HSBC has unveiled a brand new Student Bank Account, which also includes a credit card. Launched just in time for those who are preparing for the start of their first year at university in September, the 0% credit card offers interest free credit for up to eight weeks.
The bank has capped the credit limit on the student card at £500, a move that will no doubt reassure parents who are concerned about their children getting into thousands of pounds worth of debt while away from home.
The new account also offers a whole range of benefits including a £2000 overdraft with 0% interest and two year’s worth of free travel insurance. HSBC has also set up an ATM Alert system, a handy way to avoid going too far into the red as warnings pop up on ATM machines for customers who are approaching their overdraft limit.
HSBC’s student account deal is for new customers only, and students can only enjoy interest free credit on the credit card if they keep up to date with payments. Banks are keen to encourage students to sign up to one of their accounts as research shows they are more likely to stay with that provider after they graduate.
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