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    Hi,

    I'm currently trying to apply for a HSBC Student Bank Account online and i'm a bit confused at this page (See Images attached). I've never really did anything like this and all i currently have is a Natwest Debit Card. Name:  1.jpg
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Size:  513.5 KB Can Someone explain how this overdraft will work? Does the £3000 i apply for be in my Student Account or is there a way in which i have to gain access to it. I'm really confused. The second image is also something i'm a bit confused with.Name:  1.jpg
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Size:  513.5 KB. Whats a student credit card and what would i put in for the 'memorable name'? Also, do i need both a debit card and a student credit card from HSBC. I do already have a Natwest debit card which i opened when i started college. Also, could someone please explain the last part of the second image to me about repayments and what do the 'Minimum', 'Full' and 'No' options mean.


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    (Original post by CosmicAero)
    Hi,
    Can Someone explain how this overdraft will work? Does the £3000 i apply for be in my Student Account or is there a way in which i have to gain access to it. I'm really confused.
    The HSBC overdraft will not be 3k for you. It normally starts out at about £500. In your 2nd and 3rd year it may go up. This is an overdraft so it's not in your bank account, it just shows up as a minus amount on your statement.



    (Original post by CosmicAero)
    Whats a student credit card and what would i put in for the 'memorable name'?

    Also, do i need both a debit card and a student credit card from HSBC. I do already have a Natwest debit card which i opened when i started college. Also, could someone please explain the last part of the second image to me about repayments and what do the 'Minimum', 'Full' and 'No' options mean.
    A credit card is a another way of borrowing money from your bank. Generally not worth it if youre happy with the overdraft.

    The mininum and full are options of paying off your drecit card from your student account by direct debit.

    Hope this helped.
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    (Original post by Supersaps)
    The HSBC overdraft will not be 3k for you. It normally starts out at about £500. In your 2nd and 3rd year it may go up. This is an overdraft so it's not in your bank account, it just shows up as a minus amount on your statement.





    A credit card is a another way of borrowing money from your bank. Generally not worth it if youre happy with the overdraft.

    The mininum and full are options of paying off your drecit card from your student account by direct debit.

    Hope this helped.

    Thank you so much but could you explain the the Direct Debit thing? I still dont understand it . Is it linked in with the overdraft? Can you somehow give me a scenario and what happens if i click 'No'? Im so sorry, this is all new to me but thank you for the help
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    The direct debit is where the money will be taken from your bank account automatically.

    I would click 'No' on the credit card option if you're a bit new to the whole banking thing. You can always apply for one in your 2nd or 3rd year at uni.
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    (Original post by Supersaps)
    The direct debit is where the money will be taken from your bank account automatically.

    I would click 'No' on the credit card option if you're a bit new to the whole banking thing. You can always apply for one in your 2nd or 3rd year at uni.
    Thank you so much for your help!
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    (Original post by CosmicAero)
    Thank you so much for your help!
    At your service.
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    You should get a student credit card from HSBC, then apply for the direct debit. This means any spending on the credit card will be automatically taken out from your HSBC student account, this means you will never miss a payment and will therefore never be charged interest. You should not spend anything on the credit card really. Just buy the odd thing on it and make sure it gets paid off by direct debit. This could be like 30 or even 10 pounds a month. This will improve your credit score as it shows you can keep up with repayments, if any of that confuses you then do ask The overdraft for me was instantly £1000 then went down to £750 when I wasn't using anywhere near that much of it. Basically once your balance is £0 if you spend anymore money it will go into minus. The maximum minus you can go will be the amount of your overdraft, and as you have a interest free student overdraft, you will be able to go minus and not be charged any additional interest and you won't have to repay it for as along as you are at uni and as long as you don't go over the overdraft.
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    Thank you could you explain the whole direct debit thing? Is it the same thing as a debit card? Sorry I'm really new to this whole credit card thing. I've only ever had a debit card.
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    (Original post by anoujr)
    You should get a student credit card from HSBC, then apply for the direct debit. This means any spending on the credit card will be automatically taken out from your HSBC student account, this means you will never miss a payment and will therefore never be charged interest. You should not spend anything on the credit card really. Just buy the odd thing on it and make sure it gets paid off by direct debit. This could be like 30 or even 10 pounds a month. This will improve your credit score as it shows you can keep up with repayments, if any of that confuses you then do ask The overdraft for me was instantly £1000 then went down to £750 when I wasn't using anywhere near that much of it. Basically once your balance is £0 if you spend anymore money it will go into minus. The maximum minus you can go will be the amount of your overdraft, and as you have a interest free student overdraft, you will be able to go minus and not be charged any additional interest and you won't have to repay it for as along as you are at uni and as long as you don't go over the overdraft.
    Also is a student account used to deposit your student loans because as of now my student loans will go into my NatWest debit card I have now? Are you able to withdraw money from an ATM with your student account going into your overdraft if your balance is £0? Thanks
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    You can deposit your student loan into your student account but you don't have to. If you withdraw from an atm when your balance is zero then yes you will go into your overdraft.
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    Just a quick note (work for HSBC) - you'd need to have your student loan paid into the account to meet the Terms & Conditions for the overdraft. Any questions, feel free to message or quote me.
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    (Original post by CosmicAero)
    Thank you could you explain the whole direct debit thing? Is it the same thing as a debit card? Sorry I'm really new to this whole credit card thing. I've only ever had a debit card.
    Direct debits only apply to debit cards. It'sjust a name for the standardised process by which monthly recurring payments can be set up. Ie your mobile phone bill, credit card bill, gym bill. A direct debit means you are authorising the company to charge your card on a monthly basis for whatever you are paying for.
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    (Original post by cee.cee)
    Just a quick note (work for HSBC) - you'd need to have your student loan paid into the account to meet the Terms & Conditions for the overdraft. Any questions, feel free to message or quote me.
    How much of my student loan would I need to pay in for the overdraft? The student loan will currently go into my NatWest debit card

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    (Original post by CosmicAero)
    How much of my student loan would I need to pay in for the overdraft? The student loan will currently go into my NatWest debit card

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    The full thing would have to be mandated into the HSBC account, paid in directly rather than transferred from your Natwest account.
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    (Original post by cee.cee)
    The full thing would have to be mandated into the HSBC account, paid in directly rather than transferred from your Natwest account.
    So does that mean that I won't even have access to the £500 overdraft?
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    (Original post by CosmicAero)
    So does that mean that I won't even have access to the £500 overdraft?
    What? Eh?

    Let's make this simple:

    Student loan money > direct into HSBC

    That's it.

    You can move the money about to any other bank account and do whatever you like with it. Your account will have whatever overdraft you asked for and were allowed up to. Just go in branch during quiet hours (hour or two before closing or when it's just opening) and ask them anything you want.
 
 
 
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