student account question

s4ch117 · 7 Jun 2006 at 14:04

this may sound dumb but need to clear something up quickly. i got a hsbc student account and wondering if it works as a current account

Sylv · 7 Jun 2006 at 14:09

Erm not quite but same principles, I have this account, you get a £1000 interest free overdraft and a debit card maestro I believe it is now, cheque book, withdrawal and paying-in book, After you have gone over your £1000 overdraft limit normal overdraft terms & conditions apply, i.e £30 interest, per month, never reached that point myself

Vonhelmet · 7 Jun 2006 at 14:09

Yep, near as damn it.

Oracle · 7 Jun 2006 at 14:14

Sylv said:
Erm not quite but same principles, I have this account, you get a £1000 interest free overdraft and a debit card maestro I believe it is now, cheque book, withdrawal and paying-in book, After you have gone over your £1000 overdraft limit normal overdraft terms & conditions apply, i.e £30 interest, per month, never reached that point myself

And inaccurate!

the HSBC student account operates in exactly the same was as any normal current account with the exception that, upto your agreed over draft limit is interest free.

This is as follows.

Year 1 - £1000 OD
Year 2 - £1250 OD
Year 3 - £1500 OD
Year 4 - £1750 OD (if you have a year four)

Interest is not charged at £30 a month, its charged at 1.41% of the overdrawn balance (over your limit) per month. So if you had reached your overdraft limit of say £1500 in year three and went another £100 overdrawn you'd get charged £1.41 plus maybe a £18 fee (but this is rare).

Apart from that, it is for all intense and purposes, a current account, and can be used as such!

SiriusB · 7 Jun 2006 at 14:18

Oracle said:
And inaccurate!

the HSBC student account operates in exactly the same was as any normal current account with the exception that, upto your agreed over draft limit is interest free.

This is as follows.

Year 1 - £1000 OD
Year 2 - £1250 OD
Year 3 - £1500 OD
Year 4 - £1750 OD (if you have a year four)

Interest is not charged at £30 a month, its charged at 1.41% of the overdrawn balance (over your limit) per month. So if you had reached your overdraft limit of say £1500 in year three and went another £100 overdrawn you'd get charged £1.41 plus maybe a £18 fee (but this is rare).

Apart from that, it is for all intense and purposes, a current account, and can be used as such!

Yup

Its a current account with perks for us mooching students

SiriusB

Vonhelmet · 7 Jun 2006 at 14:18

Oracle said:
Apart from that, it is for all intense and purposes, a current account, and can be used as such!

It's "intents and purposes". Not "intense and purposes" and certainly not "intensive purposes" as I've occasionally seen it rendered.

</Nazi>

Stelly · 7 Jun 2006 at 14:22

yup I used to have one...

Stelly

Sylv · 7 Jun 2006 at 14:24

Oracle said:
And inaccurate!

the HSBC student account operates in exactly the same was as any normal current account with the exception that, upto your agreed over draft limit is interest free.

This is as follows.

Year 1 - £1000 OD
Year 2 - £1250 OD
Year 3 - £1500 OD
Year 4 - £1750 OD (if you have a year four)

Interest is not charged at £30 a month, its charged at 1.41% of the overdrawn balance (over your limit) per month. So if you had reached your overdraft limit of say £1500 in year three and went another £100 overdrawn you'd get charged £1.41 plus maybe a £18 fee (but this is rare).

Apart from that, it is for all intense and purposes, a current account, and can be used as such!

Sorry my bad, was assuming he was starting his first year of uni, hence i didn't list the increase of overdraft over the years :rolleyes:

I was sure the interest rate was higher than that when you go over your limit, you live, you learn! Cheers!