HSBC Changing all Bank accounts

Baldur

Froglet wrote: »

Well that is what i assumed but how can it only be one way? Perhaps they just want to hold on to the money a bit longer!!

Many online savings accounts are probably the same. Egg Savings certainly is - receives Faster Payments but transfers out are via BACS.

ahai1

The rate is a lot better then the flexible saver for the instant access. Plus I know when I am likely to be short and I have an agreed overdraft as well as the online bonus saver. Which pays 0.25% higher then the 0.50% netsave at Coventry though nothing like the joke rate of the flexible saver.

Froglet

Baldur wrote: »

Many online savings accounts are probably the same. Egg Savings certainly is - receives Faster Payments but transfers out are via BACS.

Baldur,what is your experience with Egg? My Coventry 50 plus fixed rate is coming to an end soon.From 6.4% they are now offering 2% on that account so i know i can do better.Egg is looking reasonable at the moment.

ahai1

HSBC were really good as they closed the flexible saver quickly with no bother.

ahai1

In my bank statement which came yesterday it said that the interest rate for the overdraft is 19% plus. Is that right? Thankfully I have not used the overdraft in something like 6 years even though I got £1500 authorised.

I remember the good old days when it was 14 days interest free.

SimonM_2

ahai1 wrote: »

In my bank statement which came yesterday it said that the interest rate for the overdraft is 19% plus. Is that right? Thankfully I have not used the overdraft in something like 6 years even though I got £1500 authorised.

Noticed the same on the bottom left of mine and had to double/tripple check why it was there just in case I'd unknowingly gone overdrawn (I haven't, and much like you haven't used it for years - or ever?!). rate is showing as 19.90% ...it'd be cheaper to overspend on an HSBC credit card - explains the "credit culture"!

ahai1

It is unreasonable and disgraceful to charge that much for an authorised overdraft. People with authorised overdrafts are people who have good standing with the bank and not people who take money without permission.

BruceyBonus

ahai1 wrote: »

It is unreasonable and disgraceful to charge that much for an authorised overdraft. People with authorised overdrafts are people who have good standing with the bank and not people who take money without permission.

You don't have to use their overdraft in the same way you don't have to buy Tesco's baked beans if they are too expensive.

ahai1

If you have a current account with the bank then you need to have one (an agreed overdraft) so that your payments don't bounce. At the rate they are going people are going to go elsewhere to get a better service for example higher savings rates and more reasonable charges.

Inactive

Day off?

Oh I forgot it's a Bank Holiday.. :D