HSBC- Trying to get Bank Account Plus for free

sambessey

Hi

Since graduating 3 years ago, I have been moved to a regular bank account. The terms are rubbish, and the huge amount of cash withdrawls I make abroard means it costs me a lot of money.

I have no debt, earn a good salary and have significant savings. I am having a meeting with the bank manager on Friday to try and get moved to bank account plus, but without paying the monthly fees. I have already asked if this is possible over the phone, and hinted at changing banks if they can't help me here (Hence I was invited in for a chat).

What are the chances of me being able to cut a deal with them to move some savings there and get it for free, and is there anything I can do to improve my chances of success?

Thanks

nzseries1

They're more likely to put you on their "Premier" account, which I believe has all the same features, but is only available for people with "significant savings" (or a big fat mortgage).

But even with either of these accounts, you don't get as good savings rates as with the online accounts like Kaupthing Edge and Bradford & Bingley.

Or, if you're worried about foreign currency costs, switch to Nationwide where there's no fee for using your debit card abroad.

I doubt they would give you bank account plus with no fees. They may offer you 3 months of no fees, but with a 12 month contract.

sambessey

You need to earn 75K or have 50K of savings for these. I can't put 50K of cash with HSBC (Too much tied up in shares), and don't earn 75K (Yet!)

nzseries1

I assumed you meant that your significant savings were with HSBC. Since they're not, HSBC probably don't want to know about them.

However, you never know if you don't ask, right? Once you go into the branch for your meeting, make sure you let us know how it goes!

sambessey

I can put a proportion with HSBC, but not as much as 50. Was hoping I could transfer my share brokerage services to their broker as a kind of deal, but not sure if they will go with it....

WIll let you know how it goes!

Cranston_2

sambessey wrote: »

Was hoping I could transfer my share brokerage services to their broker as a kind of deal, but not sure if they will go with it....

Yes, they will.

I have done this.

gt94sss2

sambessey wrote: »

I can put a proportion with HSBC, but not as much as 50. Was hoping I could transfer my share brokerage services to their broker as a kind of deal, but not sure if they will go with it....

Shareholdings held with HSBC InvestDirect (their share dealing arm/broker) count towards the 50k 'savings or investments' needed to qualify for HSBC Premier for free - so what you propose will be perfectly acceptable to them.

Regards
Sunil

jerrymind

sambessey wrote: »

Hi

Since graduating 3 years ago, I have been moved to a regular bank account. The terms are rubbish, and the huge amount of cash withdrawls I make abroard means it costs me a lot of money.

I have no debt, earn a good salary and have significant savings. I am having a meeting with the bank manager on Friday to try and get moved to bank account plus, but without paying the monthly fees. I have already asked if this is possible over the phone, and hinted at changing banks if they can't help me here (Hence I was invited in for a chat).

What are the chances of me being able to cut a deal with them to move some savings there and get it for free, and is there anything I can do to improve my chances of success?

Thanks

The truth is,just go in and have a chat and tell him you've got other banks willing to wave off the monthly charge.

With the credit crunch hitting financial institutions I think any reasonable manager will do a deal to keep as much customers considering the good credit and savings you have with them.