HSBC Plus

Plasma_2

I have just got a message on my online banking informing me that interest will be reducing from 2% to ZERO!!!!!
And this account costs £12 per month!!!!!!!!!!!

V.Lucky

With interest only being paid on the 1st £1000 of the balance and the 2% being gross, that is only £20 per year interest, less with tax deducted.

As I am rarely in credit anyway it doesn't really affect me.

ShelfStacker_3

Plasma wrote: »

I have just got a message on my online banking informing me that interest will be reducing from 2% to ZERO!!!!!
And this account costs £12 per month!!!!!!!!!!!

If your entire reason for having Plus is to get the interest, I strongly recommend you don't have it...

noah271007

Anyone who get the plus for the benefit of having interest on their accounts are bunch of fools... Why i am not surprised?!

ShelfStacker_3

noah271007 wrote: »

Anyone who get the plus for the benefit of having interest on their accounts are bunch of fools... Why i am not surprised?!

It actually quite clearly says on our intranet page for Plus that if a customer wants Plus solely to get a higher interest rate, they should be advised not to get it, as the fee outweighs any benefit they might get.

More generally, if you're a rate chaser then really, with very few exceptions, stay away from HSBC. They are not a bank for rate chasers and never have been. They offer long term stability based on decent banking principles.

never-in-doubt

noah271007 wrote: »

Anyone who get the plus for the benefit of having interest on their accounts are bunch of fools... Why i am not surprised?!

so what about us then mate that got it cos we liked the black and red card? LOL

This is the letter in question:




HSBC Plus and Graduate Plus Bank Account are changing.

We are writing to let you know of a change we are making to HSBC Plus and Graduate Plus Bank Accounts. With effect from 8 June 2009 the rate of credit interest you earn on the first £1,000 in your account will reduce from 2.0% AER to 0% AER.

For details of the benefits available to you as a Plus customer click on ''Go to Plus benefits' on the 'My accounts' page.

Yours sincerely,
Colette Nugent

Head of Customer Communications

P.S. Why not store your essential Plus contact numbers on your mobile? Click on 'Go to Plus benefits' and then 'Useful Telephone Numbers' for a handy list.

ShelfStacker_3

so what about us then mate that got it cos we liked the black and red card? LOL

If you feel it's worth £12.95 a month then go right ahead, but I would point out that First Direct's is £3 cheaper, much posher and has an interest free overdraft.

PrudentPanda

So what is the point of having HSBC PLus and paying for it if its not for the interest?

Lokolo

PrudentPanda wrote: »

So what is the point of having HSBC PLus and paying for it if its not for the interest?

For the other benefits?

Current accounts aren't meant to be there for the interest rate... thats why Savings Accounts exist.

ShelfStacker_3

PrudentPanda wrote: »

So what is the point of having HSBC PLus and paying for it if its not for the interest?

For the travel insurance, the discounts on other products, the UK only call centre....

For the other benefits, basically. The interest is a crap reason to get it, not least because if that's all you want other banks will give you more for free, and the benefit is vastly outweighed by the fee charged for it.

Honestly though, and I'd like to stress that as per my signature my views differ from those of HSBC Bank plc and I'm not a representative of them while on here, packaged accounts are of little utility to most people unless you intend on getting every single financial product with the bank you get them from.

Andy_Ches

noah271007 wrote: »

Anyone who get the plus for the benefit of having interest on their accounts are bunch of fools... Why i am not surprised?!

I got this account for the benefits and the interest paid on my account. Least to say I'm not impressed it's being reduced to 0%. Fool, no... wise....yes.