HSBC Changing all Bank accounts

ShelfStacker_3

dougz wrote: »

and then yesterday they slash at least 0.5% off all their savings products :rolleyes:

Because the base rate changed. Simple.

Inactive

ShelfStacker wrote: »

Because the base rate changed. Simple.

Not quite that " simple " as many other banks / BS's haven't cut their rates. ( as yet ).

It's a highly competetive world out there, HSBC would be wise to remember that.

dougz_2

ShelfStacker wrote: »

Because the base rate changed. Simple.

Surely not that simple. They slashed 0.75% off their 1yr FTD, way more than the 0.5% base change.

And what about the instant access saver, they just slashed a quarter of the interest, taking it from 2% to 1.5%. Are you suggesting it is reasonable for that to go negative when base rate drops another couple of percent?! Joking aside, it seems to me they are cutting there own throats, because when faster payments fully arrive people can increasingly keep their instant savings elsewhere.

ShelfStacker_3

dougz wrote: »

Surely not that simple. They slashed 0.75% off their 1yr FTD, way more than the 0.5% base change.

Perhaps because all the interest in it (no pun intended) was causing them to actually lose money. Seriously, we've gained a LOT of new savings business recently, and paying over the base rate for some things does cost money.

To make it clear, this is just speculation on my part.

And what about the instant access saver, they just slashed a quarter of the interest, taking it from 2% to 1.5%. Are you suggesting it is reasonable for that to go negative when base rate drops another couple of percent?!

Again, base rate drops. And unless you have a really overriding reason to keep your money in an IAS, you'd be much better off changing to the product that replaced that account, the Flexible Saver, as that pays more interest.

Inactive

ShelfStacker wrote: »

Perhaps because all the interest in it (no pun intended) was causing them to actually lose money. Seriously, we've gained a LOT of new savings business recently, and paying over the base rate for some things does cost money.

Fair enough, but these days it is so quick and easy to shift money, HSBC could just as quickly lose those new customers funds.

ShelleyC_2

InMyDreams wrote: »

In fact I'd rather get nil than 0.1% because it'll save me the time finding and inputting all the negligible figures onto my tax return!

Made me chuckle as I thought the same :rotfl:

SparciaM

I banked with HSBC ever since they were Midland, as they were my first bank from School.

Thankfully I've moved away from them and making more money on my income/savings than I ever did. I do have accounts with First Direct and loath going into a HSBC branch.

In Manchester City Centre now, they've closed all but 2 branches and now these 2 branches have no counters just machines and massive queues for these machines. As they either don't work, people don't understand or staff don't quite get them. To actually pay cash or cheque in over the counter with a person would be a dream.

Ah well, can't grumble. Thankfully with Lloyds TSB they still have a counter and have 4 managers min over a lunchtime in my branch to deal with people, much better than a HSBC Indian Call Centre and a Machine that may or may not work.

Inactive

SparciaM wrote: »

I banked with HSBC ever since they were Midland.

Same here, and whatever the HSBC Manager says above, they have gone rapidly downhill since HSBC acquired them, closed branches, reduced staff, offshore call centres etc., I could go on.

Come back Midland, all is forgiven.;)

peediedj

hsbc are evil,opened a account with them 4-5 months ago(was a offer on keep it open 3 mnoths and you got £50 payed into the account)and £50 thru quidco,have written to them 5 tiems asking them to close the account,but every month i gte a letter tellnig me iam more overdrawn,its upto £53 yet havent had my £50:mad:

peediedj

[quote=ldavies;15093921_I_am_a_branch_manager_for_HSBC_and_our_customer_service_levels_are_very_high!_.[/quote]
thats a joke,customer service keep telling me there investigating my account yet this has gone on 3 mnoths and iam getting more overdrawn by the day,a ploy to get cash from me i think,high customer service:rotfl: more like high level off bull crap