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    Hi,

    Apologies for my complete stupidity regarding this subject. Please bear with me!!

    I currently have a current account with HSBC, with an overdraft limit of just £100.

    I have noticed on my internet banking account that there is an option to extend my overdraft.

    If I choose to extend my overdraft to £500 for the next 12 months, it says it will charge me £18.6% debit interest. What exactly does this mean? Will it charge me large amounts every time I make a withdrawal and go further into my overdraft? My debit interest is currently around 20p a month when I go into my £100 overdraft, which is absolutely fine. I would like to extend it but I'm worried these charges will increase dramatically. It is likely I will be in my overdraft on a regular basis.

    Thanks in advance.

    Chris.
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    If you're a student, pay off your current account overdraft and open a student one. That way you can get up to £1000 interest free.
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    I don't qualify for a student account as my Access Course is only 1 year long.

    HSBC terms and conditions stipulate you have to be in a full-time course of at least 2 years to be considered for a student account.
 
 
 
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