STUDENTS who switch their bank account to HSBC can get a free £100 – and it’s the only bank offering this perk for those off to university soon.

The offer is available for everyone who opens a student account – whether a new or an existing customer – but you will need to be about to start your first year of studies.

 Students who switch will receive £100 within one week of the account opening


Students who switch will receive £100 within one week of the account openingCredit: Getty – Contributor

The offer is available now, helping applications from students with a guaranteed offer from a university or apprenticeship scheme.

Previously applications were only accepted after A-Level results were known.

This allows students to get their financial arrangements in place early, giving them one less thing to worry about.

HSBC says it wants to make things easier for those who have a conditional offer of a place on a university course or an apprenticeship.

Benefits of a HSBC student account if you switch

SWITCHING to a student account with HSBC brings the following benefits:

  • Free 12 months membership of British Cycling – Worth £24.
  • Guaranteed arranged overdraft offer of £1,000 – Interest-free on account opening (customers can request £2,000 in year two and £3,000 in year three) transport.
  • Access to regular saving account – Paying 3 per cent AER/gross.
  • Access to a HSBC UK student credit card – Up to £500 credit available and no annual fee (subject to status). It has an 18.9 per cent interest rate.

Current students and those planning to go to university say that a cash incentive was the most desirable offer when opening an account.

And customers can expect the £100 within a week of opening their new account.

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They can also save £24 with a free 12-month membership to British Cycling.

Plus, there’s a guaranteed interest free arranged overdraft of £1,000, that can be increased over a degree course to £2,000 in year two and £3,000 in year three.

You also get access to HSBC’s student credit card with up to £500 credit and no annual fee, although it does have an interest rate of 18.9 per cent so only take it out if you can afford to repay it in full and on time each month.

Students will also get access to regular saver account that pays 3 per cent if you deposit between £25 and £250 a month for a year.

HSBC is the only major bank with a cash switching incentive for students, but NatWest and RBS offer perks such as free Amazon Prime or a free four-year National Express Railcard.

While, Santander offers students a free four-year 16-25 Railcard.

If it’s overdrafts that most important feature than HSBC is offering the joint largest at up to £3,000 alongside Barclays and Nationwide.

Check out out guide to the best student bank accounts 2019 for more information.

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But student loan statements push people to make bad financial decisions and should be re-named, says finance expert Martin Lewis.

Meanwhile, a billionaire stunned graduates recently when he said that he would pay off their student loans, estimated at up to £31million.

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