HSBC UK has unveiled its new student account offer for those starting university, offering a mix of benefits to support students with their finances and help student wellbeing with free access to the meditation platform Headspace.

The account offer, which is now available, includes:

·         £100 in cash, to be transferred directly into the opened account

·         A one year subscription to Headspace to help provide support with mental wellbeing through its meditation and mindfulness tools

·         A guaranteed £1,000 interest-free overdraft buffer in the first year, which could increase to £2,000 in year 2 and £3,000 in year 3

·         Savings accounts that could encourage a savings habit, like the Regular Saver at a 5% interest rate

·         Access to a full set of online tools to support financial wellbeing, including tips on budgeting, and how students can make their money go further at uni.

HSBC UK’s Student Account seeks to support students with their financial and mental wellbeing as they venture into higher education, where many begin to live away from home for the first time and are required to manage their finances and studies independently.

The addition of the subscription to Headspace aims to help support students with their wellbeing through its science-backed meditation sessions and mindfulness tools. Headspace is easily accessible at home or on-the-go via its web platform and mobile app.

The emphasis on supporting student wellbeing comes as young people face financial pressures exacerbated by the increased cost of living and climate of economic uncertainty.

Findings from recent YouGov research commissioned by HSBC UK highlight concerns for student welfare, revealing that more than half of students (54%) reported they felt their standard of living had suffered as a result of the increase in the cost of living, with over half (55%) looking for ways to reduce their outgoings.

Pella Frost, HSBC UK’s Head of Everyday Banking said: “We know it’s been a particularly challenging time for young people, many of whom will be heading off to university and living independently for the first time. Managing personal finances, juggling study, part time work and looking after their wellbeing can be a big ask.