HSBC has admitted that “a number of individuals” who applied for its student account at some point between June (it couldn’t give an explicit date) and on or before 16 August were wrongly offered and then took out its standard current account. It blames the problem on an internal “processing error”, although it adds that this was fixed for new student account applicants from 16 August onwards.
The bank says it is now in the process of contacting affected customers to switch their HSBC current account to its student version. It will also remove any credit checks or incorrect information from the reports of those who were wrongly offered its standard account, including those who then applied to a different student bank account provider elsewhere.
HSBC’s student account comes with an up to £3,000 interest-free overdraft, as well as perks for those in England, Scotland and Wales (the incentives aren’t available in Northern Ireland), which include a free £80 in cash, plus the choice of either a £20 Uber Eats voucher or ASOS Premier membership for a year, which usually costs £9.95.
In comparison, HSBC’s standard current account only has a £25 interest-free overdraft and doesn’t come with any switching incentives at present. See our Student Bank Accounts guide for the top overdrafts and freebies if you’re planning to go to university.