Customers are advised to check on their individual branch before attempting to go there. But most big banks have not yet passed on mortgage rate cuts to borrowers, although many will be applying for a three-month mortgage holiday. This applies to those holding HSBC’s bank account and advance account. 'We have posters up across all our branch network advising customers to keep a safe distance from one another and where needed, colleagues are also actively reminding customers to keep their distance. Other banks, including HSBC, RBS / NatWest and building society Nationwide said opening hours would be reduced. HSBC and Santander ordered to refund overdraft fees to more than 100,000 customers. For anything longer term, you may find it cheaper to use personal loans. We will always consider an unarranged request and will make the payment if we can, subject to status. U.S. accounts for international customers . Overdrafts Overdraft calculator Borrowing Short & long-term. An overdraft is a ready credit facility that offers you extra cash whenever you need it, and for whatever purpose. However HSBC told MailOnline that from this Wednesday it is introducing a temporary three-month £300 interest free buffer on overdrafts, the equivalent of the weekly National Living Wage, for customers with bank account and Advance accounts - an increase on the £25 buffer which recently came into effect. There’s a monthly cap on unarranged overdraft charges of £20 on our accounts. We are writing to affected customers and refunding fees incurred for these overdrafts. However, Lloyds insisted to MailOnline that all of its customers will pay less interest under its new model, with 10 per cent of people paying more overall only due to changes to fee-free buffers - and even then with an average increase of only £1.89 per month. HSBC Group  |  © Copyright HSBC Group 2002-2021. The interest-free buffer zone is normally just £25 but will be temporarily extended to help customers experiencing financial difficulty as a result of the coronavirus outbreak and lockdown. You’ll usually see this at ATMs or when you’ve logged on to online banking. If you’re ever finding it hard to manage your overdraft or financial situation in general, please get in touch. As part of a new coronavirus relief package, HSBC will allow customers with personal loans and credit cards to defer payments for up to three months if they’re experiencing financial difficulties. Follow HSBC UK on Facebook This link will open in a new window Follow HSBC UK on Twitter This link will open in a new window Follow HSBC UK on YouTube This link will open in a new window. For joint accounts the protection level is £170,000. Overdrafts Help & support Find a branch Investing Products & analysis. Britain's biggest current account provider has 'temporarily' closed 157 Lloyds branches and another 99 Halifax branches. You can request an arranged overdraft limit, but whether you have an arranged overdraft limit or not, we'll also provide you with an automatic £50 overdraft buffer on top as a safety net. This is Money has asked it for a full list of closures. Banks told This is Money that they would remain open as much as possible, but that social distancing measures may lead to people having to wait outside. How do I check what my overdraft interest rate is? When this happens you’ll be charged interest on the balance up to a maximum of £20 per month. Always check the interest charged for using your overdraft before you start using it. Check out our list of branches and find the HSBC branch that is closest to you. If the banks have the same firm reference number, they share the same licence. It said in a statement: 'We are closely following Government advice on social distancing and are limiting the number of customers in our branches at one time where necessary. You can cancel them at any time by calling us. An interest-free buffer for extra peace of mind. Perhaps you could switch to a cheaper energy deal, for instance, or cancel your TV subscription for a while. Facebook (FB.O) continues to be evasive in its answers to a British parliamentary committee examining a scandal over misuse of the social media company's data by … Its director of branches Mandy Beech said: 'We remain open and we will try to keep as many of our branches open while we are able to. You’ll need to bring identification and proof of your address. Following the package of support HSBC UK developed to help customers as they tackle the financial impact of COVID-19, the bank is providing additional relief to customers who may need to use their overdraft. Additionally, the spread of the coronavirus, trade disputes, and other geopolitical tensions may continue to create uncertainty among businesses and skepticism among investors. Based on an assumed arranged overdraft of £1,200 for an HSBC Advance Bank Account, the … COVID-19 measures Close. If you're an existing HSBC customer with an overdraft, you can log on to online banking and manage your current arranged limit. This change will help you to distinguish between your own money and the money you borrow on any arranged overdraft. To be eligible for an arranged overdraft you’ll need to be 18 or over and have one of these current accounts: Overdrafts aren’t available to customers with one of our Basic Bank Accounts. