please suggest- HSBC Bank Account Plus

saverram

hi there,
i am a Basic Account holder from 1.5 years. i have a credit card limit 2200 and overdraft for my basic account for 1500.
Today i just called them to ask if they can increase my overdraft limit( not requied for me at the moment, but thought it will be in emergecies). The said they can do it only by credit scoring. At last the person sold this HSBC Account plus - for 9.95 for 6 months and their after 12.95.
i have taken it for the moment considereing if i change my mind i can cancel it.

1. i do sometimes use overdraft paying 15.8% at the momnet, i will end up 3-5 months of year between 3-10pounds per month.The HSBC Account plus will have 12.8% approximately.
2. Travel insurance- i havent got any travel insurance at the moment , but i will be going abroad 2 times a year. is this reaaly worth it.

3. No chrages on my debit card if i use abroad, does any one have any idea what rate will give, good o bad?


i am thinking once agiain whether i need this account or not? could you help me whether i need ot go for this account.

u r advices are very much appreciated.
Thansk
saverram

rh41

I hate to say this, but your contracted for a 12 month minimum term. No you dont need your account like this bank makes loads of money from these bundled accounts

saverram

thanks a lot,

kuohu

rh41 wrote:

I hate to say this, but your contracted for a 12 month minimum term. No you dont need your account like this bank makes loads of money from these bundled accounts

There should be a cooling off period after agreeing to the contract though, possibly 14 days. Should be able to cancel during that time.

anniecave

There is a 14 day cooling off period - it's in the terms and conditions - I've just looked.

sashacat

cancel it...they sold it to you because they get commission on sales and have targets to hit

_Andy_

You need to cancel in writing, or via internet banking. Staff at HSBC are under immense pressure to sell Plus. The product isn't suitable for most people.
The bank is specifically targeting Basic BA customers at the moment, so if it's of any consolation you're not the only one who has been duped into this.
They're not on 'commission' for this but there are range of incentives doing the rounds at the moment.

V.Lucky

Can't understand why you have an overdraft on a basic bank account.

I thought the whole idea of them was that you couldn't go overdrawn.