all are well!