Current Account interest rates and fees

An overdraft is a way of borrowing money through your current account for a short period.

If you've agreed an overdraft limit with us in advance, it's known as an 'arranged overdraft'. If you haven't and your account goes below £0 – or if you go past your arranged limit – it's known as an 'unarranged overdraft'.

Most of our accounts (except our Basic Bank Account) come with an interest-free buffer. If you borrow more than this, you'll need to pay interest on the amount you've borrowed.

Manage your overdraft 

You can ask to increase, decrease or remove your arranged overdraft in our app or by logging on to online banking.

The following table sets out the charges for using your overdraft.

We charge an Annual Interest Rate on your arranged and unarranged overdraft.

We’ve also set out the EAR (Effective Annual Rate) for your information. This rate takes account of how often interest is charged, but not other fees or charges. We’ve also explained where any interest free amount applies.

We won’t charge you any overdraft interest if you pay the money back in before 23:45 on the same day.

Monthly cap on unarranged overdraft charges

1. Each current account will set a monthly maximum charge for:
   (a) going overdrawn when you have not arranged an overdraft; or 
   (b) going over/past your arranged overdraft limit (if you have one).
2. This cap covers any:
   (a) interest and fees for going over/past your arranged overdraft limit;
   (b) fees for each payment your bank allows despite lack of funds; and
   (c) fees for each payment your bank refuses due to lack of funds.

If you want to see if you’re likely to get an overdraft without making an application, you can use our Overdraft eligibility checker. This won't affect your credit rating.

It’s free to send money up to your account's personal payment limit with online and mobile banking.

The Clearing House Automated Payment System (CHAPS) is a way to send large payments in the UK, often used for things like buying a house. The fee is £17 for sending by branch, telephone banking or by post.

It's free to send payments to an HSBC Group account using branch or telephone banking. For payments by post, the fee is £17.

Sending money is free between HSBC accounts in euros within the EEA¹. It's also free to send any currency outside the UK, and any foreign currency within the UK, except euros. For payments to a non-HSBC account, it's £5 using branch, telephone, mobile or online banking, or £17 by post. 

Its also free to receive money in euros from within the EEA. Otherwise, its £5 for all other foreign currencies including pounds.

To find out more, visit our international payments page.

You may be charged interest or fees for using some features of your current account. 

If you've given us your mobile number, we’ll send texts when you enter or are about to enter:

• your arranged overdraft – to help you monitor your usage
• your unarranged overdraft - so you know when you've gone over your limit and what you can do

If you don't give us your mobile number, or let us know when you've changed it, we can't send you text alerts.

The HSBC Mobile Banking app makes it easier to manage your account. If you have an arranged overdraft, check the app for charges that have already been deducted from your account. These will show as transactions on your statements.

Plus, our app lets you:

• check and manage your balance on the go, wherever you are
• make sure you have enough money to avoid going into an unarranged overdraft
• transfer money between your accounts to top up any low balances 
• view and download your monthly statements
• review your overdraft limit and request to change it

If you’re finding it hard to manage your overdraft or financial situation in general, please get in touch. We'll talk to you about your needs and help you find a solution.