HSBC savings account with a basic account - possible?

basmic

Basically I want to move from Nationwide if possible, where I have a basic Flexaccount and websaver (?) account.

I currently have a basic HSBC bank account - I have been into my branch, and they told me I would need to upgrade my account to a current account before I can get a savings account. Due to my credit rating, I (expectedly) failed their credit check for a current account - leaving me up the swanny with HSBC, it seems.

My main grudge and reason for wanting to move from Nationwide, is their minimum counter withdrawal of £30. Now my Halifax account has a debit card, but I owe them some money - but occasionaly I take out £5-40 to put into the Halifax account for payments made on the visa debit card.

When I was in Nationwide last, I wanted to withdraw £15 - something the cash machine doesn't allow me to do. I asked cashier for £15, unaware of the £30 limit at the time. I was told I couldn't take out less than £30 - so I took out £31, and paid £16 back in. But she had to spend 5 minutes asking her manager if she could do this or not, leaving a stinking queue behind me. :rotfl:

Anyway, I've tried to reason my actions - I hope somebody will advise me of my best course of action.

Aegis

I don't see any reason why you wouldn't be able to. You can have a standalone savings account with HSBC, so you should be able to have one with a basic account too.

book12

I would recommend other banks for basic bank accounts, which offer debit cards. It will be useful for big purchases and online shopping. I have compared some savings accounts with HSBC, and most of them are better. I would advise you to switch banks.

As for the counter service, I think you could withdraw up a larger amount than Nationwide.

I would avoid HBOS due to no counter service available.

Please see the following link for more basic bank accounts: http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

withnell

Can I ask why you couldn't use your Halifax account as your main account? You can easily transfer from Halifax current to savings accounts, and I'm not aware of a minimum withdrawal

basmic

withnell wrote: »

Can I ask why you couldn't use your Halifax account as your main account? You can easily transfer from Halifax current to savings accounts, and I'm not aware of a minimum withdrawal

Because I owe money on their credit card, and was advised by CAB not to have my income paid into it.

parrapa

Can you tell me if the HSBC basic account will count towards my credit rating? I have had an account with the Natwest for quite a few years and have recently been told that it is not credit rated!

Thanks

ShelfStacker_3

basmic wrote: »

My main grudge and reason for wanting to move from Nationwide, is their minimum counter withdrawal of £30.

HSBC's basic account may well not be your best move then, as that has no counter service at all. Withdrawals of less than £10 or of odd amounts must be done through the Post Office.