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC Graduate Bank Account, the rates are: Year 1:  0% EAR (variable) on the first £3,000, 39.9% EAR (variable) thereafter, giving a representative rate of 0% APR (variable), Year 2: 0% EAR (variable) on the first £2,000, 39.9% EAR (variable) thereafter, giving a representative rate of 0% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account Pay Monthly, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable). HSBC provides an overdraft eligibility checker so you can see if you’d be eligible for an arranged overdraft. From outside the UK call +44 1226 261 010. There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: From 24 November we’ll display your available balance differently. It said in a statement: 'Our intention is to keep branches open from Monday to Friday, for as long as possible during the day, in line with the relevant public health guidance and subject to colleagues being able to come to work. The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to support existing HSBC UK customers who have a borrowing need which we would consider viable were it not for the COVID-19 pandemic. One place to start is by reviewing your monthly commitments and seeing if there’s anything you could cut back on. MILLIONS of HSBC customers whose finances have taken a hit due to coronavirus will have their interest-free overdrafts automatically boosted to £500 from April 9. It also said its phone lines are now open from 8am to 8pm, except for calls relating to lost and stolen cards the line for which is open 24/7. But it will exclude any cheques that haven’t yet cleared. An arranged overdraft is one you’ve agreed with us in advance. MORE STORIES; Lenders cash in on coronavirus: HSBC, First Direct and M&S Bank increase overdraft charges up to 39.9% amid crisis while Halifax and Lloyds are set to … It said these reduced hours 'vary branch by branch as they have to react to localised issues', so customers must check their local branch is operating using its branch finder. A Bank of England spokesman said: 'Our current advice to banks and building societies is that they should keep branches and contact centers open, where possible, as they are deemed essential for civil and commercial functions.'. See the Making sense of overdrafts leaflet to find out more about how HSBC overdrafts work. Our website doesn't support your browser so please upgrade. Each current account will set a monthly maximum charge for: We've introduced some new text alerts to let you know when you go into or are due to go into your arranged overdraft. HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have … What’s the difference between an arranged overdraft and an unarranged overdraft? It has said it has not made any decisions on branch closures, but some may temporarily close due to staff being unavailable. If you went into an arranged or unarranged overdraft late in the evening or early in the morning during this period, but already received an overdraft alert earlier the same day, there's a chance we may not have been able to identify these cases and refund any fees. The Bank of England has told banks and building societies to keep branches open wherever possible, according to Reuters. We'll charge overdraft interest on any arranged overdraft balance, but we won’t charge for use of the £50 buffer. Its former stablemate TSB meanwhile has temporarily closed a fifth of its branches, and brought in reduced opening hours for a number of others. Get help with your mortgages, credit cards, loans, overdrafts, insurance, investments and businesses. 'We thank our members for their patience as we know this is an extremely challenging time for many.'. Two high street banks have announced new measures to help customers suffering financial and other hardships during the COVID-19 crisis. HSBC current account customers can book an appointment to apply in branch by calling 03457 404 404. HSBC, Barclays and Lloyds announce new overdraft measures amid coronavirus crisis HSBC UK, Barclays and The Lloyds Group have announced changes to their overdrafts. What is the difference between a loan and an overdraft? Please note that all overdrafts are repayable on demand. Customers will get back all charges they racked up on overdrafts … Lloyds said that demand for physical banking was down and it expected that would remain the case. It doesn’t include any other fees or charges. You’ll use an unarranged overdraft if there isn’t enough in your account to cover a payment (or if you've gone past your arranged overdraft limit) and we allow the payment to go through. If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC UK. It said there will be a two-metre distance rule between staff and customers, while the number of people in branches will be restricted. You can apply for an arranged overdraft when you open your current account, or at any time later through online banking or our HSBC Mobile Banking app. We also offer the Pay Monthly Money Calendar, a quick, interactive tool to help you take an objective look at your spending. 'If they are charged such huge rates then banks might be considered to be taking unfair advantage of the situation. Choose from our range of overdrafts to suit your unique financial needs. If you’re accepted, your funds will be available straight away. It can help you to manage your money better and avoid any overdraft charges. You can use online banking or our mobile app to apply for and manage your arranged overdraft. You can use our Overdraft calculator to find out how much it could cost if you used an unarranged overdraft. In the last five years, the bank branch network has dwindled, partially due to the push to online banking, with many customers now choosing that method to perform everyday tasks. Year 1: up to £1,000 Year 2: up to £2,000, Based on an assumed arranged overdraft of £1,000 for an HSBC Student Bank Account, the rate is 0% EAR (variable), giving a representative rate of 0% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Premier Bank Account, the rates are 0% EAR (variable) on the first £500, 39.9% EAR (variable) thereafter, giving a representative rate of 21.8% APR (variable), Based on an assumed arranged overdraft of £1,200 for an HSBC Jade Bank Account, the rates are 0% EAR (variable) on the first £1,000, 39.9% EAR (variable) thereafter, giving a representative rate of 5.8% APR (variable). Rates on three-year loans have gone up since December, with some of the cheapest offers withdrawn in recent days following a surge in applications. We apologise for any inconvenience caused.'. While it previously trialled opening early for elderly and vulnerable people, it has axed that following new Government guidelines. 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