HSBC Changing all Bank accounts

bargainhunter90

Received a letter today from HSBC they are changing their account names and conditions.

Not yet read them as its a lot of info to look through as usual.

I have just cleared my overdraft with them. feel like I've had lots of stress of them glad to be shut and in credit. Might just get rid, also had one of their credit cards too ended up about 1 pound 50 in credit asked them to close and they donated it to credit. I'm sure they wouldn't write a debt off from me.

My account has been changed to the HSBC Current Account and not the Current Account Advance. I do have a bank account I get my salary into with someone else.

If anyone has anything useful we should know about this change please post.

simpleguy_blr

This was a reply I got from the HSBC Customer Service Team when I emailed them regarding the new Account Changes:


Please be advised that from 1 September 2008, any new customers seeking a fee-free current account from HSBC will be offered one of the new accounts.

Existing standard HSBC Bank Account customers will be transferred to the new accounts on 1 December 2008.

The two new accounts are called HSBC Current Account and HSBC Current Account Advance. Both accounts provide everyday features such as:

A debit card;
Free standing orders;
Free direct debits;
Internet and telephone banking.
There is also the option of paperless statements and HSBC's fair fees policy on overdraft fees.

Customers who pay in more than œ500 per month will also benefit from:

An 8% Regular Saver product;
Free mobile banking;
Free identity theft assistance.

HSBC are set to shake-up the free banking market with a new proposition designed to give more value to customers who have an active current account with HSBC. We’ve researched with customers and designed a unique account which will give us a free proposition to challenge the fee based accounts of our main competitors.

Credit interest on our Bank Account was 0.10%. A customer with an average balance of œ1000 will receive just 8 pence per month. Through customer research our customers told us that they do not see this as representing real value. Therefore we have provided customers that have an active relationship with us and qualify for Current Account Advance, with real benefits including an 8% Regular Saver. Interest is calculated daily therefore you will earn a higher rate of interest than leaving our funds in your Current Account. You can transfer funds easily through Personal Internet Banking, at our ATM’s and via our telephone banking services.

It is advised to undertake an individual review for the customer to establish their needs, as the Regular Saver will not be an appropriate product for every customer.

No your overdraft will stay the same and will continue to be subject to an annual review as it was on our Bank Account proposition. The account number will remain the same once the account is changed.

RayWolfe

bargainhunter90 wrote: »

Received a letter today from HSBC they are changing their account names and conditions.

Not yet read them as its a lot of info to look through as usual.

If anyone has anything useful we should know about this change please post.

So, let me see if I've got this right:
You have some new T&Cs
You can't be bothered to read them
You want someone here to read them
.... and let you know what they say.
Have I got this about right?
Perhaps you're dyslexic, in which case, my apologies.

spiddy100

I've read the new T&Cs but I have to admit I feel a bit stumped. It feels like a case of trying to read between the lines. HSBC have of course sent us a brochure presenting this as a positive change but (especially given the current climate) I am not sure quite how it's going to affect me - I'm not normally overdrawn but don't pay in much each month (currently a stay at home parent) so I don't qualify for the advance product. I can't shake the feeling that I've missed something important.

So, despite having read through it all myself, I'd also be very interested to hear other people's thoughts as I feel uneasy but can't put my finger on anything. I'm not exactly a financial genius

Money_Maker_Shaker

I've one of these letters too and I tend to agree with the OP that it's not a very clear letter.

As I don't pay in £500 a month (I just use this one to keep a small 2nd income stream seperate from my main cuurent account)I will be transferred to the ordinary current account. I'm fine with this if there is no monthly fee - I don't think there is reading the t&cs but may have missed this in the small print - does anyone know for certain?

Lokolo

From reading that I can see there are 2 things;

Current Account
Big Current Account

both are free, but to get the Big Current Account features you have to pay in £500 a month.

catwoman150

I would like to know what would happen if you do not put 500 a month in. I have a current account with them at the moment and it is a bills account. i.e just for bills. I do not put 500 a month so I am wondering what would happen to my account with them. It does not say really in the letter that I got last week.

soolin

catwoman150 wrote: »

I would like to know what would happen if you do not put 500 a month in. I have a current account with them at the moment and it is a bills account. i.e just for bills. I do not put 500 a month so I am wondering what would happen to my account with them. It does not say really in the letter that I got last week.

I think it is clarified in this bit:

The two new accounts are called HSBC Current Account and HSBC Current Account Advance. Both accounts provide everyday features such as:

A debit card;
Free standing orders;
Free direct debits;
Internet and telephone banking.
There is also the option of paperless statements and HSBC's fair fees policy on overdraft fees.

Customers who pay in more than œ500 per month will also benefit from:

An 8% Regular Saver product;
Free mobile banking;
Free identity theft assistance.

ShelfStacker_3

If you don't put £500 a month in, it'll be a regular Current Account, which means you will still get a debit card, cheque book etc, but won't get Mobilink mobile banking, ID theft assistance, access to the Regular Saver or monthly statements.

Basically, if it's just a bills account then you shouldn't have any problems.

Lokolo

I know Mobilink usually charge for their service, will it be free for HSBC users in this 'premium' account?

ShelfStacker_3

Lokolo wrote: »

I know Mobilink usually charge for their service, will it be free for HSBC users in this 'premium' account?

Yes. Has been so far for me, anyway (I just tried it for the first time the other day, really quite useful!)