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

ah_heng

Fliss_M wrote: »

Then make statements to the effect of 'am such an fool for doing this' rather then 'HSBC are a bunch of bar*tards'. I bank with them and while I need to move my savings that just coz I have needed to move them for ages and I keep forgetting. As a current account customer I havent found them that bad. Especially with fine claims, I claimed back my husbands money of £1000's from them no probs, just waited 12 weeks, sorted. Not like the trouble some have had.

Its not their fault you got swept up with the savings on SVR's from the tracker. And you want a bad SVR try Chelsea BS! at 5.x%! Your getting off light. Untill Jan I thought I was on a SVR which would now be 4.99%, I bought a new build and now its in neg as it was at 95%, but I wasnt angry at the bank for its high SRV (bout 5.5% in Jan), it was the right choice at the time, no body put a gun to my head and said BUY!

wow.. Chealsea BS did came out a few times in this thread. And I am pretty sure those who had read this thread will "try" to avoid Chelsea BS even if they were to offer attractive rates now, right?

And would you like people to call you "stupid.. why you choose that??"

I am not getting this personal, but still think HSBC Is a darn greedy (maybe not bast***) bank...

Afterall, we are all here to "moneysaving", but not yet an expert.

Fliss_M

Anybody can call anybody stupid for something they did. We've all done something we later think why oh why. As it was mine turned out to be a 0.99% tracker, but I will be thinking why oh why this time next year when the rates rocket.

But I know its my problem, I bought at the height with 95% so now am in neg equity. What your missing is we feel sorry for you that your stuck at that rate, but your not getting sympothy because your trying to blame the bank for your woes, not yourself for an unfortunate desision.

And yes they are greedy, but you point me in the direction of a bank who isnt and is right now trying to help their cutomers not themselves?

thebigboss_2

ah_heng you do have my sympathy, and you're quite right, the banks are greedy. It's their nature, their purpose, their aim, their reason for being.

The lesson is this, research and review the detail of any contract you take on from any financial institution as though you were already doing it after the fact. That is the only true way to make sure you understand any potential outcome. Better still, take advice from a finance professional then you will have documented advice on which to fall back.

I've learnt many lessons the hard way and losing out is ok if you learn from the experience.

There's an old song about a lady who took home a snake, the snake turned on her one night and bit her and she said "why did you bite me when I've looked after you for so long?" The snake said "you knew I was a snake when you took me home!"

Beware of snakes...........

ah_heng wrote: »

wow.. Chealsea BS did came out a few times in this thread. And I am pretty sure those who had read this thread will "try" to avoid Chelsea BS even if they were to offer attractive rates now, right?

And would you like people to call you "stupid.. why you choose that??"

I am not getting this personal, but still think HSBC Is a darn greedy (maybe not bast***) bank...

Afterall, we are all here to "moneysaving", but not yet an expert.

samsuka

ah_heng wrote: »

wow.. Chealsea BS did came out a few times in this thread. And I am pretty sure those who had read this thread will "try" to avoid Chelsea BS even if they were to offer attractive rates now, right?

I have been stung by Chelsea badly as i have a few mortgages with them, much to my chagrin. This is the problem, if we had gone for a SVR tracker with one of the other banks or BS's then it wouldn't have been an issue, as they would have tracked the base rate so its really been a lender gamble.

The problem is that even though i am furious with Chelsea for screwing me and others over to pay for their Iceland mistake, we all have short memories and if they are offering me the best deal next year which suits me the best, then i will probably go with them and hate myself for it, even if its just so that i feel i am getting something back out of them.

Although for sure in the future i am going to be a hell of a lot more diligent in what deals i take out with different lenders, and won't ever let myself be badly advised by a financial advisor ever again.

Its been a lesson, an expensive lesson but a lesson at that

S

ILW

samsuka wrote: »

I have been stung by Chelsea badly as i have a few mortgages with them, much to my chagrin. This is the problem, if we had gone for a SVR tracker with one of the other banks or BS's then it wouldn't have been an issue, as they would have tracked the base rate so its really been a lender gamble.



S

As said before, no such thing as an SVR tracker. Its either an SVR or a tracker. They are completely different.

michaels

Oh dear - another review by hsbc for the March reduction - knowing them as I now do we all know what that means - no change burried on a busy news day. You couldn't make it up.

Nationwide and Lloyds TSB rates now 2.5%, 1.5% below HSBC, last October they were both much higher than HSBC...

Adebisi

I am not sure but I am on the homebuyer SVR with HSBC and it sits 1% over the BoE base rate 'guaranteed'.

Adebisi

ILW wrote: »

As said before, no such thing as an SVR tracker. Its either an SVR or a tracker. They are completely different.

My mortgage is called a SVR but they have a guarantee to not be above 1% of the base rate. So in a way it does 'track' to the base rate but in theory it could go less than the 1% above. I love HSBC for this. x x x

_Andy_

That is the older HSBC SVR - more recent mortgages don't include this guarantee.

ah_heng

Just to revive this thread... I've just received an email from HSBC saying that they are reducing my Online Savings rate from 1.35% ( i think) to 0.5%!!!! !!!!!!!

This is exactly why I am so blardy mad. Not just they don't reduces it's SVR when the BOE do that, they have reduced their savings rate more than the drop of BOE!!! And in MARCH ALONE, they have reduced it twice!!!!

I've requested them to send me their changes history of their savings rate for the past 12 months... stay tuned!!!