From Thursday March 26, 2020, HSBC UK is introducing a temporary £300 interest-free buffer on overdrafts.
The bank said that this move, which is the equivalent of the weekly National Living Wage, will be available to customers with Bank Acccount and Advance Accounts for a period of three months.
It will see an increase on the £25 buffer, which had been introduced as part of the bank’s new overdraft structure, which recently came into effect.
Tracie Pearce, HSBC UK’s Director of Retail Banking said: “The recent changes to our overdraft structure meant that seven in ten customers who went into the red would see no change in cost or it would cost less, with those using an unarranged overdraft, who are potentially the most vulnerable, benefitting most from these changes.
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