HSBC not passing the 0.5% rate cut to SVR!!!

ah_heng

To my frustration and disappointment (although expected), HSBC failed to pass on the latest 0.5% BOE rate to their SVR Mortgage customer!!!

Being a Premiere customer myself, I am really !!!!ed off with their arrogant and ways to squeeze more money out of their so called “valued customers”. Aren’t the government suppose to press hard on all these “opportunists” that perform “daylight” robbery out of the minions like us? What’s the point of BOE reducing their rates when the Govt or BOE can’t ensure the rates are properly cascaded down to benefit the end users? Why waste time sitting every other week to decide the rate???

And the worst part, because of the rate cut by BOE, they are reducing the savings rate (like many others). So my question to BOE, what the hell are you doing cutting the BOE which you suppose to help the end users to have more cash to revive the economy??!!!

Last word, I think HSBC will see my last dime in their savings account. And when the time comes, I will definitely re-mortgage to another bank, even if their rate “seems” to be better at that time.

VERY DISGUSTED CUSTOMER OF HSBC!

ILW

You should have got a tracker. There is no automatic link with an SVR to BoE rate.

beecher

Yip, you should've taken a tracker out if you wanted your rate to follow the BoE base rate. Their SVR is 3.94% which is pretty good if you ask me.

ah_heng

ILW wrote: »

You should have got a tracker. There is no automatic link with an SVR to BoE rate.

Hahah.... too late to talk about "if, should,...". Don't get me started on tracker rates!!

At least they should have done something about it! SVR = 3.94%. BOE = 1%. And if they are not reducing their SVR, why do they reduce their savings rate???!!!!

beecher

Since you're a Premier customer, you could get a savings rate of 10% with HSBC's Regular Saver account.

Why don't you get a deal elsewhere if you're unhappy with 3.94%?

ah_heng

beecher wrote: »

Since you're a Premier customer, you could get a savings rate of 10% with HSBC's Regular Saver account.

Why don't you get a deal elsewhere if you're unhappy with 3.94%?

10% at a mx of 250 a mth paid in a year... AER around 8%

I've been duped into the SVR trap only in OCT last yr. Min period is 2 yrs. So another 20 mths to endure their nonsense. But definitely will not put in any more money for their savings. I think there are better savings deals elsewhere

Fliss_M

beecher wrote: »

Yip, you should've taken a tracker out if you wanted your rate to follow the BoE base rate. Their SVR is 3.94% which is pretty good if you ask me.

When you look at the rest of the market its fine. Abbey and A&L are much worse.

maninthestreet

ah_heng wrote: »

To my frustration and disappointment (although expected), HSBC failed to pass on the latest 0.5% BOE rate to their SVR Mortgage customer!!!

Being a Premiere customer myself, I am really !!!!ed off with their arrogant and ways to squeeze more money out of their so called “valued customers”. Aren’t the government suppose to press hard on all these “opportunists” that perform “daylight” robbery out of the minions like us? What’s the point of BOE reducing their rates when the Govt or BOE can’t ensure the rates are properly cascaded down to benefit the end users? Why waste time sitting every other week to decide the rate???

And the worst part, because of the rate cut by BOE, they are reducing the savings rate (like many others). So my question to BOE, what the hell are you doing cutting the BOE which you suppose to help the end users to have more cash to revive the economy??!!!

Last word, I think HSBC will see my last dime in their savings account. And when the time comes, I will definitely re-mortgage to another bank, even if their rate “seems” to be better at that time.

VERY DISGUSTED CUSTOMER OF HSBC!

HSBC did not accept any injection of public capital like other banks did.
The marketplace will decide whether HSBC's decision not to pass on the recent cut in the BOE base rate was a good decision or not - if the majority of their customer's think and act the same way as you, HSBC may regret it.

ah_heng

maninthestreet wrote: »

HSBC did not accept any injection of public capital like other banks did.
The marketplace will decide whether HSBC's decision not to pass on the recent cut in the BOE base rate was a good decision or not - if the majority of their customer's think and act the same way as you, HSBC may regret it.

Yup.. I hope there are enough of us to make them regret... But by then, hundreds and thousands of pounds will be lost to the greedy and inconsiderate British breed bank... just too sad.

samsuka

ah_heng wrote: »

Hahah.... too late to talk about "if, should,...". Don't get me started on tracker rates!!

At least they should have done something about it! SVR = 3.94%. BOE = 1%. And if they are not reducing their SVR, why do they reduce their savings rate???!!!!

Hey be glad you are getting 3.94%. Just thank your starts you aren't with Chelsea BS, there SVR is 5.79% as they claw back their $50 million Iceland bank losses!!!

ah_heng

samsuka wrote: »

Hey be glad you are getting 3.94%. Just thank your starts you aren't with Chelsea BS, there SVR is 5.79% as they claw back their $50 million Iceland bank losses!!!

Samsuka, my heart goes to you as well.

But my point is exactly what you have raised. BOE keep on reducing the rate, and those greedy banks will "automatically" reduce the savings rate. But on the other hand, the lending rate is NO WHERE near to the BOE rates!!! and the worst is, they haven't got a clue how to control the bank!!! With due respect, our PM has been the Chancellor for more than 10 yrs, and this is what he can do?

So, what the hell is the BOE/Govt trying to do? Kill us both on our savings and mortgage?