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    • another casualty
    • By another casualty 8th Feb 18, 2:18 PM
    • 3,307Posts
    • 5,166Thanks
    another casualty
    Thinking of opening a basic account with HSBC
    • #1
    • 8th Feb 18, 2:18 PM
    Thinking of opening a basic account with HSBC 8th Feb 18 at 2:18 PM
    Howdy!
    Slightly complicated stare of Affairís .
    I recently made settlement payments to my creditors when on a dmp
    Iím now mortgage free also. Wow
    I have all my eggs in one basket with nationwide . I want to keep the current flex account with them , as I am happy with their service . No problems with direct debits etc. I do have some savings there also.

    What I would like to do , is open 2 accounts with HSBC . One being a basic current account with no overdraft , credit card or loan needed.
    The other being a savings account .

    Why HSBC ? Well , if they are not related to Santander, Barclays , rbs Mbna then I will feel confident that although my settlements were accepted ( partial and full and final ) then any savings will not be snatched from me .
    I am not currently in employment ( not signing on either)
    I am recovering from illness and aim to look for part time employment in March all going well.
    I donít want to do internet banking initially as I prefer a branch to pay money in when I wish to.
    I have approx £7,000 that I could afford to pay into said accounts.
    I could pay that in instalments or just chuck it all in at once.

    Interest rates for savers is bad as we all know .

    As I say, the minus points are being unemployed / being on a dmp 2012-2017. Plus points: Homeowner , debt free and x amount of savings
    Please advise
    Thanks
Page 1
    • 18cc
    • By 18cc 8th Feb 18, 3:33 PM
    • 220 Posts
    • 135 Thanks
    18cc
    • #2
    • 8th Feb 18, 3:33 PM
    • #2
    • 8th Feb 18, 3:33 PM
    HSBC have fairly high income requirements so you may find they won't accept you.


    You could apply for a HSBC basic account but since you already have a bank account I don't think they would open one.


    If you have a smartphone you could apply for one of the new challenger bank account eg Starling (or Monzo but I prefer Starling). You download the Starling app and apply using the app.
    • another casualty
    • By another casualty 8th Feb 18, 3:55 PM
    • 3,307 Posts
    • 5,166 Thanks
    another casualty
    • #3
    • 8th Feb 18, 3:55 PM
    • #3
    • 8th Feb 18, 3:55 PM
    HSBC have fairly high income requirements so you may find they won't accept you.


    You could apply for a HSBC basic account but since you already have a bank account I don't think they would open one.


    If you have a smartphone you could apply for one of the new challenger bank account eg Starling (or Monzo but I prefer Starling). You download the Starling app and apply using the app.
    Originally posted by 18cc
    Forgot to mention that I have £5k in an isa with Nationwide . I could transfer that perhaps .

    Thanks for that .
    I just looked at both starling and monzo . Yes, starling does look better . The only thing there, is that I can not make any interest there .
    The reason I mentioned HSBC , is because their savings account have better interest . The good thing for myself technically is that I have never had an Iva or gone bankrupt . HSBC do mention Iva as being a rejection .
    • 18cc
    • By 18cc 8th Feb 18, 7:31 PM
    • 220 Posts
    • 135 Thanks
    18cc
    • #4
    • 8th Feb 18, 7:31 PM
    • #4
    • 8th Feb 18, 7:31 PM
    HSBC saver pays 0.1%. You won't qualify for the regular saver 5% as I don't think you will get an Advance account.


    Starling pay 0.5% I think.


    If it is interest you want then recommend you look at TSB for example. But I still think Starling is best and maybe open a savings account elsewhere (tesco internet saver pays 1.3%)
    • Katiehound
    • By Katiehound 8th Feb 18, 8:39 PM
    • 4,261 Posts
    • 38,582 Thanks
    Katiehound
    • #5
    • 8th Feb 18, 8:39 PM
    • #5
    • 8th Feb 18, 8:39 PM
    Are you using Nationwide RS which is paying 5%?
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ...840MM (84p) + RK 7p= 91pence
    • Heng Leng
    • By Heng Leng 8th Feb 18, 10:14 PM
    • 4,352 Posts
    • 1,343 Thanks
    Heng Leng
    • #6
    • 8th Feb 18, 10:14 PM
    • #6
    • 8th Feb 18, 10:14 PM
    Are you using Nationwide RS which is paying 5%?
    Originally posted by Katiehound
    They seem to have a FlexAccount with no regular income.
    The OP would have to convert it to a FlexDirect to be eligible.
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