HSBC Changing all Bank accounts

ahai1

Inactive if you are careful and you know how the system works for example keep day to day money in the current account then the rest in the savings accounts then you can get a good return. What I do is I keep 1 months money in the current and 2 months money in the flexible saver which has a really low interest and the rest in higher savings accounts with HSBC or someone else.

new2civvystreet

Inactive we get the point, you're cinical about hsbc. Change the record.

By making customers aware of the products you're giving them the opportunity to take ones out that will benefit them. If they're not aware of the products then they may lose out. For example there might be customers out there who would want to protect their income from redundancy but weren't aware that it was actually possible. Not everyone is financially savvy enough to know what they need and how to get it.

Inactive

new2civvystreet wrote: »

Inactive we get the point, you're cinical about hsbc. Change the record.

By making customers aware of the products you're giving them the opportunity to take ones out that will benefit them. If they're not aware of the products then they may lose out. For example there might be customers out there who would want to protect their income from redundancy but weren't aware that it was actually possible. Not everyone is financially savvy enough to know what they need and how to get it.

I am not just cynical about HSBC, my cynisism extends to most financial institutes, with just cause I believe in light of recent events.

If HSBC were offering truly independant financial advice to customers, I would not have a problem with what they do, however they are in my opinion, fleecing their customers by offering over priced, poor value products to them in many cases, this by getting them in to branches by deviant methods.

Recent history has shown us all that the banks are hardly in a position to advise others about their financial well being, most of them cannot sort out their own finances.:rolleyes:

Inactive

ahai1 wrote: »

Inactive if you are careful and you know how the system works for example keep day to day money in the current account then the rest in the savings accounts then you can get a good return. What I do is I keep 1 months money in the current and 2 months money in the flexible saver which has a really low interest and the rest in higher savings accounts with HSBC or someone else.

Thanks for that. I do similar, but not with HSBC, I only use HSBC for my basic every day banking requirements, I use Nationwide as well, they have a far better system for moving money internally between accounts.

ahai1

Well said Inactive. I look at the whole market before getting anything. I do it myself and don't pay anyone.

Inactive wrote: »

I am not just cynical about HSBC, my cynisism extends to most financial institutes, with just cause I believe in light of recent events.

If HSBC were offering truly independant financial advice to customers, I would not have a problem with what they do, however they are in my opinion, fleecing their customers by offering over priced, poor value products to them in many cases, this by getting them in to branches by deviant methods.

Recent history has shown us all that the banks are hardly in a position to advise others about their financial well being, most of them cannot sort out their own finances.:rolleyes:

MattLFC

Inactive wrote: »

Recent history has shown us all that the banks are hardly in a position to advise others about their financial well being, most of them cannot sort out their own finances.:rolleyes:

I think you will actually find that the HSBC are just about the only UK bank who's finances are in good order. Okay, so their not making staggering profits anymore, but in a time when their competitiors are facing financial ruin and having to be saved by the UK and US governments, they are doing extremely well.

The HSBC have a lot more intelligence than all the other major UK banks put together, this is why they are the only major bank with more assets than loans, the only major bank who's share price hasnt been in freefall for the whole of 2008, and the only major bank who we know for sure isnt going to need a penny of taxpayers money.

As bad a situation as the banking system in general is in right now, it's wrong to say all banks are in trouble. I notice also, the HSBC are taking the lead in making £1 billion credit available to small businesses, it's just a shame the rest can't afford to follow, not without using taxpayers money at least...

Inactive

MattLFC wrote: »

As bad a situation as the banking system in general is in right now, it's wrong to say all banks are in trouble. I notice also, the HSBC are taking the lead in making £1 billion credit available to small businesses, it's just a shame the rest can't afford to follow, not without using taxpayers money at least...

All banks are in trouble, some more than others, HSBC are not immune from my comments. They have also made some bad policy decisions, I would not trust any bank to advise me on what is the best product for my needs.

new2civvystreet

What bad policy decisions? (I'm genuinely interested, not trying to be sarky)

Inactive

new2civvystreet wrote: »

What bad policy decisions? (I'm genuinely interested, not trying to be sarky)

I seem to recall that they got involved in the US Sub - Prime mess with one of their off shoots.


Also the fact that they have announced major job losses recently, hardly inspires confidence.

MattLFC

What do you want them to do, continue employing staff and losing money that they dont need to be?

They are a business, and sometimes, you have to make unpopular decisions when it comes to your workforce, if you plan on retaining a stable balance sheet.

They have lost billion's, but to be honest, that was to do more with the stock market than incompetence. In the UK at least, they have not done much wrong, except be a bit more vigilant than normal.

With the HSBC, you get the feeling, it's just business as normal. With my other bank's, I don't have the same piece of mind atm.