HSBC Changing all Bank accounts

ShelfStacker_3

On topic, surprisingly for this thread: Current Account is being taken off sale from February. If you want a new account with HSBC, you'll now have to either pay in £500 each month so you qualify for Advance, or you go for a Basic Bank Account (which is only supposed to be sold to people with no other banking facilities). Those under 23 however will be eligible for Advance regardless of income.

Lokolo

But what about students? What happens to meeeeeee

ShelfStacker_3

Lokolo wrote: »

But what about students? What happens to meeeeeee

Oh, or students. Student accounts will be OK, and like I say under 23s will remain eligible regardless of income.

Lokolo

Ah awesome, thanks! :T

noah271007

ShelfStacker wrote: »

On topic, surprisingly for this thread: Current Account is being taken off sale from February. If you want a new account with HSBC, you'll now have to either pay in £500 each month so you qualify for Advance, or you go for a Basic Bank Account (which is only supposed to be sold to people with no other banking facilities). Those under 23 however will be eligible for Advance regardless of income.

What happen to those customers who is already on current accounts but don't pay £500 or more per month? Will this mean they will be downgraded to basic bank account? Or is this only for new customers from Feb?

I am on current advance at the moment, would it also mean that i will be downgraded to basic bank account if i fail to pay in £500 per month? I think this would be counter productive for those who use the accounts as their second accounts (pay less than £500 per month). Withdrawing student overdrafts after graduation and NOW this!!!

ShelfStacker_3

noah271007 wrote: »

What happen to those customers who is already on current accounts but don't pay £500 or more per month? Will this mean they will be downgraded to basic bank account? Or is this only for new customers from Feb?

As far as I'm aware, and I can sense ldavies getting ready to correct the sh*t out of this post the moment i make it, it's only for new customers from Feb.

I am on current advance at the moment, would it also mean that i will be downgraded to basic bank account if i fail to pay in £500 per month? I think this would be counter productive for those who use the accounts as their second accounts (pay less than £500 per month). Withdrawing student overdrafts after graduation and NOW this!!!

You'd be downgraded to Current Account. CA is just being closed to new sales.

The very point is that HSBC are trying to shift away from giving out secondary accounts, more towards being a sort of "one stop shop" and having more people pay their salaries into them.

noah271007

I can sense in future customers will have mainly one or two bank accounts at the most and not have several like some of you have if other banks decide to follow HSBC's move.

noah271007

It seems HSBC are cracking down to those who don't use their accounts often in order to make their operations run more effciently and priortise customers. So i guess for those who are considering of opening HSBC current account as their second account, i would advise to apply before Feb.

Mrs_Ryan

I have a question...

OH has a Current Account with HSBC and he just recieved his new card... its a Maestro again, (with £100 chq guarantee despite the fact he hasnt used the account since June when he shifted to Alliance and Leicester... weird) when are the new Visa Debits being phased in? He's got a Visa Debit with A&L which he prefers (before he switched he was sometimes having to use my Visa Debit or my Mastercard on some certain internet sites that didnt like his Maestro for some reason) but he said if he had a Visa Debit he might start using his HSBC account for bits and pieces again.
Ta very muchly

ShelfStacker_3

noah271007 wrote: »

It seems HSBC are cracking down to those who don't use their accounts often in order to make their operations run more effciently and priortise customers. So i guess for those who are considering of opening HSBC current account as their second account, i would advise to apply before Feb.

I wouldn't say that it's "cracking down". It's more trying to pull in more people who will use HSBC for all banking needs (credit card, savings, current account, loans etc) rather than just using HSBC as a secondary bank and nowt else.

The balance transfer deal we're offering atm is quite a good indicator of that too - switch your account to HSBC, switch your card balances to HSBC...

Finally - for a secondary account, it's always best in my mind to go to the bank where your primary one is held. Saves a lot of aggro.