HSBC increasing charges, suggestions for an alternative?

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  • rubble2
    rubble2 Posts: 549 Forumite
    Name Dropper First Post First Anniversary
    Wywth wrote: »
    I'm a bit confused by your post. Could you explain further please?

    Do you currently have an HSBC Business Direct Account?
    If so, there will be no switching, it is just being renamed to the Electronic Banking Tariff. Plus they are changing the fees and adding lots of new ones.

    I'm not sure how you will be saving money unless you are not currently using the HSBC Business Direct Account for what it was designed. In that case you would probably be better off on their small business tariff both today and in the future.


    Sorry if I have confused things. I am currently on the 'Small Business Tariff', the letter I received notified of changes to the charges associated with this account applicable from September.

    Also in the letter was the option to switch to 'Electronic Banking Tariff'. Calculating the cost of my last set of charges using both the increased rate on the Small Business Tariff and the Electronic Banking Tariff showed a saving to be gained by switching to the Electronic Banking Tariff - so I have
  • martindow
    martindow Posts: 10,218 Forumite
    Name Dropper First Post First Anniversary
    Wywth wrote: »
    Are you sure? According to their website, Santander only started in the UK in November 2004.
    http://www.aboutsantander.co.uk/about-us/history.aspx
    They took over Abbey accounts so maybe this is what Phil has. However I'm confused about the monthly charge. This was going to be applied to former Abbey accounts sold as free for life but after an outcry they changed their mind. Maybe it applies to new Santander accounts.
  • skotbites
    skotbites Posts: 5 Forumite
    First Anniversary Combo Breaker
    I've had the same letter. I'm just starting out in business and have been using this account to keep things separate from my dad to day banking.

    My current turnover is £3-5kpa so nothing really but I'm not prepared to pay £66pa for an account. I manage everything online.

    Can anyone recommend any good free online alternatives?
    Thanks
    Scott
  • WarrenG_2
    WarrenG_2 Posts: 23 Forumite
    First Anniversary Combo Breaker
    I had the same letter and I have two business accounts. One thats currently business direct and the other is still on free business banking but is the small business tariff.

    I'm contemplating closing both of them and making use of the Free Business Banking facilities available through the Co-oporative bank as a FSB member

    Sorry - Not allowed to post link - Google FSB Free Banking

    Admitively it wouldn't normally be my first choice but after more than 20 years as a HSBC customer there is no loyalty from them so why should we be loyal to them?

    What ever happened to 'the listening bank?'
  • Barney8000
    Barney8000 Posts: 1 Newbie
    First Anniversary Combo Breaker
    Another irritated soon to ex-HSBC customer here. I'm off to open an account at Cater Allen - but is only free if you leave £5000 in the account. Otherwise it's exactly the same monthly charge as HSBC are introducing...
  • phill99
    phill99 Posts: 9,093 Forumite
    First Anniversary First Post
    Wywth wrote: »
    Are you sure? According to their website, Santander only started in the UK in November 2004.
    http://www.aboutsantander.co.uk/about-us/history.aspx

    Santander took over Abbey and nothing has changed on my account except the name of the bank. The account number is the same, the sort code is the same etc. I have had the same account with the bank now known as Santander for 10 years.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • Wywth
    Wywth Posts: 5,079 Forumite
    WarrenG wrote: »
    I had the same letter and I have two business accounts. One thats currently business direct and the other is still on free business banking but is the small business tariff.

    I'm contemplating closing both of them and making use of the Free Business Banking facilities available through the Co-oporative bank as a FSB member

    Sorry - Not allowed to post link - Google FSB Free Banking

    Admitively it wouldn't normally be my first choice but after more than 20 years as a HSBC customer there is no loyalty from them so why should we be loyal to them?

    What ever happened to 'the listening bank?'

    If anyone is not prepared to pay £66 per year for banking, I doubt they will be willing to pay £120 per year to the FSB plus £30 joining fee = £150 :cool:
  • Wywth
    Wywth Posts: 5,079 Forumite
    phill99 wrote: »
    Santander took over Abbey and nothing has changed on my account except the name of the bank. The account number is the same, the sort code is the same etc. I have had the same account with the bank now known as Santander for 10 years.

    I thought the Abbey deal was free for life. See post#13 ;)
  • phill99
    phill99 Posts: 9,093 Forumite
    First Anniversary First Post
    Wywth wrote: »
    I thought the Abbey deal was free for life. See post#13 ;)

    It is for exiting customers. But new customers pay £7.50 a month.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • ardelian
    ardelian Posts: 1 Newbie
    Co-op Business Directplus is an alternative with £3.00 monthly charge and lots of fees on top. Do the sums for your typical usage.

    ht=tp://www=.co-operativebank.co.uk/assets/pdf/bank/business/currentaccounts/business-directplus-tariff.pdf
    (Remove equals signs)
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