Spotlight: HSBC bank account pay monthly

The deal

Pay £15 a month and you'll get a current account with a strict overdraft limit that cannot be exceeded.

The good points

There are no unauthorised overdrafts or returned item fees or expensive letters from your bank. There's a £50 buffer beyond the agreed overdraft in case you need emergency cash.

The bad points

£15 a month is steep for a bank account, especially as it has absolutely no extras, such as travel insurance or breakdown cover. Because direct debits won't be paid if you don't have the cash in the account, it could lead to getting lots of black marks on your credit rating.

Conclusion

If you are constantly going into the red without permission and incurring penalty charges of £30 or so every time you bounce a cheque or have a payment returned, then this account could work out cheaper for you. However if you don't control your spending with it then essential payments could be refused.

It would be cheaper to be more disciplined about your spending so that you avoid charges altogether.